A personal loan is exactly what it sounds like, a loan you as the owner of the business take personally. This is one of the most straightforward ways to fund a start-up or very small company lacking operating history.
Collateral would be your personal assets, often your home, and you are personally liable to pay off the loan. One of the advantages of taking a personal loan to fund your business is that if your credit history is strong, this may be a less expensive way to fund your business.
