Fixed monthly payments, no collateral required. A powerful option for entrepreneurs who need lump-sum capital fast — even with a new business.
A personal term loan gives you a lump sum of cash upfront, which you repay in fixed monthly installments over a set period. Unlike business loans, personal term loans are backed by your personal credit profile — which means new businesses and startups can qualify even without revenue history.
At GO Credit Pros, we specialize in no-income-verification personal term loans — meaning many lenders approve based on your credit score alone, not your tax returns or business revenue.
This makes personal term loans one of the most accessible funding options for entrepreneurs who are just getting started.
Personal term loans are credit-driven — here's what lenders look for
Most lenders require a minimum 670+ credit score. The higher your score, the better your rate and loan amount.
Banks prefer credit utilization below 30%. Pay down existing balances before applying to maximize your approval.
No recent late payments or collections. Lenders want to see on-time payment history across your credit profile.
| Factor | Personal Term Loan | Business Term Loan |
|---|---|---|
| Approval Based On | Personal credit score | Business revenue + credit |
| Income Verification | Often not required | Usually required |
| New Business OK? | ✅ Yes | ⚠️ Usually 1+ yr revenue needed |
| Loan Amount | $5K–$100K | $25K–$1M+ |
| Rates | From 6% APR | From 6% APR |
| Collateral | Not required | Sometimes required |
| Speed | 24–72 hrs | 24–72 hrs |
No hard credit pull to pre-qualify. Takes less than 2 minutes.
No hard credit pull · All 50 states · Results in 24–72 hours