A business loan a good idea? What's the most you can get?

Grant

Madly Diligent
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I have taken out loans in the past for my business, all at varying price points. What is the most you can usually get from a business loan? Or does it depend on the business and how much you own/have?
 

ganibade

Seasoned Veteran
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I have taken out loans in the past for my business, all at varying price points. What is the most you can usually get from a business loan? Or does it depend on the business and how much you own/have?
To get a business loan thier must be extra careful because most of the loans are not reliable in sense that if their is problem, you have to pay back with interest out any complain.
 

HayKay

Ledgendary Member
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I haven't taken out a business loan. Only a personal one and the resulting effect hasn't been palatable at all. I'll rather get business partners, grants or angel investors to provide funds required to run my business.
 

Setho

Ledgendary Member
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I believe that the most important thing is how the loan is going to be beneficial to your business. You have absolutely no reason to take a loan if it has high interest and the amount to service it is very high within a short period of time.
 

Syldan

Ledgendary Member
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Actually taking loan is not a bad idea to handle some business challenges with but it's not advisable to take loan to start a business simply because it's very risky and you will be left with burden of the business could not worked out well.
 

glitch

beep boop
Verified Poster
There really isn't a true limit. It depends on how much you earn, what credit score you have, and what insurance you can provide to the loan dealer. The max can be 10k for one person and 500k for another.
 

Good-Person

Valued Contributor
Valued Contributor
Actually taking loan is not a bad idea to handle some business challenges with but it's not advisable to take loan to start a business simply because it's very risky and you will be left with burden of the business could not worked out well.

I Would definitely avoid loans at all cost. Apart from that, I think that only a rich person could get a loan from bank because only rich person could offer something as mortgage.
 

eenya00

Eben
Verified Poster
I Would definitely avoid loans at all cost. Apart from that, I think that only a rich person could get a loan from bank because only rich person could offer something as mortgage.
It is not only the rich that can get access to a loan though, they can get higher amounts than the average person but loans are for anyone who posseses the necessary requirements
 

Good-Person

Valued Contributor
Valued Contributor
It is not only the rich that can get access to a loan though, they can get higher amounts than the average person but loans are for anyone who posseses the necessary requirements

Yes, there are many people who could get loan, not necessarily the rich one. However, in order to get some loan, you must have a really good source of income, even if you are not rich.
 

tyrim88

Ledgendary Member
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Business loans are actually loans that one usually take inorder to finance his business and make it grow,it could be to finance a prospect or to purchase some infrastructure for the organisation.
 

Syldan

Ledgendary Member
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Getting a loan for your business is actually good but it should depends on what needs those the business has. and it's not also advisable to get a loan before you can be able to start a business.
 

Good-Person

Valued Contributor
Valued Contributor
Getting a loan for your business is actually good but it should depends on what needs those the business has. and it's not also advisable to get a loan before you can be able to start a business.

Well, I would never advocate someone to take loans from banks as many people usually have issues later on. The fact of the matter is that many people find it really hard to pay the loans back.
 

eenya00

Eben
Verified Poster
Yes, there are many people who could get loan, not necessarily the rich one. However, in order to get some loan, you must have a really good source of income, even if you are not rich.
You're right, getting loan is not about been rich or poor but your ability to meet up with the necessary requirements that are needed to obtain the loan which can be collage etc.
 

Syldan

Ledgendary Member
Verified Poster
Actually a business loan is a good idea but it should be taken at the right time and for the right purpose. though I won't advise anyone to takes loan in other to start a business but you can do that for maintenance and other expansion.
 

Good-Person

Valued Contributor
Valued Contributor
Actually a business loan is a good idea but it should be taken at the right time and for the right purpose. though I won't advise anyone to takes loan in other to start a business but you can do that for maintenance and other expansion.

Borrowing loans is quite risky. This is why I shall always depend on personal finance when it comes to financing a business in the future. I am looking for sources that could generate passive income. I have tried Hyips, but they are all scams.
 

Popular

Addicted Member
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I don't see getting a business loan as a good idea because of the charges they put when it's time to pay back. As one might not be too sure of making profits in a risky business investment.
 

Syldan

Ledgendary Member
Verified Poster
Actually a business loan is a good idea and vett helpful but sometimes it depends on what circumstances or cost of action. if you are taking loan to start a business, then it's a bad idea.
 

Good-Person

Valued Contributor
Valued Contributor
I don't see getting a business loan as a good idea because of the charges they put when it's time to pay back. As one might not be too sure of making profits in a risky business investment.

