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Personal loan
Reasons why loans are not suitable for business
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[QUOTE="Kendy, post: 223610, member: 63869"] There are many reasons in which loans are not suitable for small or large scale businesses. There are other creative ways to source for startup funds for a business which could be through; opting for investors, empowerment programs, crowdfunding and through one's personal savings. There is no way in which loan could be the best alternative because the negative effect is always more than the positive impact. Taking of loans is very easy and accessible, coupled with the number of online loan apps which is not even secured or guaranteed because of the terms and conditions of getting all your details including the ATM card pin. Accessing loans from banks is also a way of getting loans although it include lots of paperwork. The bone of contention always emanate from the pressure to repay. As an entrepreneur who obtained loan in setting up a business, struggling with the repayment of loan and making the business venture to have a good foundation would be the aim, which indeed is pressurizing. Most individuals who obtained loans in setting up their businesses do not have a good story to tell and coupled with the economic situation which has made customers limit and minimize the way they spend or purchase products. [/QUOTE]
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