Jasmine
VIP Contributor
The first thing you need for a business is money. Without it, you can't get started. There are different ways to get money for your business, and one option is getting a loan. But getting a loan isn't easy. You might be able to borrow from a lender, but their fees can be really high. Private lenders might charge 2 X or even 3X of the average interest rates charged by the banks. Banks usually have lower interest rates, but getting a loan from banks is harder. You'll have to deal with a lot of paperwork. Banks also do not offer business loan if you cannot show your income source.