I think that you are talking about interest money which is being charged. This is why I always avoid loans for this exact reason. I hate to pay interest when it comes to borrowing money.
 

eenya00

Eben
Verified Poster
Actually a business loan is a good idea but it should be taken at the right time and for the right purpose. though I won't advise anyone to takes loan in other to start a business but you can do that for maintenance and other expansion.
A business loan is a good idea only when you are planning to expand your business and not when you are starting out the business as this can harm you since you have not gone into the business yet.
 

Good-Person

Valued Contributor
Valued Contributor
A business loan is a good idea only when you are planning to expand your business and not when you are starting out the business as this can harm you since you have not gone into the business yet.

Well, if I were to expand my business, then I would never borrow loan at all. I would use profits to expand my business in the best manner and I think that this is the best strategy.
 

eenya00

Eben
Verified Poster
there are sometimes you would need loan to expand your business as your profit might not be enough for the expansion at the time, it could be that you are entering new market or supply that needs to be done.
 

Imran_Noori

Seasoned Veteran
Verified Poster
I have taken out loans in the past for my business, all at varying price points. What is the most you can usually get from a business loan? Or does it depend on the business and how much you own/have?
I will never recommend someone to take loan for a business because if the business fail then what will happen? Instead someone could work, raise money and then start a business.
 

GoldenLady

Madly Diligent
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I would take out a loan only if I want to expand my business, bit not as part of the starting capital especially if it's a business that is new to me. This will make it easier to run successfully and pay back faster.
 

Good-Person

Valued Contributor
Valued Contributor
I would take out a loan only if I want to expand my business, bit not as part of the starting capital especially if it's a business that is new to me. This will make it easier to run successfully and pay back faster.

Well, i would re-invest the capital rather than investing the money that I borrowed. In fact, i would avoid loans as much as I can in the first place. Loans may increase bad debts when not paid on time.
 

Shigobad2020

Ledgendary Member
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Sometimes taking a loan to start up your business might be a good idea or rather a bad idea depending on the business you are planning to start , but you need to have a better plan on how to refund the loan without affecting the business.
 

Good-Person

Valued Contributor
Valued Contributor
Sometimes taking a loan to start up your business might be a good idea or rather a bad idea depending on the business you are planning to start , but you need to have a better plan on how to refund the loan without affecting the business.

It could be good only if you get interest-free loans and if you tend to invest in a kind of business that would help you make profits in a guaranteed manner. Unfortunately, this is quite impossible.
 

Chibson

Ledgendary Member
Verified Poster
I haven't taken out a business loan. Only a personal one and the resulting effect hasn't been palatable at all. I'll rather get business partners, grants or angel investors to provide funds required to run my business.
sometimes it is not easy for you to get angel investors for your business venture. So in that scenario you have no other option than to try as much as possible to take a loan.
 

Abigael

Ledgendary Member
Verified Poster
I do not advocate for taking a business loan at all. Especially if you are not well familiar or experienced with the business you want to start. Loans put one in so much pressure to pay back when you could be using that strength to break even.
 

Good-Person

Valued Contributor
Valued Contributor
sometimes it is not easy for you to get angel investors for your business venture. So in that scenario you have no other option than to try as much as possible to take a loan.

In order to actually get an angel investor, you must try to convince a person to invest. This is the hardest thing because not all then people might find your idea really appealing and promising.
 

Smiles20

Madly Diligent
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Business logo is usually calculated depending on the years your business have spent and also the access that you are having underlining. This is going to give them a clue of how much they should give you and how long they should give you.
 

Emmy

Seasoned Veteran
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Business loan needs a busy owner to follow budget quite strictly because this will help in achieving the aims. Also, you need to borrow from a platform whereby there is a little interest in other to protect as a flunctuation in sales.
 

Chibson

Ledgendary Member
Verified Poster
In order to actually get an angel investor, you must try to convince a person to invest. This is the hardest thing because not all then people might find your idea really appealing and promising.
Probably, it is very important and necessary to understand that nobody wants to waste money. So you must be the one to try as much as possible to convince them at your idea would be profitable.
 

Good-Person

Valued Contributor
Valued Contributor
Probably, it is very important and necessary to understand that nobody wants to waste money. So you must be the one to try as much as possible to convince them at your idea would be profitable.

Yes, no one would want to waste money and this is why you will see many people trying to save money as much as possible and this is a good thing. Since inflation is a big problem, we all may need to save money.
 

Chibson

Ledgendary Member
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Yes, no one would want to waste money and this is why you will see many people trying to save money as much as possible and this is a good thing. Since inflation is a big problem, we all may need to save money.
Yes, I believe it is very important very important to invest on some certain things during this economic downturn in some countries. Saving money is also very important.
 

