Are you facing issues of clearing outstanding loans??

[Razor1911]

Having issues clearing outstanding loans is a very big issue that you will always find it difficult to get free from. It's like someone thrown into a pit filled with miry clay as you try to get out you sink deeper. A loan is best avoided if you can.

Specially when you want to invest more money to your business, but you are still paying the previous installments. That time we feel like helpless. That is why I advise people to take as small loan as possible, take it only when it is emergency.

 

[kayode10]

The issues of clearing outstanding loans is the reason why I stay away from those loan apps. Do you know how to apply hidden charges to the loans you get from them. You will need to pay more as a result of those charges.

 

[Grandeur]

Before you take a loan be sure to have done your due diligence and know how what you want to take the loan for would pay back and have another stream of income as back up

 

[gammarays]

Yes,i also understand that some people who are not satisfied with what they have and those who are not able to manage their resources at the people that will find themselves in a serious debt.we really need to be guided.

Those types of debts is too bad. Servicing debts for unproductive ventures is frustrating. I won't borrow money just to live beyond my reach or live a fake lifestyle. That's very bad.

 

[Hena101]

I'm not on any loan right now because in the first place i don't like the idea of collecting loan to start a business but i have seen many people facing difficulties because of loans.

 

[Shigobad2020]

Almost all the small business owned by weak , poor and owner with financial incapability are always facing one or two challenges concerning outstanding bills clearance just bevause they dont have money to pay the loan they are owing,

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 .

 

[Salako]

Yes, because these loan keeps getting increase every blessed day and this will make it more difficult to pay the outstanding

 

[Kingstone]

It's all about foresight. Take a loan you know you have many alternative options to pay back. If plan A Fails, B may not. Loans are sources of headache themselves when not managed.

 

[Sincerem]

Facing challenges in paying outstanding debt in business is inevitable for a poor business man that has no connecting of starting a business, and making sure of paying the loan with your profit is the best thing to do,

That is devastating one indeed. That's what we should avoid as business owners. We should do everything we can to save in case of rainy day.

 

[Jlife]

Those types of debts is too bad. Servicing debts for unproductive ventures is frustrating. I won't borrow money just to live beyond my reach or live a fake lifestyle. That's very bad.

You might not do that directly because you consider it to be dangerous, some people are doing it indirectly in the sense that they can borrow money to buy a car that they are interested to use for luxury.

 

[Ralphjoe]

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.

I am really anxious and curious to know what will later happen to you when you couldn't pay off the loan that you took from the microfinance bank and what you actually have learnt from this event.

 

[Shigobad2020]

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.

I spent almost four month trying to repay the money I borrowed online to feed myself during the pandemic lockdown, I couldn't make the deadline for the payment and the companynstarted threatening until I paid after four month.

 

[Jlife]

I do not have any outstanding loan to clear because I am always trying my best to make sure that I am free from any form of loan, I do not like to be on loan for any reason because it is not the best for me.

 

[HayKay]

Instead of taking loans, you can decide to source for capital from other ways. Honestly, I don't like the idea of loans at all because of the pressure that it comes with. You might even be forced or take a wrong move in trying to beat a deadline. So like you highlighted, smart small, grow it

 

[Kubiat-Abasi]

Yes, I'm still facing issues clearing my outstanding debt. One of the mistakes I did when I had a poultry farm was to sell my chickens on credit to customers just so I would maintain them but it taught me a lesson not to put my business at stake, because it triggered me to get loan which I'm still battling with.

 

[YERUS]

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.

It is always advisable to begin a business using the capital you raised on your own than to go sourcing for loans.
I have no outstanding loan debts and do not plan to incur one.
Most times it is very difficult to repay the loan when business is not moving as expected.

 

[Godspower]

Well said. Debts are really a burden to our finances but it is important to clear them to avoid increasing rates and interest. It is also good to pay loans to avoid being blacklisted from other opportunities.

 

[Toyoabasi]

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.

Not at all.
I have no business with loans not to talk of clearing outstanding loans.
Loans have a way of not allowing your business bring in a steady cash flow.
Some people even get loans to repay outstanding previous loans, this is bad to a business.

 

[Justin]

I try to support myself by working online and offline, my earnings are not enough to support my education, lodging and food bills. I also receive allowances from my parents, therefore I do not have any outstanding loans.

 

[Sincerem]

It is always advisable to begin a business using the capital you raised on your own than to go sourcing for loans.
I have no outstanding loan debts and do not plan to incur one.
Most times it is very difficult to repay the loan when business is not moving as expected.

If you can make up with the money for your business start up without a loan, then you'll operate with free mind and having no burden to repay loan via a specific duration of time.