Personal loans are easier to qualify for than business loans if you have a sole proprietorship or are a freelancer as most business loan offerings require the applicant to be the owner of an LLC or corporation. A personal loan is a versatile credit product that you can use to cover your business expenses, invest in a growth opportunity or be the bridge while you wait for revenue to come in. Personal loans can be secured or unsecured. Secured loans may require collateral but have a lower annual percentage rate (APR), whereas an unsecured loan is backed by only your promise to repay the lender but could have slightly higher rates. Lender offers will vary based on their requirements, but eligibility is often determined by factors such as your credit score, income, and other debts. A personal loan gives you the flexibility to make big purchases, then pay them off at a pace that makes sense for you.