Smiles20

Madly Diligent
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sometimes it is not easy for you to get angel investors for your business venture. So in that scenario you have no other option than to try as much as possible to take a loan.
This is something that is true because a lot of angel investors may only want to invest money into somebody that is a known businessman or into a business that has been performing well.
 

Chibson

Ledgendary Member
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Yeah,
This is something that is true because a lot of angel investors may only want to invest money into somebody that is a known businessman or into a business that has been performing well.
That is actually the truth. The simple truth is that a lot of investors are always looking for promising businesses they would invest their money on and make a lot of profit from it.
 

Good-Person

Valued Contributor
Valued Contributor
Yeah,
That is actually the truth. The simple truth is that a lot of investors are always looking for promising businesses they would invest their money on and make a lot of profit from it.

When it comes to angel investors, many people may have a harder time finding them. Nowadays, people are being very careful about how they invest money and where they invest capital.
 

Agbalagbaa

Seasoned Veteran
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Having a business loan could be quite very helpful for the progress of the business especially if you are very good at managing the business with the loan at the back of your mind.
 

Chibson

Ledgendary Member
Verified Poster
When it comes to angel investors, many people may have a harder time finding them. Nowadays, people are being very careful about how they invest money and where they invest capital.
That is very true. The economic downturn being experienced in so many countries is also another major reason people may not be able to invest. so many countries are experiencing inflation at the moment.
 

Abigael

Ledgendary Member
Verified Poster
Having a business loan could be quite very helpful for the progress of the business especially if you are very good at managing the business with the loan at the back of your mind.
Business loans meds to be managed really well. That is why is best for a startup that you fully understand or for expansion of an already established business. Otherwise, you may face trouble paying back the loan.
 

Good-Person

Valued Contributor
Valued Contributor
That is very true. The economic downturn being experienced in so many countries is also another major reason people may not be able to invest. so many countries are experiencing inflation at the moment.

My country is now in a really bad condition and there are no foreign investors who are willing to invest in here due to poor economical conditions. This is why foreign reserves are lacking in the country.
 

Syldan

Ledgendary Member
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Actually taking a business loan can be either a good or a bad idea depending on how you used the money and what type of business you invested into.

When the money is utilize wisely, it can be a better idea otherwise a bad one.
 

Chibson

Ledgendary Member
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My country is now in a really bad condition and there are no foreign investors who are willing to invest in here due to poor economical conditions. This is why foreign reserves are lacking in the country.
Sorry about that, I hope things actually gets better in your country in the nearest future. if a good government can come up with good policies then the economic situations can improve.
 

Good-Person

Valued Contributor
Valued Contributor
Sorry about that, I hope things actually gets better in your country in the nearest future. if a good government can come up with good policies then the economic situations can improve.

Well, the government is already in debt and it looks like they cannot get out of the debt until or unless they create the right kind of policies. I think that now it is too late as the reserves of our country are really low.
 

Abigael

Ledgendary Member
Verified Poster
Actually taking a business loan can be either a good or a bad idea depending on how you used the money and what type of business you invested into.

When the money is utilize wisely, it can be a better idea otherwise a bad one.
Yeah, the only way a business loan is great is if it is spent wisely in business. And the best way to do so is to get into a business that you best understand. If you are experienced in something, you can do it more accurately.
 

Chibson

Ledgendary Member
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Well, the government is already in debt and it looks like they cannot get out of the debt until or unless they create the right kind of policies. I think that now it is too late as the reserves of our country are really low.
What I have realised is that almost every country is in debt. Even the United States of America have reported a kind of debt but bringing the right policies will actually help to balance everything.
 

Danny4cash

Seasoned Veteran
Verified Poster
It's not a bad thing to take a loan to invest in a business. Though I don't like borrowing money to do a business, it's not wrong to take loan for business purposes. However, before taking a loan make sure you've factored in a lot of things, including the possibility of the business not bring in much profit as you'd expect.
 

Good-Person

Valued Contributor
Valued Contributor
What I have realised is that almost every country is in debt. Even the United States of America have reported a kind of debt but bringing the right policies will actually help to balance everything.

Well, the United States might be in huge debt. However, the fact remains that it has the ability to come out of debt. This is why they tend to create policies that could help them.
 

Chibson

Ledgendary Member
Verified Poster
Well, the United States might be in huge debt. However, the fact remains that it has the ability to come out of debt. This is why they tend to create policies that could help them.
I think they have a very good policy for servicing the debts and that alone is a hope. But a country that continues to take loans without having a very good pathway to repay is in trouble.
 

Shahid987

Up-and-Coming Sensation
Verified Poster
Whether a business loan is a good idea depends on various factors such as the financial health of the business, the purpose of the loan, and the terms and conditions offered by the lender. As for the maximum amount, it varies based on the lender and the creditworthiness of the borrower. Typically, it can range from a few thousand dollars to millions of dollars.
 

