Are you facing issues of clearing outstanding loans??

[Hev_Leo26]

I hate loans and financing, the whole thing is a scam but those that live paycheck to paycheck don't always have the means. If you don't use credit, you're also at a disadvantage. I took a car loan in 2019 when I was 9 months pregnant because we live in a rural area and I couldn't get to my doctor's appointments. I was desperate. I wound up paying $23,000 for a car that was $9,000 on the lot. My husband just bought a new truck, instead of saving for the down payment, he added onto a loan he already had. Now we are paying $330 per month on the loan plus $400 on the truck, plus $600 for the car that still hasn't been paid off. We make good money but bills literally eat our paychecks.

 

[Good-Person]

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.

A person must never borrow excessive loans as this may definitely hurt the debt and make it really hard for people to clear the debts when the interest rates are high.

 

[Rolly_blen]

Getting a loan will definitely needs you to have a collateral. But in most situations the collateral could be sold and used the funds to establish a business and have a peaceful mind. I don't like loans.

This is also disadvantageous because the collateral could be extremely valuable. More often than not, the financial institution in possession of the collateral sells it at a price which is just enough to pay off the loan, thus still leaving you penniless and short of valuables.

 

[Sincerem]

A person must never borrow excessive loans as this may definitely hurt the debt and make it really hard for people to clear the debts when the interest rates are high.

Only if they will understand the disadvantage of what they are doing. That is what really matters. Yet still so many people are likely to get huge loans for business .

 

[nana kwasi]

Yes, practically all low-income individuals and inexperienced business owners deal with this. First and foremost, you should avoid starting a firm with a sizable loan or debt. Just use your own money or equity to launch your business. If you borrow money and end up losing it, you'll be in a panic. And you won't be able to pay off and recover that loan. This is a nice article.

 

[Sincerem]

This is also disadvantageous because the collateral could be extremely valuable. More often than not, the financial institution in possession of the collateral sells it at a price which is just enough to pay off the loan, thus still leaving you penniless and short of valuables.

Not having the required money needed to establish a business is as a result of poor business planning and preparation. A proper business planning should not be based on loan .

 

[tyrim88]

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.

Loans can be an issue for a business man if the purpose of collecting that loan could not be meet,but as a new business it is not really advisable to begin with a loan facility,because you have not really understood the market.

 

[Rolly_blen]

Not having the required money needed to establish a business is as a result of poor business planning and preparation. A proper business planning should not be based on loan .

This is an accurate statement. A functional business should be established on the bedrock of suitable funds which have been obtained without looking over your shoulder.

 

[nadiel sahmen]

Seriously, most people find it difficult to clear outstanding loans because they take those loans to start a business and the business later sinks to the lowest and can not make profit again so when it happens like this it become difficult for them to pay the loans

 

[Sotherefore]

I have never been in such situation before and I also have to discipline myself to avoid it in the Future too. If I do not have the money to acquire what I need then I have to stop borrowing.

 

[Shigobad2020]

I just finished paying an online loan and i have vouched never to go for anything loan again , i couldnt meet the payment time because I have issues with my bank , and the loan keep increasing heavily everyday and I keep getting call .
So at the end , I end up paying more than double of the amount i initially borrowed .

I hate loans and financing, the whole thing is a scam but those that live paycheck to paycheck don't always have the means. If you don't use credit, you're also at a disadvantage. I took a car loan in 2019 when I was 9 months pregnant because we live in a rural area and I couldn't get to my doctor's appointments. I was desperate. I wound up paying $23,000 for a car that was $9,000 on the lot. My husband just bought a new truck, instead of saving for the down payment, he added onto a loan he already had. Now we are paying $330 per month on the loan plus $400 on the truck, plus $600 for the car that still hasn't been paid off. We make good money but bills literally eat our paychecks.

 

[Good-Person]

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 not borrow loans from people or borrow a large sum of money all the time. I borrow money that I could pay off quite easily. Borrowing interest-free loans and borrowing a small sum of money should not be that much problematic.

 

[Sincerem]

This is an accurate statement. A functional business should be established on the bedrock of suitable funds which have been obtained without looking over your shoulder.

Exactly , considering the fact that loans are risky. People should try every possible means to avoid using it to establish a business. But yet so many people still prefers to start a business with a loan.

 

[Amanda]

A small business owner or aspiring entrepreneur should adopt and heed this advice as it is the greatest. Most people desire to start a business with a hefty loan, but they forget that if the firm fails, getting a loan from a bank or other financial institution to start the business would always backfire.
Yes, I am having trouble paying off my outstanding loans because it hasn't been simple to do so since the pandemic because it has continued to negatively affect businesses. As a result, I haven't been able to take care of all of them, even though they were used to help me start my business and maintain my house.

 

[Rolly_blen]

Exactly , considering the fact that loans are risky. People should try every possible means to avoid using it to establish a business. But yet so many people still prefers to start a business with a loan.

It is quite disheartening that people still decide to go for loans and add collaterals as a conditionality when the financial lenders make it extremely difficult to be paid back, especially with the interest rate this placed on the loan.

 

[Sotherefore]

In terms of loan I don't have any problem. The reason so many people have difficulties clearing outstanding loan is that they tends to get a loan when they don't even have a way of paying it back.

 

[Smiles20]

There was a couple of loans that I took back in order to expand some things in my business but then I am happy that I am now slowly beginning to pay them off.

 

[Joseph555]

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 .

 

[Eli342]

We simply cannot function in business without loans, whether they come from banks, our creditors, or friends and family. The accumulation of these loans can give one a migraine; I experienced this when my business owing a large number of loans and I had to sell certain assets to pay them off.

 

[Shigobad2020]

Clearing outstanding loan has been a pain in the neck , most especially online loan which will keep increasing everyday if you cant meet up with the payment of the loan in time .