How to Use a Personal Loan to Start a Side Business Funding startup costs for a side business—inventory, equipment, or marketing—can be challenging without tapping into savings. A personal loan offers predictable payments and fixed rates. In this guide, we’ll cover planning your budget, comparing lender offers, and managing repayments so your venture gets off to a strong start. Table of Contents 1. Calculate Startup Costs 2. Decide on Your Loan Amount 3. Compare Lender Offers 4. Prepare Your Application 5. Manage Repayment Strategically 1. Calculate Startup Costs List all one-time and recurring expenses: equipment purchase, initial inventory, marketing campaigns, website setup, and any licenses or permits. Add a 10% contingency buffer for unforeseen costs. 2. Decide on Your Loan Amount Sum your cost estimates plus buffer to determine the minimum loan you need. Avoid borrowing more than necessary to keep interest expenses down. 3. Compare Lender Offers P...