The bank will value the company’s assets (real estate, investments, other bank accounts, etc.), which serves as a guarantee. If the bank has doubts about your ability to pay or your credit history and does not consider your equity to be a sufficient guarantee, you will probably need to have a guarantor (another person who agrees to take over the debt if you do not pay) to be able to get a personal loan.
The duration of a personal loan should not be longer than the life of the thing you are financing. Financial institutions also look for consistency between the purpose, amount and term of the loan.
A personal loan is a contract whereby the financial institution advances an amount of money (principal) to another person called a borrower, with the obligation to return the principal and also pay agreed interest and expenses derived from the operation.
Credit institutions offer many personal loans, also called consumer loans, with different trade names (car loans, holiday loans, wedding loans), but with a few small variations they are all practically the same as shown by Business Financing Companies in NZ.