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Home
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Business Ideas Forum
Funding a business
3 Main Disadvantages of Business Loans
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[QUOTE="Abigael, post: 296836, member: 25357"] Business loans can be so beneficial when you have a business idea but don't have enough money to capitalize it. But there are disadvantages of taking the business loans. They include; [LIST=1] [*][B]Pressure and Anxiety to pay back the loan. [/B] [/LIST] You will be under so much pressure to pay back the loan. This pressure and anxiety may affect how you run the business. It is even harder when the profits you make are your only source of income. [B]2. High interest rates. [/B] The business loan may come with high interest rates. Always choose a loan lending company with less interest rates. Banks and government loan lending institutions always provide loans with less interest rates. [B]3. Short loan repayment period. [/B] You may be given a very short time to pay back the loan. Being told to pay back a loan in less than a month is so ridiculous. At that time, your business has not become established enough to generate high profits. Therefore, when choosing to start a business with a loan, always look at these disadvantages and see if you can minimize them. Always try to choose companies that have less interest rates and have a longer period for repayment. Or those which allow you to pay in installments. [/QUOTE]
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3 Main Disadvantages of Business Loans
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