Should I borrow a Loan From a Bank to Start My Business

[Makah]

There has been a lot of people asking questions like this and I am creating this thread to enlighten people about it.
In my own limited understanding I don't think and I would never advice any body to borrow a loan from bank or any financial institution and all those Loan app to start a flourishing business
I will advice anybody to Hussle and work for a while to gather up some money to start a new business
A friend of mine applied for a loan from a loan app and he was given a stipulated time to pay back but unfortunately he was unable to pay back now his Bvn has been blacklisted now he can't perform any transaction on any of his bank account because he was unable to pay back his loan with the six months he was given so I will never advise anyone to applied for a loan any where
Thank you

 

[Makah]

I don't advise people to borrow money to start a business from bank basically because of two reasons.
1) Bank agent can make your life miserable if you didn't pay on time.
2) Borrowing money to start a business from a bank is like working for them cause if your profit get affected in one way or the other you might be force to loose the business to them

Yeah I agree with yah totally and Hundred percentage
Bank agent are very misleading and miserable they don't have pity cos it's part of thier work etiquette
I once withness when a Lapo loan agent slapped an elderly woman because she was unable to pay up her loan. It was a Pitiful moment and everyone watching was sad
I will advice no one who is sane not to take a loan

 

[marcusfe]

Borrowing loan from bank to start a business is not the best option because if you don't have money to pay back, you will get into trouble and you might lose your company in the process, borrowing through online app too is risky because they will add their own interest and if you can't pay on the stipulated time, the money will keep increasing everyday, the best way is to join a cooperate society and borrow money there without interest because they help each other.

Don't even try it my brother even if you !UST borrow money at all don't try with banks while your business is till struggling. They will choke you business to wealth and you will end up be a debtor whereby they gladly come for you collateral. I don't advice people starting a new business with loan, it is not a good way to start.

 

[IamDozzy]

If you have clearly thought out a plan in which you would use to service to loan then you can go ahead to take the loan. But before you do that ensure the business venture you want to go is going to be profitable and you would break even on time. Also, have you considered other options like partnership, loans from friends and family or even your personal savings. All these are options you must have exhausted before going for a loan from the bank.

 

[Shigobad2020]

Borrowing loan from bank to start a business is not the best option because if you don't have money to pay back, you will get into trouble and you might lose your company in the process, borrowing through online app too is risky because they will add their own interest and if you can't pay on the stipulated time, the money will keep increasing everyday, the best way is to join a cooperate society and borrow money there without interest because they help each other.

 

[Maphalle]

We are a different people with different abilities. Loaning from a bank to start a business is not a bad idea. Only if you will be able to adhere to the rules and regulations of the loaner. Some are successful today because of the loan while some are not. It is important to research first about the kind of business you want to start. Check the location, the target market, the product, etc. and this will give u a guideline. Most importantly, learn to manage the funds.

 

[marcusfe]

I wouldn't advice you to do such a thing at all. Borrowing bank money to start a business is like trying to trap yourself. You can only borrow bank loan to develop or expand a business. Yo can see most big organizations that already doing fine in business acquiring bank loan because they already have a backup for repayment.

 

[Makah]

From my own point of view its better I start my business little with what I have saved and grow from there or better still borrow from friends and family whom I will pay happily at my own convenient time than getting a loan from a bank to start up my business because you must pay the bank once its time

I love your mentality. We should all follow this kinda mentality
Work for a while then save up money then start your own great business and Startup with out being afraid of not paying loans to bank and every other financial institutions
Loans from Banks are not so good for business starters

 

[Tinaconcept]

From my own point of view its better I start my business little with what I have saved and grow from there or better still borrow from friends and family whom I will pay happily at my own convenient time than getting a loan from a bank to start up my business because you must pay the bank once its time

 

[Victor001]

Ask your self would the bank offer you the loan you request,I believe before the thought you should have a clear and define purpose and intentions as to while you need a loan,mind you no matter how small a loan is it becomes a debt,and running business from the scratch requires no debt. So if you opt for taking loan do it with a booking business and the intentions to pay immediately.

 

[Makah]

Yes you can borrow a loan from bank to start your business but this not advisable or encouraged. Borrowing to start a loan should be discourage as much as possible especially if you are venturing into this kind of business for the first and you can afford to get enough money to employ the service of an expertise and you are thinking of managing it yourself.

You are not totally right maybe because you have never withness any hot moment with those agent
Borrowing to start loan should be well and we'll discouraged but I wished the government should help individual with good loans with out Or little Interest rate and if you're gonna talk any loan it should he from a Family member or any one close

 

[Segat]

Yes you can borrow a loan from bank to start your business but this not advisable or encouraged. Borrowing to start a loan should be discourage as much as possible especially if you are venturing into this kind of business for the first and you can afford to get enough money to employ the service of an expertise and you are thinking of managing it yourself.

 

[Timison]

As for me borrowing a loan from a bank to start a business is totally not advisable because the outcome of business at times is unpredictable.

 

[Daykas]

I don't advise people to borrow money to start a business from bank basically because of two reasons.
1) Bank agent can make your life miserable if you didn't pay on time.
2) Borrowing money to start a business from a bank is like working for them cause if your profit get affected in one way or the other you might be force to loose the business to them

 

[Shigobad2020]

Borrowing a loan from bank is not advisable but you can do it if you have any financial backing I.e if you have a stable income to pay the debt but I will rather advise you to join a cooperate society, they can borrow you loan without any interest if you are part of them, or rather hussle hard and starts saving.

 

[Teatea]

Getting a loan to start up a business is not a bad thing, most people opt for the option and their business is still doing fine even after so many years. But for a newbie, I don't think it is advisable to start with a loan, there are many issues that comes with loan and sometimes things don't go according to the set plan.

 

[Olajidey]

It is not advisable to borrow money online and the worst is using mobile loan app to borrow money because they will tamper with the integrity of the person. I have a friend that borrow money on a mobile app and because he his unable to repay after the deadline they send message to all his contact that he run away with company money.

 

[Makah]

Yeah you can start your business if you can get a loan from bank but the problem is before you get loan from bank there are things you must agree with the bank and also provide for the bank before they give you that loan. Things like the plans of the business so that they can look into it and see if they can agree to give you money to start it and if you fail this test then forget about getting loan from them

Yeah bro I accept with you totally taking a bank loan should not be an alternative for starting a business
The bank agents ain't get chills
The Interest it self on it's on is a turn off for me
I will rather work and Hussle hard to gather up money to start my own busimess. Thanks to God Government has been dishing out more favorable plans for the Citizens

 

[Taiwoayan]

Yes, you can definitely get a loan from the bank to start your business but some criteria needs to be followed. Firstly, you must make sure the business is profitable and worthy of taking a loan for. Also, make sure the interest rate from the bank loans not too high so as not to run into debt
Most bank don't easily give loan for start up unless you have a strong collateral

 

[Hena101]

Yeah you can start your business if you can get a loan from bank but the problem is before you get loan from bank there are things you must agree with the bank and also provide for the bank before they give you that loan. Things like the plans of the business so that they can look into it and see if they can agree to give you money to start it and if you fail this test then forget about getting loan from them