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Personal loan
Reasons why you shouldn’t take loan
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[QUOTE="Augusta, post: 248117, member: 25283"] i always write that new businesses or startups should forget about loans from financial institutions especially in the first 2 years of starting the business. I think the banks understand this now and they have made it a principle not to be giving loans to new businesses. You have never done the business before so how are you sure you would be able to sustain the business and use the loan to develop it more. if one needs some money then. getting it from ones savings, from friends or family would be better. At least you can use it for a long time before you think of refunding. Loans from banks or any financial institutions come with high interest rate. So if you starting out a business with a loan you would bhe using the little profit that you are supposed to put into the business to pay the interest of the loan. So where would you then have the money to reinvest into the business. With this if you are not careful the business will collapse Another thing with loans is that you would need to present a collateral, if you do not have it then you can't even get the loan which is not sane with good friends. [/QUOTE]
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Reasons why you shouldn’t take loan
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