human
What is the difference between a personal loan and a business one?
assistant
The main difference between a personal loan and a business loan is the purpose for which the money is borrowed. A personal loan is typically borrowed for personal use, such as to finance the purchase of a car, pay for medical expenses, or consolidate debt. A business loan, on the other hand, is typically used to fund business operations, such as to purchase inventory, buy equipment, hire new employees, or to expand a business.