To loan For Business or not?

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Adetayo100

Well-known member
If a loan is easy money it can facilitate bad decisions, and you have to pay back sooner or later. ... Obtaining a loan to start an unproven business is indeed a bad idea. Obtaining a loan to start a franchise location usually is a good idea.
 

Lyrrex

Active member
Loan is actually the last option that I would consider because we are aware of the huge interest percentage that will be added plus the processing fees to be deducted on the actual loanable amount. So basically you lose before you can even start up your business. If ever you will opt to applying for loans make sure that it will be for an amount that you can surely pay.

Loan is actually the last option that I would consider because we are aware of the huge interest percentage that will.
 

Abigael

Well-known member
I don't think that it is a good idea to take a loan for a startup business. This is because you really don't know if you will be successful in it and if you are not, paying back the loan will be a problem. Moreover, paying back a loan using the profits earned from the business will make it so hard to breakeven. I prefer if a loan is only taken to expand an already existing business. For a startup, you can use your savings or get donations from family and friends.
 
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