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    To loan For Business or not?

    I am planning to start my online home business but I am short of capital. They say, start it with small capital but in baking, ingredients are a bit expensive and you have to buy it by bulk to save money. So I was thinking to sign up for a loan, Is loan really helpful in starting up a business? Please share your thoughts about this.

    #2
    Loan is actually the last option that I would consider because we are aware of the huge interest percentage that will be added plus the processing fees to be deducted on the actual loanable amount. So basically you lose before you can even start up your business. If ever you will opt to applying for loans make sure that it will be for an amount that you can surely pay. You won't like having 80% of your sales for loan payments. For payment arrangements choose the shorter term to lessen the interest charged by the loan company, because the longer the term is, the higher the charges. So these are some advice that I can share with you. Goodluck to your business.

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    • waad32
      waad32 commented
      Editing a comment
      Yes, it's borrowing money is really a hard decision. I have to think hard first before making a decision. Maybe, I'll try to ask help from relatives first. Anyway thank you for the advice.

    #3
    I think it is a very hard decision to borrow funds to start a business. We all know that starting a business with a credit loan is something that we must think about it. Honestly, I really don't like to a start a business that the capital was raised through a bank or other types of loan because I am afraid that all the fruits of my hard earned sacrifice would just go into the payment for the interest of the loan. As long as possible we should avoid making a loan credit especially when we are just new or just starting up in the business industry. It is much better to receive your hard earned money as full rather than just a percentage already due to some deductions for the credit loan.

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    • waad32
      waad32 commented
      Editing a comment
      Thank you, I'll take note on that. Besides asking help from relatives who have money, I was also thinking that I might save the sufficient funds first before starting my business.

    #4
    I agree if you're that in need of money for your business and you're also that short then probably the loan would be the best option for it. But you can think other ideas as well, like borrowing on some relatives or making a little more before starting.

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      #5
      Describe it in more details. $400 loan does the job for me as i'm crypto investor, for example. And here's a good site with fast loans http://400loan.com/. They provide money in 3 days after submitting the request. And the rates are great too. That's pretty much everything.

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        #6
        Well it depends on your ability to pay. A loan that supposed to be used in investment is a great help, but you should consider or plan how you should pay it. This will allow you to have a good credit line and at the same time can be use for future purposes.

        I have friends that started a business using loan as financial support, some did good but some are unfortunate. Planning and paying your loan is the best way to do it.

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          #7
          Originally posted by waad32 View Post
          I am planning to start my online home business but I am short of capital. They say, start it with small capital but in baking, ingredients are a bit expensive and you have to buy it by bulk to save money. So I was thinking to sign up for a loan, Is loan really helpful in starting up a business? Please share your thoughts about this.
          I thought of the same exact thing before. I didn't pursue it though because the loan I was planning to apply for had big interest. If you don't have other means of getting enough capital, you may consider it as your last resort. However, there are important things you have to consider. My top in the list is if the business you're going to venture will be successful. If you are not sure yet if your business will make you more money, I advise you not to apply for a loan. You may end up paying twice instead of getting back what you have invested.

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            #8
            The funny thing here ius that the way of making money has been under everyones nose almost all the time of existing of the Internet. Take a webcam and teach English online. Scandinavians and Polish pay good coin for native English tutors. Here’s a site to start with https://buki.org.pl/korepetycje/jezyk-angielski/

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