When reviewing a personal loan proposal, focus on the conditions of the loan. Pay attention to set up fees, late payments, and calling provisions. What is the intended purpose of the loan. Will the money be used for working capital, additional equipment, or inventory? The lender will also consider the local economic climate and conditions both within your industry and in other industries that could affect your personal. Reputible lenders will not ask you for money before you get the loan; make sure you you don't.