It is always difficult to pay back loan especially collected at the starting point or commencement of a business enterprise or organization because those new businesses enterprise may take some time before it start making it own profit and foot it bills and expenses without any forms of external assistance, but when the business is not yet making profit and it pays back the loan with interest charges, then the operation of the business will be affected.I always ask this question, because am wondering why do people or organization find it difficult to pay back loan.
Some persons who sells food stuff within my street has been continually being harassed by a micro finance bank where the had collected some amount of loan in order to promote their businesses and these loans are to be paid back on instalments weekly which they agreed but I noticed that one its the day for payment, you will see them running helter skelter looking for someone to borrow from in order to pay back.
Same thing happened to a company where I was working sometime back, my boss collected a car on loan from a commercial bank to pay some percentage every month but I used to marvel once its the date for payment my boss will keep giving an excuse.
Why do people find it difficult to pay back loan?
It is difficult for those people who does not know about type of business because if he get loss in business than it is difficult to pay back loan . In other case if the business give good response than not difficult to pay loan.I always ask this question, because am wondering why do people or organization find it difficult to pay back loan.
Some persons who sells food stuff within my street has been continually being harassed by a micro finance bank where the had collected some amount of loan in order to promote their businesses and these loans are to be paid back on instalments weekly which they agreed but I noticed that one its the day for payment, you will see them running helter skelter looking for someone to borrow from in order to pay back.
Same thing happened to a company where I was working sometime back, my boss collected a car on loan from a commercial bank to pay some percentage every month but I used to marvel once its the date for payment my boss will keep giving an excuse.
Why do people find it difficult to pay back loan?