Are you facing issues of clearing outstanding loans??

[Sincerem]

I know how swashbuckling it is when we clear all our debts. But when fazed with too many debts, life becomes unbearable. Its never advisable to take loans when you got no genuine reasons for taking it. We are advised to take loans when we got clear reasons for it. To establish something profitable with it in the future. Cos the repayment interest is astronomical when we didn't make anything tangible from the loan we took. Instead of taking loans for your first business start up when you got no experience for what you are starting with. You should rather choose to save. Cos that loan borrowed might not drive you success as you proceed with your business initiative. You will force yourself into achieving two things at the same time.

* Making fast profit to repay the loan terms.

That might make you to take the risk you don't suppose to take. Which might ruin your chances of success. So it is better you start it up with the capital you raised on your own. Even if its in a small scale, you should start it up. Knowing that you are not repaying for any loans, rather you are working to balance your business and keep cash flow of the business steady.

 

[Taimoor Jutt]

It happens to everyone, everywhere . When you take borrow from anyone then time passes to early and the said day comes according agreement or deal when you have to pay your debpt. If you haven't enough to clear that you would again borrow from other. And this process continue untill you surrounded by mega debpt. They you have to sacrifice by selling your assets like land, car even bike. That time looks hell for us.
So take borrow after a lot of thinking.

 

[Bilal0087]

I know how swashbuckling it is when we clear all our debts. But when fazed with too many debts, life becomes unbearable. Its never advisable to take loans when you got no genuine reasons for taking it. We are advised to take loans when we got clear reasons for it. To establish something profitable with it in the future. Cos the repayment interest is astronomical when we didn't make anything tangible from the loan we took. Instead of taking loans for your first business start up when you got no experience for what you are starting with. You should rather choose to save. Cos that loan borrowed might not drive you success as you proceed with your business initiative. You will force yourself into achieving two things at the same time.

* Making fast profit to repay the loan terms.

That might make you to take the risk you don't suppose to take. Which might ruin your chances of success. So it is better you start it up with the capital you raised on your own. Even if its in a small scale, you should start it up. Knowing that you are not repaying for any loans, rather you are working to balance your business and keep cash flow of the business steady.

You are absolutely right dear, when some one start business by taking loan from others, it's very difficult to stabilize and establish the business to best level. As there will be pressure of returning money on the business and he couldn't be able to pay full attention for business growth. So it's better to start it with your own money even a little.

 

[Kayzzy3]

I know how swashbuckling it is when we clear all our debts. But when fazed with too many debts, life becomes unbearable. Its never advisable to take loans when you got no genuine reasons for taking it. We are advised to take loans when we got clear reasons for it. To establish something profitable with it in the future. Cos the repayment interest is astronomical when we didn't make anything tangible from the loan we took. Instead of taking loans for your first business start up when you got no experience for what you are starting with. You should rather choose to save. Cos that loan borrowed might not drive you success as you proceed with your business initiative. You will force yourself into achieving two things at the same time.

* Making fast profit to repay the loan terms.

That might make you to take the risk you don't suppose to take. Which might ruin your chances of success. So it is better you start it up with the capital you raised on your own. Even if its in a small scale, you should start it up. Knowing that you are not repaying for any loans, rather you are working to balance your business and keep cash flow of the business steady.

This is a challenge many individuals and business face daily, sometimes it looks inescapable and it becomes debilitating at the point the individual sits to analyse debt and repayment plans.

It's better now to borrow from institutions or individuals whose interest on loan is high or increases, start small and grow your business while search for single digits interest loans or government grants.

 

[Hammad1245]

You are absolutely right dear, when some one start business by taking loan from others, it's very difficult to stabilize and establish the business to best level. As there will be pressure of returning money on the business and he couldn't be able to pay full attention for business growth. So it's better to start it with your own money even a little.

Yes, this idea saves people. Most of the people start business with loan even they have small amount of capital but can be used to start a business. The greed to start business on large scale urges them to get loan with interest. If they suffer a lose in business all the money is wasted in returning loan with interest.

 

[Rashid]

Yes this is what almost every poor person and weak businessmen are facing . first of all you shouldn't start any business with taking huge amount as borrow or dept. Just start yiur business by equity or the money in your pocket. If you take borrow and get loss then it will be panic situation for you. And you won't able to recover and clear that borrow. Nice article this is .

 

[GoldenLady]

The idea of taking loans for a business is a terrible one, really, especially if you are brand new.

You are right about using your own finances, no matter how small to fund your startup.

Another I suggest is borrowing from non-interest sources like close family and friends. There's no pressure and they will even support you if it fails.

 

[GIFTMICHAEL]

This is really worrisome collecting loans.
Loan is very bad especially when you took for the purposes of starting a business or buying a car. So many people have been affected by collecting loan in the end they are unable to pay back because of the rate of interest the loan has accumulated over the time.

 

[Ibrahim]

Yes am really facing issues of cleaning of outstandning of loans because it's not just easy right from the pandemic till this moment because it really affect businesses and we haven't get over it till this moment and that's why I haven't able to clear all my outstanding loans because this loans are the one I used to little boosted my business and take care of my home also

Post automatically merged: Jan 26, 2021

Yes am really facing issues of cleaning of outstandning of loans because it's not just easy right from the pandemic till this moment because it really affect businesses and we haven't get over it till this moment and that's why I haven't able to clear all my outstanding loans because this loans are the one I used to little boosted my business and take care of my home also

 

[Abibatabosede]

This is one of the things I don't like remembering in the morning while preparing for the day's activities. There is a microfinance bank in Nigeria where I took a loan and I'm supposed to pay about$30 every week,but I couldn't pay due to the set back by the COVID 19 pandemic lockdown.

