What are the differences between grants and loans?

What are the differences between grants and loans?

Grants are funds you don't have to pay back, while loans are borrowed money that must be repaid with interest.

Can you give me examples of when I might use a grant instead of a loan?

Sure! Grants are often used for education, research, or non-profit projects, while loans are common for personal or business expenses.

Are there any specific eligibility requirements for grants?

Yes, eligibility for grants often depends on factors like income, project type, and the funding organization’s criteria.

How do I apply for a grant?

To apply for a grant, you typically need to submit a proposal outlining your project, budget, and how it meets the grant's goals.

What happens if I can't repay a loan?

If you can't repay a loan, it can lead to penalties, damaged credit, and potential legal action, depending on the lender.