{"id":23889,"date":"2023-02-13T15:03:54","date_gmt":"2023-02-13T23:03:54","guid":{"rendered":"https:\/\/www.nerdwallet.com\/ca\/?page_id=23889"},"modified":"2024-04-30T18:24:42","modified_gmt":"2024-05-01T01:24:42","slug":"small-business-loan-vs-personal-loan","status":"publish","type":"page","link":"https:\/\/www.nerdwallet.com\/ca\/loans\/small-business-loan-vs-personal-loan","title":{"rendered":"Small Business Loan vs. Personal Loan: How to Choose"},"content":{"rendered":"\n<p class=\"\">Whether you\u2019re hoping to launch your first small business or looking to expand your existing small business, a loan can be a useful tool. But which kind of loan is the best tool for the job?&nbsp;<\/p>\n\n\n\n<p class=\"\">Small business loans may offer advantages like lower interest rates and higher loan amounts, but a personal loan may be easier to qualify for, especially if you&#8217;re just getting started. <\/p>\n\n\n\n<p class=\"\">Here are some important things to consider when comparing these two financing options.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Small business loan vs. personal loan: A comparison<\/h2>\n\n\n\n<div class=\"wp-block-nerdwallet-blocks-tablepress\"><div class=\"c-tablepress-table-wrapper\" style=\"overflow-x: auto;\">\n<table id=\"tablepress-176\" class=\"tablepress tablepress-id-176\">\n<thead>\n<tr class=\"row-1 odd\">\n\t<th class=\"column-1\"><\/th><th class=\"column-2\">Small business loan<\/th><th class=\"column-3\">Personal loan<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-hover\">\n<tr class=\"row-2 even\">\n\t<td class=\"column-1\"><strong>Common uses<\/strong><\/td><td class=\"column-2\">Franchise costs.<br \/>\nProduct inventory.<br \/>\nSupplies.<br \/>\nCommercial real estate.<br \/>\nEquipment.<br \/>\nVehicles.<br \/>\nWorking capital costs.<\/td><td class=\"column-3\">Home renovations.<br \/>\nHigh-dollar purchase (car, appliances, etc).<br \/>\nExpensive life events (wedding or funeral).<br \/>\nTo pay off high-interest debts.<br \/>\n<\/td>\n<\/tr>\n<tr class=\"row-3 odd\">\n\t<td class=\"column-1\"><strong>Where to inquire<\/strong><\/td><td class=\"column-2\">Banks.<br \/>\nCredit Unions.<br \/>\n<br \/>\n<\/td><td class=\"column-3\">Banks.<br \/>\nCredit unions.<br \/>\nPrivate or alternative lenders.<\/td>\n<\/tr>\n<tr class=\"row-4 even\">\n\t<td class=\"column-1\"><strong>Typical loan limit<\/strong><\/td><td class=\"column-2\">Up to $1,000,000 depending on lender, borrower and type of small business loan.<\/td><td class=\"column-3\">Up to $50,000, depending on lender.<\/td>\n<\/tr>\n<tr class=\"row-5 odd\">\n\t<td class=\"column-1\"><strong>Typical interest rate<\/strong><\/td><td class=\"column-2\">Around 7% on average, but generally max out at prime plus 3%.<\/td><td class=\"column-3\">Average rate is around 10%, depending on credit profile.<\/td>\n<\/tr>\n<tr class=\"row-6 even\">\n\t<td class=\"column-1\"><strong>Typical qualification requirements<\/strong><\/td><td class=\"column-2\"><ul><li>Strong personal credit profile.<\/li><br \/>\n<li>A business plan.<\/li><br \/>\n<li>Financial statements and projections.<\/li><br \/>\n<li>Stable and positive cash flow (if already in business).<\/li><br \/>\n<li>Net income that can cover payments.<\/li><br \/>\n<li>Proof of sufficient collateral.<\/li><br \/>\n<\/ul><\/td><td class=\"column-3\"><ul><br \/>\n<li>Be a resident of Canada.<\/li><br \/>\n<li>Be the age of majority.<\/li><br \/>\n<li>Have a bank account.<\/li><br \/>\n<li>Have proof of stable income or collateral.<\/li><br \/>\n<li>Meet lender's minimum credit score.<\/li><br \/>\n<\/ul><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">What is a small business loan?<\/h2>\n\n\n\n<p class=\"\">A small business loan is a form of financing that provides capital, often in a lump sum, to be used for the creation or expansion of a <a href=\"https:\/\/www.nerdwallet.com\/ca\/personal-finance\/how-to-start-a-small-business\">small business<\/a>. Loans for small businesses in Canada may have variable or fixed rates. Amortization periods vary, with some banks offering up to five years and government small business loan programs offering up to 25 years.&nbsp;<\/p>\n\n\n\n<p class=\"\">Small business loans can be used for a variety of business needs, including: buying equipment and supplies, and purchasing property. Business loans also&nbsp;help your business build credit.&nbsp;<\/p>\n\n\n\n<p class=\"\">However, business loans can be harder to qualify for than other types of loans, especially if you are a first-time entrepreneur. Many small business loans require collateral.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What is a personal loan?<\/h2>\n\n\n\n<p class=\"\">A <a href=\"https:\/\/www.nerdwallet.com\/ca\/loans\/what-is-a-personal-loan\">personal loan<\/a> has no specific conditions for use. The money borrowed for a personal loan can be spent as you see fit, though it\u2019s most common for personal loans to be used for big, short-term expenses such as a home renovation or wedding. However, personal loans may also be used to consolidate high-interest debt as they tend to have a lower interest rate than other financing options (especially credit cards).