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Need help paying the help? Try a personnel loan!
Sometimes you just need help to cover the help. Simply put: Business owners assume personnel loans to pay the hired help. It’s not uncommon; in fact, several factors contribute to the need for a personnel loan. During the holidays, for instance, retail business owners might need more help as opposed to other times of the year. More personnel means more money spent on payroll, and sometimes, immediate profits do not meet expenses.
However, most lenders figure that the increase in payroll will lead to an increase in profits and will approve a personnel loan. The loans are commmon enough, but a business owner is usually required to secure the loan with some sort of collateral. Unsecured personnel loans aren’t unheard of, but they are rare. To get an unsecured personnel loan, a business owner would need to have excellent credit; business owners with poor credit probably won’t qualify for any personnel loan. But if you’re a middle-of-the-road credit risk and need help paying the help, you might qualify for a personnel loan.