Starting your own business can be one of the most exciting and empowering decisions you make, but it also comes with practical hurdles, especially when it comes to funding. Whether you're launching a small online store, offering freelance services, or opening a food stall, getting the right financial support early on can make a big difference in your momentum and stability.
There’s no shortage of financing options out there, so it’s not always straightforward to choose between a personal loan and a small business loan. The best option for you depends on your business’s current stage, how much you need, and how you plan to use the funds. Understanding the differences between these two loan types can help you make smarter, more strategic decisions from day one.
This guide by Maya breaks down the key considerations to help you decide which option might be the better fit. We’re aiming to provide advice that can work both for entrepreneurs still in the planning phase and those already running a small venture on the side.
What Are Personal Loans and When Do They Make Sense?
If your business is still in its early days—especially if it isn’t formally registered yet—a personal loan might be the more accessible choice. Unlike business loans, which often require documentation like permits, income records, or a business plan, personal loans are typically based on your creditworthiness and do not require you to prove your business’s viability. A personal loan Philippines’ entrepreneurs trust is particularly useful for getting initial capital to launch your idea, buy equipment, or cover early operational costs.
Maya Personal Loan is a strong option if you want quick, flexible funding without the paperwork. Qualified users can borrow between PHP 15,000 and PHP 250,000, choose from loan terms of 6, 9, 12, 18, or 24 months, and enjoy add-on rates starting at just 0.77% per month. The application process is 100% digital through the Maya app—no collateral, no in-person visits, and no lengthy approval timelines. Given this wealth of benefits, it’s no wonder Maya Personal Loan is rapidly becoming known as the best personal loan Philippines’ business owners could possibly apply for.
That said, if your funding needs are smaller or tied to incidental expenses, like occasional supply runs, utility bills, or short-term gaps in cash flow, a full personal loan might not be necessary. In these cases, a revolving virtual credit line like Maya Easy Credit can be a more practical solution. Eligible users can activate it directly in the Maya app, access up to PHP 30,000 funds instantly via their Maya Wallet, and have up to 30 days to pay the loaned amount on top of a small service fee on the amount that was borrowed. It’s a smart way to stay financially nimble without locking yourself into a long-term loan for minor but frequent costs.
What About Small Business Loans?
If your business is registered and has a track record of even a few months, you may benefit from exploring small business loans. These types of loans often come with higher maximum limits, making them more suitable for inventory purchases, larger equipment investments, or expansion plans. The trade-off, though, is that they can be harder to qualify for and slower to access, which can be a challenge for newer or smaller ventures.
An alternative worth considering is a Maya Personal Loan. While not a formal business loan, it can give entrepreneurs fast access to funds ranging from PHP 15,000 to PHP 250,000 without requiring collateral. Disbursement is instant to the Maya Wallet once approved, and repayment terms can stretch from 6 to 24 months. This makes it a practical option if you need quick financing for immediate business needs— like buying inventory and supplies, covering operational costs, or bridging cash flow gaps—without the paperwork and waiting time often tied to traditional small business loans.
Consider Loan Purpose and Amount
One of the most important factors in choosing a loan is understanding exactly what you need it for. Are you trying to launch your business from scratch, or just smooth out cash flow as you go? For one-time expenses, like buying a laptop, securing a space, or funding initial product inventory, a personal loan might be more appropriate. But if your needs are smaller, ongoing, or variable, a credit line can provide more flexibility without locking you into a long-term commitment.
In some cases, you might even benefit from using both tools. Maya Personal Loan works well for larger, upfront costs that are harder to break into smaller payments. Meanwhile, Maya Easy Credit can cover operational expenses as they come up, like paying a supplier or managing delivery costs. Using each solution for the right purpose can help you balance your borrowing more effectively and avoid unnecessary debt.
Factor in Approval Speed and Requirements
If you need funding quickly, then you’ll need to factor in the time it takes to apply and get approved when choosing a lending instrument. Traditional small business loans often require documentation, interviews, and processing that can stretch across several weeks. Personal loans are usually faster, but still depend on whether you meet the lender’s credit and income criteria.
Both Maya Personal Loan and Maya Easy Credit simplify the process by offering 100% digital applications. There’s no need to visit a branch or prepare a stack of documents. Maya pre-qualifies users based on their profile and notifies them via the app. Once approved, you can apply within minutes and, once approved for either Maya Easy Credit or Maya Personal, access funds instantly through your Maya Wallet. It’s a streamlined alternative that fits the fast pace of starting and running a small business.
There is no universal answer when it comes to funding a new venture. What matters most is choosing a loan that aligns with your business goals, current stage, and ability to repay. Check the Maya app today to see if you're eligible for Maya Personal Loan or Maya Easy Credit, and explore the options that make sense for your next move as an entrepreneur.