&nbsp;<\/p>\n\n\n\n<p class=\"\">Personal loans can be either secured or unsecured, and are available from traditional lenders such as <a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/what-is-a-credit-union\">banks or credit unions<\/a>, as well as alternative lenders.<\/p>\n\n\n<div class=\"c-block-in-house-promotion is-advert-style__image-small is-style-horizontal wp-block-nerdwallet-blocks-in-house-ad\">\n\n\t\t\t<div class=\"c-promotion-banner__partner-spotlight\">\n\t\t\t<img\n\t\t\t\tsrc=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/plugins\/nerdwallet-blocks\/assets\/images\/nerdwallet-bug.svg\"\n\t\t\t\talt=\"Nerdwallet Logo\"\n\t\t\t\/>\n\t\t\t<span class=\"c-promotion-banner__partner-spotlight--title\">\n\t\t\t\tPartner Spotlight\t\t\t<\/span>\n\t\t<\/div>\n\t\n\t<div\n\t\tclass=\"c-block-in-house-promotion__inner\"\n\t\tstyle=\"background-image: none;\"\n\t>\n\n\t\t\t\t\t<div class='c-block-in-house-promotion__image-wrapper'>\n\t\t\t\t<div class='c-block-in-house-promotion__image'>\n\t\t\t\t\t<img decoding=\"async\" class=\"c-block-in-house-promotion__icon-img\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2024\/04\/LoanConnect-Logo-Transparent-Background.png\" alt=\"Ad Icon\" \/>\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\n\t\t<div class=\"c-block-in-house-promotion__content-wrapper c-block-in-house-promotion__no-image\">\n\t\t\t\n\t\t\t<h3 class=\"c-block-in-house-promotion__title\">Get Multiple Loan Offers in Under 60 Seconds!<\/h3>\n\t\t\t\t\t\t\t<p class=\"c-block-in-house-promotion__content\">\n\t\t\t\t\tA Leader in Personal Loan Solutions for Canadians!<strong> Pre-Approvals up to $50,000. Choose the rates &amp; terms that work for you<\/strong>. A Safe and Secure System that allows you to search a network of Canadian lenders.\t\t\t\t<\/p>\n\t\t\t\t\t<\/div>\n\n\t\t<div class=\"c-block-in-house-promotion__cta wp-block-button\"><a href=\"https:\/\/loanconnect.ca\/apply_now?pd=nerdwallet\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" class=\"nw-cta track-click-mon wp-block-button__link wp-element-button\" data-placement=\"Promotional banner\">APPLY NOW<\/a><\/div>\t<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Small business loan or personal loan: Which is right for you?<\/h2>\n\n\n\n<p class=\"\">The loan option that\u2019s right for you will depend on how much you need to borrow, what you hope to do with the money, and your personal and professional financial profile. For example:<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\">If you have <a href=\"https:\/\/www.nerdwallet.com\/ca\/personal-finance\/what-is-a-good-credit-score\">good credit<\/a>, collateral, and need to borrow more than $50,000 to buy new equipment for your existing restaurant, a small business loan might be the better choice.<\/li>\n\n\n\n<li class=\"\">If you have fair credit, little-to-no collateral, and want to borrow less than $50,000 to finance the launch of your new e-commerce business, a personal loan might be the more accessible choice.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Pros and cons of business loans and personal loans<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\">Small business loans<\/h4>\n\n\n\n<p class=\"\">For entrepreneurs who can meet the qualification requirements, a small business loan often has several advantages over a personal loan. For one thing, a small business loan can help build the creditworthiness of your business over time, whereas a personal loan will not.<\/p>\n\n\n\n<p class=\"\">Another advantage is that small business loans typically offer higher maximum loan limits. Just because more money is available doesn\u2019t mean you should take it without a plan, of course. But, since small businesses tend to require a lot of capital, especially in the start-up phase, that access to extra money can be very helpful.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Personal loans<\/h4>\n\n\n\n<p class=\"\">It\u2019s often easier to be approved for a personal loan than a business loan. In many cases, the approval process for a small business loan includes an evaluation of the current success of your business, while a personal loan will focus on your individual finances.&nbsp;<\/p>\n\n\n\n<p class=\"\">If you\u2019ve been in business for a year or less, you\u2019ll represent greater risk in the eyes of a lender. In this case you may not be approved for a small business loan right away and will have to turn to other financing options.<\/p>\n\n\n\n<p class=\"\">Another advantage of personal loans is that most of them are <a href=\"https:\/\/www.nerdwallet.com\/ca\/loans\/what-is-an-unsecured-personal-loan\">unsecured<\/a>, while small business loans require collateral. To arrange small business financing, you\u2019ll likely have to provide something of value that the lender can take possession of if you\u2019re unable to repay the loan.