Loan is a temporary provision of money made available to you with certain interest rate. The word temporary means the money is available just for awhile and must be paid back with interest which could be at once or in installments base on terms and conditions.
Many people don't understand the meaning of loan, its usefulness and the risk involved in obtaining loan. Some people obtain loan to buy luxury, personal wears, or to pay another debt forgetting that they are still going to pay the loan with its interest back in a short while.
That's why it's not good to obtain loan to start a business except the business can earn you immediate profit which can be use for repayment of the loan incurred.
Many people don't understand the meaning of loan, its usefulness and the risk involved in obtaining loan. Some people obtain loan to buy luxury, personal wears, or to pay another debt forgetting that they are still going to pay the loan with its interest back in a short while.
That's why it's not good to obtain loan to start a business except the business can earn you immediate profit which can be use for repayment of the loan incurred.