 

[Nurudeen]

This is the best advice a small business owner or prospective entrepreneur should take and follow. Most people want to hit it big with a loan to set up a business but they do forget that if the business tumble it will always backfire if the business is started with a loan from bank or any finanacial Institution

Post automatically merged: Jan 26, 2021

This is the best advice a small business owner or prospective entrepreneur should take and follow. Most people want to hit it big with a loan to set up a business but they do forget that if the business tumble it will always backfire if the business is started with a loan from bank or any finanacial Institution

 

[Yewande]

Sometimes we borrow, hoping that things go smoothly as we have planned but it turns out the other way. This might leave us hanging with uncleared debt to pay. This can happen to anyone. Just have to be careful

 

[Trojan8]

I guess life happens you take loan with a clear path to pay back and things just happen. I guess we have at one point in time been in that situation and we can only pray to come out of it. My advice is that you keep pushing to pay back as soon as you can. It's not easy for you and also for the lender.

 

[Alexandoy]

When I was younger I fell into the so called debt trap that I had not noticed the mounting debts from my frequent borrowing from the cooperative in our office. It came to a point that my annual bonus was only used to pay for my debts. But at least that bonus saved my neck. From then on I was careful about borrowing money. When I really needed to borrow money I try to find something that I can sell so that I can pay at once the debt. It is not good to be in debt for a long time like a month or more. Now I have been free from debts for about 20 years.

 

[BrolySSJ]

I know how swashbuckling it is when we clear all our debts. But when fazed with too many debts, life becomes unbearable. Its never advisable to take loans when you got no genuine reasons for taking it. We are advised to take loans when we got clear reasons for it. To establish something profitable with it in the future. Cos the repayment interest is astronomical when we didn't make anything tangible from the loan we took. Instead of taking loans for your first business start up when you got no experience for what you are starting with. You should rather choose to save. Cos that loan borrowed might not drive you success as you proceed with your business initiative. You will force yourself into achieving two things at the same time.

* Making fast profit to repay the loan terms.

That might make you to take the risk you don't suppose to take. Which might ruin your chances of success. So it is better you start it up with the capital you raised on your own. Even if its in a small scale, you should start it up. Knowing that you are not repaying for any loans, rather you are working to balance your business and keep cash flow of the business steady.

I do agree with you, and it is much better and preferable to start up a business using the capital that you have for yourself. However, for some people they find that having a loan for their business and having a period by which to pay back all the money is in itself a motivating factor for them to ensure that the business does succeed. Personally I don't like working like that, and I prefer them to me as part of something you go into it with only money that you've invested into it that you aren't putting other people at risk as well. Also, anything that you generate will be considered profits rather than the means to pay off a loan.

 

[Emma Aneni]

It happens to everyone, everytime at everywhere, When you borrowed from anyone then time passes too early and the said day comes according agreement or deal when you have to pay your debt. If you haven't enough to clear that you would again borrow from another person or company.

 

[Peppul]

There are alot of people out there facing this issues of clearing outstanding loans, and the funniest part is even with this most new loan companies keep popping up asking you to come take a loan. It's never a good idea to apply for a loan if you don't have a good collateral that you can sell to pay off your debt. Loans are good especially if you have a good paying stable job that way it will be easier to pay back but when you don't or your salary is very little and you take loans it will difficult to pay back, because of these we see most people experiencing issues of clearing outstanding loans and one thing about these loan companies is that they will go extra miles disgracíng you and spoiling your reputation just to get back their money no matter how little you owe them. So please stay away from loans if you can't meet up with their terms and conditions.

 

[Sincerem]

I do agree with you, and it is much better and preferable to start up a business using the capital that you have for yourself. However, for some people they find that having a loan for their business and having a period by which to pay back all the money is in itself a motivating factor for them to ensure that the business does succeed. Personally I don't like working like that, and I prefer them to me as part of something you go into it with only money that you've invested into it that you aren't putting other people at risk as well. Also, anything that you generate will be considered profits rather than the means to pay off a loan.

Sure, I don't like working with two things on my mind. Working to pay back the borrowed mortgage loan and making my own profit. That will make me feel nervous and wanting to use fast means to achieve such landmark which in turn can make me indulge in risky business that might tarnish and brand my business initiative slip up. Cos the risk might not work out as planned and it will have a significant effect on my business progress.

 

[BrolySSJ]

Sure, I don't like working with two things on my mind. Working to pay back the borrowed mortgage loan and making my own profit. That will make me feel nervous and wanting to use fast means to achieve such landmark which in turn can make me indulge in risky business that might tarnish and brand my business initiative slip up. Cos the risk might not work out as planned and it will have a significant effect on my business progress.

It definitely does divide your attention between the two because you will have financial obligations that you have to meet by the end of the month. Also, if there is a month within your business where you do not form as you had wish to perform he would have a hard time making the loan repayment for that month whereas if it is your own business it would just be a lower profit that you would have for that month, but you would still be able to operate it as per usual.

 

[eenya00]

Honestly speaking I have been in that boat before and I Know how hellish it could be when you have various deadlines for your various loans obligations, it can be devastating, my advice is that don't take a new loan to repay the old one, if you try that you would keep going neck deep into more and more debts.