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Alternatives to small business loans and personal loans <\/h2>\n\n\n\n<p class=\"\">While a small business loan or personal loan might do the trick, there are a few other sources small business owners can turn to for loans:<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\">The Government of Canada offers <a href=\"https:\/\/www.bdc.ca\/en\/articles-tools\/money-finance\/get-financing\/how-to-get-business-loan-canada\" target=\"_blank\" rel=\"noreferrer noopener\">grants to small businesses<\/a> started by Indigenous entrepreneurs, new immigrants and more. There are also many <a href=\"https:\/\/innovation.ised-isde.canada.ca\/innovation\/s\/?language=en_CA\" target=\"_blank\" rel=\"noreferrer noopener\">other available alternatives<\/a> for you to choose from.&nbsp;<\/li>\n\n\n\n<li class=\"\">Some banks also offer loans specifically to Black entrepreneurs, female entrepreneurs, Indigenous entrepreneurs and more.<\/li>\n<\/ul>\n\n\n\n<p class=\"\">Do some research and talk to local financial institutions to see if your small business can be better served by any of these smaller, more specialized loans.<\/p>\n\n\n\n<div class=\"nwb-authors nwb-authors__footer wp-block-nerdwallet-blocks-authors-card\">\n\t<div class=\"nwb-authors__wrapper\">\n\t\t<h4 class=\"nwb-authors__title\">\n\t\t\tAbout the Authors\t\t<\/h4>\n\n\t\t\t\t\t<div class=\"nwb-authors__content\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\">\n\t\t\t\t\t\t<img\n\t\t\t\t\t\t\tclass=\"nwb-authors__image\"\n\t\t\t\t\t\t\tsrc=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/IMG_20220329_114424-150x150.jpg\"\n\t\t\t\t\t\t\twidth=\"120\" height=\"120\"\n\t\t\t\t\t\t\talt=\"Clay Jarvis photo\"\n\t\t\t\t\t\t\/>\n\t\t\t\t\t<\/a>\n\t\t\t\t\n\t\t\t\t<div>\n\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\">\n\t\t\t\t\t\t<strong>Clay Jarvis<\/strong>\n\t\t\t\t\t<\/a>\n\n\t\t\t\t\t<div class=\"nwb-authors__bio\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<p>Clay Jarvis is NerdWallet\u2019s mortgage and real estate expert in Canada. Thus far, his entire professional writing career has revolved around real estate. Prior to joining NerdWallet, he was the&hellip;<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\" title=\"Read more about Clay Jarvis\">\n\t\t\t\t\t\t\t<span>Read more about Clay Jarvis and explore their articles<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<div class=\"nwb-authors__content\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/hannah-logan\">\n\t\t\t\t\t\t<img\n\t\t\t\t\t\t\tclass=\"nwb-authors__image\"\n\t\t\t\t\t\t\tsrc=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/Hannah-Logan-e1626212867388-100x100.jpg\"\n\t\t\t\t\t\t\twidth=\"120\" height=\"120\"\n\t\t\t\t\t\t\talt=\"Hannah Logan photo\"\n\t\t\t\t\t\t\/>\n\t\t\t\t\t<\/a>\n\t\t\t\t\n\t\t\t\t<div>\n\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/hannah-logan\">\n\t\t\t\t\t\t<strong>Hannah Logan<\/strong>\n\t\t\t\t\t<\/a>\n\n\t\t\t\t\t<div class=\"nwb-authors__bio\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<p>Hannah Logan is a freelance writer and blogger who specializes in personal finance and travel. You can follow her personal travel blog EatSleepBreatheTravel.com or find her on Instagram @hannahlogan21.<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/hannah-logan\" title=\"Read more about Hannah Logan\">\n\t\t\t\t\t\t\t<span>Read more about Hannah Logan and explore their articles<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t<\/div>\n<\/div>\n\n\n\n\t<section class=\"c-block-card-grid container\"\n\t\t\t>\n\t\t\t\t\t<h4 class=\"c-block-card-grid__title\">\n\t\t\t\tDIVE EVEN DEEPER\t\t\t<\/h4>\n\t\t\n\t\t<div class=\"c-block-card-grid-scroll column-four\">\n\t\t\t<div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-15712\" class=\"c-block-card post-15712 page type-page status-publish has-post-thumbnail hentry content-classification-loans topic-personal-loans cluster-personal-loans\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/loans\/personal-loan-vs-line-of-credit\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"192\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/11\/Personal-Loan-vs-Line-of-Credit-feature-image-e1668461522356-460x192.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"Personal Loan vs. Line of Credit: How to Choose\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/loans\/personal-loan-vs-line-of-credit\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tPersonal Loan vs. Line of Credit: How to Choose\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>The difference between a line of credit and a loan is that a loan is borrowed as a lump sum, while a line of credit can be used and repaid on an ongoing basis.