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Business Ideas Forum
Funding a business
Factors to consider before getting a loan for your business
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[QUOTE="Rachael, post: 216413, member: 68963"] The thread is well detailed, comprehensive and has taken time to escalate the important points to consider. There are certain steps to be considered before taking a loan but unfortunately some customers or individual would still overlook vital points due to desperation and take loans without reading through the terms and conditions. Before taking a loan for your business, either a startup or an existing business, you should always first ascertain and rectify the means of which you would repay the loan if coincidentally things do not go as planned. In business, you should always try to avoid obtaining loans with high-yielding interest rate because the major aim of any business is to maximize profits and minimize costs. You should preferably opt for public banks where the interest rate is not too high when compared to online apps or money lenders. Also, you should have a collateral which can be equivalent to the loan collected and you should ensure not to take loans due to desperation, you should ensure that the terms and conditions are favorable most especially he duration of repayment and you should ensure that your details are highly secured and not permissible to third parties outside the financial institution. [/QUOTE]
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Funding a business
Factors to consider before getting a loan for your business
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