Chibson

Ledgendary Member
Verified Poster
Whether a business loan is a good idea depends on various factors such as the financial health of the business, the purpose of the loan, and the terms and conditions offered by the lender. As for the maximum amount, it varies based on the lender and the creditworthiness of the borrower. Typically, it can range from a few thousand dollars to millions of dollars.
the terms and conditions offered by the lender is always one of the major areas people should pay attention to. There are some of them that can request for up to 50% interest and I don't think that is a good term and condition for any business venture.
 

Nii

Addicted Member
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There was a period I was desperately looking for a loan for my business. I approached many financial institutions and they all turned me down but looking back at retrospect, I am glad I was not given. I have learnt to grow my business systemically. To answer your question, I have never taken a loan for my business before.
 

Good-Person

Valued Contributor
Valued Contributor
Sorry about that, I hope things actually gets better in your country in the nearest future. if a good government can come up with good policies then the economic situations can improve.

Things are not expected to become better because the economy of the country is not expected to become better right now as the economy is falling apart and there seems to be no solution to the problem.
 

Chibson

Ledgendary Member
Verified Poster
Things are not expected to become better because the economy of the country is not expected to become better right now as the economy is falling apart and there seems to be no solution to the problem.
That is actually very bad. I think if your country is running a democratic government then the youths can try as much as possible to vote in competent people. That way hope will probably come.
 

Good-Person

Valued Contributor
Valued Contributor
That is actually very bad. I think if your country is running a democratic government then the youths can try as much as possible to vote in competent people. That way hope will probably come.

Well, the problem is that almost each and every politician is corrupt. I am from Pakistan and the country is facing many issues due to selfish politicians who have destroyed the country.
 

Abigael

Ledgendary Member
Verified Poster
Actually taking a business loan can be either a good or a bad idea depending on how you used the money and what type of business you invested into.

When the money is utilize wisely, it can be a better idea otherwise a bad one.
That is right. It depends on how you use the loan. If you are starting the business with great knowledge and skill, there is a high chance that you will use the loan well. Otherwise you will end up squandering the loan and regretting later on.
 

Chibson

Ledgendary Member
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Well, the problem is that almost each and every politician is corrupt. I am from Pakistan and the country is facing many issues due to selfish politicians who have destroyed the country.
In any country where there are selfish and unpatriotic politicians the economic situation of the country will not get better. I hope that your country will be able to elect people who will change the narrative soon.
 

Kennysplash

Seasoned Veteran
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I don't advice anyone to start their business with loan. No one knows what might happen yet, so in order to avoid unnecessary embarrassment you can source of start-up funds somewhat else.
 

Ernestnari

Addicted Member
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A business loan used to add and expand a business is not out of place. The amount would depend on the financial strength of the business. Don't get more than %50 of your revenue.
If I have to get a loan for my business, it would not be more than $300. That's the amount I know I can easily pay out of pocket if my business fails.
 
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eenya00

Eben
Verified Poster
I haven't taken out a business loan. Only a personal one and the resulting effect hasn't been palatable at all. I'll rather get business partners, grants or angel investors to provide funds required to run my business.
Getting a business partner is better than taking out a loan, because taking out a loan can put you on a lot of pressure that may become detrimental to your mental health as a person.
 

Mayorla

Paragon Member
Verified Poster
While taking a loan for a business, then you actually need to be careful with it.
Most times, Things might not work as you have planned and this would set you back a lot.
 

eLdavis

Ledgendary Member
Verified Poster
I have never taken a bank loan before though. One thing i fear most is taking loans. I have seen so many case where people loose their business, their properties and even their lives simply because they could not pay back the loans they take.
 

Syldan

Ledgendary Member
Verified Poster
Actually taking a loan to start or run a business is very risky sometimes and also gas a positive role to play in the success of the business most especially when it's manage effectively and it succeed.
 

AruneBend

Addicted Member
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It can be a good idea only if you know you will be able to pay it back. It's very important to count every penny before taking a loan because you can get into huge trouble if you don't pay it back.
 

joy101

Ledgendary Member
Verified Poster
For me I never taken a business loan before and I can never advise anyone to take a business loan, it is never a good idea at all, because sometimes paying back can be very difficult.
 

HK World

Valued Contributor
Valued Contributor
I believe that the most important thing is how the loan is going to be beneficial to your business. You have absolutely no reason to take a loan if it has high interest and the amount to service it is very high within a short period of time.
I think getting a loan must be avoided at all costs, whether it's for business or personal reasons. If someone wants to, then they must be in a position to pay it back when they have to.
 
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