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/sandra-macgregor\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/Sandra-MacGregor-e1626212852416-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Sandra MacGregor<\/a><a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/IMG_20220329_114424-150x150.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Clay Jarvis<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-15712 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-2720\" class=\"c-block-card post-2720 page type-page status-publish has-post-thumbnail hentry content-classification-banking topic-banking-basics cluster-banking-miscellaneous\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/how-to-get-a-bank-loan\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"192\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/11\/GettyImages-170652637-e1637360470675-460x192.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"How to Get a Loan From the Bank\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/how-to-get-a-bank-loan\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tHow to Get a Loan From the Bank\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>To borrow money from the bank, you\u2019ll have to satisfy the qualification requirements of the loan you want, such as age, debt-to-income ratio and credit score.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/hannah-logan\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/Hannah-Logan-e1626212867388-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Hannah Logan<\/a><a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/sjahagirdar\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/Headshot_Siddhi-Jahagirdar-e1648746969870-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Siddhi Bagwe<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-2720 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-6549\" class=\"c-block-card post-6549 page type-page status-publish has-post-thumbnail hentry content-classification-personal-finance topic-personal-finance cluster-personal-finance\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/personal-finance\/what-are-personal-assets\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"198\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/05\/GettyImages-1125625188-e1652890968651-460x198.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"Personal Assets: What They Are and Why They Matter\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/personal-finance\/what-are-personal-assets\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tPersonal Assets: What They Are and Why They Matter\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>Personal assets include anything you own that has monetary value, personal value, or both. Assets play an important role in determining your net worth and estate planning.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/sandra-macgregor\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/Sandra-MacGregor-e1626212852416-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Sandra MacGregor<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-6549 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-30631\" class=\"c-block-card post-30631 page type-page status-publish has-post-thumbnail hentry content-classification-loans topic-personal-loans cluster-personal-loans\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/loans\/what-is-a-merchant-cash-advance\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"435\" height=\"290\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2023\/04\/GettyImages-1317782863-435x290.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"What Is a Merchant Cash Advance?\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/loans\/what-is-a-merchant-cash-advance\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tWhat Is a Merchant Cash Advance?\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>A merchant cash advance provides businesses with a cash payment based on future credit and debit card sales.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/helen-burnett-nichols\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/01\/Helen-headshot-1-e1641509856123-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Helen Burnett-Nichols<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-30631 -->\n<\/div>\t\t<\/div>\n\t<\/section>\n\n","protected":false},"excerpt":{"rendered":"<p>Small business loans typically have higher loan limits and lower interest rates, but personal loans may be easier to qualify for.<\/p>\n","protected":false},"author":12,"featured_media":23897,"parent":15647,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-templates\/article-sidebar.php","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"[]","apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":"","_nw_pros_cons_block_schema":""},"content-classification":[337],"topic":[338],"cluster":[339],"pp_author":[22,87],"acf":[],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - 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