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Personal loan
Taking a loan to start up a business, a good idea?
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[QUOTE="Kendy, post: 215018, member: 63869"] Taking out a loan to start a new business is actually dependent on some factors and I cannot totally overrule it by saying it is a bad choice or option but I would suggest and recommend that before taking a loan to start a new business you should have a back-up plan in case of unfathomable circumstances. There are so many people who made losses because they did not have a plan of repayment as at when due. Imagine during the Corona virus pandemic, prior to that time, I had obtained a loan to start a fruit business and the pandemic tilted in, which made the business futile and unprofitable. Albeit, this was more of an eye-opener to me that taking of loans in starting a new business is not always profitable but if it were to be an expanding business, definitely I would know how to minimise losses. It is always best to take loans that do not have high-yielding interest rates and also take little loans to add up to what you have so that the pressure would not be so enormous on the business. There are also some entrepreneurs who took up loans to set up a business and they were able to manage the challenges of making profits and repaying subsequently. [/QUOTE]
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Taking a loan to start up a business, a good idea?
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