Finance forum for small business! Discussion on Funding your business, banking, loans, budgeting, tax, payroll, and exchange rates.

 

Make Huge Money From Forex Trading

In order to make money on the Forex market you have to buy low and sell high, quite simple.

Let’s have a look at the example:

...
 

Can you make money Blogging?

Can you make money Blogging? Yes, you can. I've been blogging for about 8 years now. My blog is about personal finance blog. When I started the blog in...
 

Salary VS monthly expenses how to budget?

We work to sustain our daily living expenses in weekdays and sometimes weekends. If work demands for overtime then we took it. But no matter how you work...
 

How to Start Website Design business online

I want to make money designing website for people. Do you think web design business is lucrative, my friend was involve in web design and he hardly get...
 

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...

Announcement

Collapse
No announcement yet.

Bank Loans Easy or Hard To Obtain

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

    Bank Loans Easy or Hard To Obtain

    How easy is it to get a bank loan when you want to start a business? I am sure you have to show your business plan, but in your experience how difficult is it to obtain a loan from your friendly local bank?

    #2
    Bank loans are not as easy as one could think. The first difficulty in getting a bank loan is its cumbersome documentation. You would be required to complete many forms as though you are registering as a university college student. This puts one off, especially if you are one who do not like repetitive task. You would be asked to supply the same information in many copies. If forms were to be completed online, this would not have being much of a problem, banks hardly ever ask you to complete forms online, they would prefer you to have you information on paper.

    Bank loans are usually come with interest payment incorporated in the repayment plan. This makes the borrower pay more than the sum borrowed. Inflation is one of the most dreaded economic occurrence by borrower. Inflation erodes the value of money, and makes the borrower pay more that he actually borrowed. Default in the repayment of loan is better imagined than experienced. The embarrassment alone could make the defaulter think of suicide. The banks would not only go after loan guarantors, they also, foreclose on the property of the borrower if the loan has been used to acquire a property.

    Comment


      #3
      Originally posted by kgord View Post
      How easy is it to get a bank loan when you want to start a business? I am sure you have to show your business plan, but in your experience how difficult is it to obtain a loan from your friendly local bank?
      Bank loans are not hard to obtain if you have huge bank account with them and have collateral to show. If you won't have any of them, chances are they will ignore your proposal. Some bank loans are approved if you have the capabilities to pay them. Showing collateral would help you to get approve from bank loans but if you won't show any proof that you could pay them if your business won't succeed they won't approve you bank loan. Giving good business plan won't guarantee to have a bank loans but they might give some amount depending on your collateral. If you're business plan is feasible you can convince the bank manager that it will work.

      Comment


        #4
        Bank loans is not hard to obtain, when you got good background and have no intention of evasion. Basically the bank will just have to approve your petition for loan and you must provide all the necessary requirements, nevertheless, you should meet their standards and pray for the approval of your loan.

        Comment

        Previously entered content was automatically saved. Restore or Discard.
        Auto-Saved
        Smile :) Frown :( Confused :confused: Mad :mad: Stick Out Tongue :p Wink ;) Big Grin :D Embarrassment :o Roll Eyes (Sarcastic) :rolleyes: Cool :cool: EEK! :eek:
        x
        Insert: Thumbnail Small Medium Large Fullsize Remove  
        x

        Type the word L O A N without space

        Trending

        Collapse

        Working...
        X