Are you facing issues of clearing outstanding loans??

[EMMANUEL]

Although I don't feel good concerning that loan aspect, because I have several people that venture into loan just to rectify some financial issue that present it self.
I can say to an extent that there are policy attach to how to repay the loan, I heard of a loan company that made it easy for people that engage in it whereby you get repay weekly, monthly.
Percentage are stipulated to every amount said to pay back.

 

[Kinglegend01]

No i haven't collected a loan before, I seriously detest borrowing but sometimes one can in urgent need if it but I wouldn't advice anyone to get a loan to start a business,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

 

[Gilead]

I once had plans of taking some loan to venture into a business, but eventually i was more enlightened by concepts of risks and investments and decided to save and start the business rather than to borrow.

 

[Khezo]

those are some nice point you've made taking a loan is not something that should be done for no reason you have to have good points for you to take it taking the loan is not even actually the problem is the paying part of it that becomes a problem because once you don't have the money to return it becomes debt which is very bad for business

 

[Shahzad Ahmad]

Of course, it is a main part of business. Before taking any debt to start business, you should known everything about that business so that you can't loss more money in this way. I will advice to borrow little debt to start business that may slow but you can grow it by hard working.

 

[Planet408]

This is a very beautiful write-up. I understand how it feels to be disturbed by the people you owe. It is not easy at all and not advisable to take loans when you don't have any clear or tangible plan to redeem the loan you've taken.

 

[Sincerem]

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.

That's true, whenever he fails to meet up the monthly profit to repay his loan. He feels devastated that the loan interest will be increasing cos he didn't make up with the repayment on time. That will make him go sleepless nights and forming other means to get the money by all means, in return putting his business reputation in jeopardy.

 

[Seyesystem]

Sometimes it's difficult to repay loans especially when there is decrease in sales.There is nothing wrong to get a loan for a new business once you know that the business is viable. So many big business that you here there name globally started the business with loan. Once you carry out your market research and feasibility study of the business and you are very sure of the profit projection of the business you can get your loan and start the business. Business involves risk taken I hope you still remember the higher the risk the higher the return.

 

[Henrywrites]

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 .

The worse mistake that anyone can make is to think that one can start business with loans and be confident about it. Businesses can go either ways especially New businesses and it is important to start small and with the money that you have with you instead of borrowing and at the end of the day being unable to pay back.

 

[Ridorz]

You are really make a point of this article, it's a useful and helpful article. It's not advisable for business beginner to get loan to establish a business. You should firstly make a saving of money to start business from small scale, so that there won't be a pressure on you. But some people don't know this, they will think that it's very easy to earn a huge money as from beginning they will now borrow money that will give them problem.

 

[kayode10]

You can look for one of the best performing asset in your company and send it off in order to pay back the loan. Well, the starting point of paying Bangalore used to have a concrete plan on how to tackle it and pay it off. Another way is to put more effort into your marketing strategies you know how to make more sales. Then you can pay back the loan from the extra sales you made.

 

[Rashid]

The worse mistake that anyone can make is to think that one can start business with loans and be confident about it. Businesses can go either ways especially New businesses and it is important to start small and with the money that you have with you instead of borrowing and at the end of the day being unable to pay back.

Exactly you are right. When someone starts new business that too by loans or borrowed money, this mistake can change into blunder. Yes you are at the point, business can go either way yes if someone gets loss at new business he will have to pay double. So this thing leads to solid failure.

 

[BrolySSJ]

That's true, whenever he fails to meet up the monthly profit to repay his loan. He feels devastated that the loan interest will be increasing cos he didn't make up with the repayment on time. That will make him go sleepless nights and forming other means to get the money by all means, in return putting his business reputation in jeopardy.

Also, the interest rates on loans recently have been quite high from what I have been seeing, and you are generally paying back close to 1.5 times the initial amount that you borrowed from the loaner depending on the time period by which you are expecting to pay it back. So I think that in this case it can also cut greatly into your profits having to account for the interest in the loan repayments and many don't consider this and only consider the principal amount.

 

[Osaz96]

YES I agree it’s really hard paying back my outstanding debts and it breaks my heart. I have tried but I’ve not been able to I’m taking steps but the steps are quite slow but I’m hopeful and not stopping until I pay every dime. I advise everyone not to borrow money if you can, because if you do not have sure fire ways to pay back your loan you will regret borrowing especially if the person you borrowed from is not the patient type

 

[joy101]

It happens to everyone when you borrowed money to pay back will be a problem, that is why taking of loan is very bad in times starting a business, and so many people has been affected by collecting a loan and unable to pay back.

 

[singlej007]

Hmmm, your trend remind me of middle last year, I was in depth because I collected loan of 300k and the business could not stand, the covid-19 problem cause the whole situation, paying became difficult for me, I started running up and down like wanderer.. Truly, one need to get a clear picture of your business before collecting loan.

 

[Donolatunji]

Under the Limitation Act 1980 a bank has six years to pursue most unstable unpaid obligations, or twelve years for some home loan shortages. This 'constraint period' begins from the hour of your last installment or affirmation of the obligation, not the absolute time span you've been making installments.

 

[Erik4150]

I never want to be in a position where I will be finding it very difficult to clear my debt. That is why I hate borrowing money, but if I am in a situation where I have to borrow money, I make sure I take a loan that I can be able to pay off.

 

[EMMANUEL]

Are you facing issues of clearing outstanding loans??​

my advice to those who are facing the issue of loan is that, at first before borrowing the particular money I believe they should be a visible business and interest on the business expect the is proper management of finance.
Try to be disciplined toward your business, the aim of every business is to make a profit and also when the profit ar made please endeavour not to spend more than your saving so as to move forward on your business plan.

Post automatically merged: Jan 26, 2021

Are you facing issues of clearing outstanding loans??​

my advice to those who are facing the issue of loan is that, at first before borrowing the particular money I believe they should be a visible business and interest on the business expect the is proper management of finance.
Try to be disciplined toward your business, the aim of every business is to make a profit and also when the profit ar made please endeavour not to spend more than your saving so as to move forward on your business plan.

 

[Sincerem]

Also, the interest rates on loans recently have been quite high from what I have been seeing, and you are generally paying back close to 1.5 times the initial amount that you borrowed from the loaner depending on the time period by which you are expecting to pay it back. So I think that in this case it can also cut greatly into your profits having to account for the interest in the loan repayments and many don't consider this and only consider the principal amount.

That's why i never for one day intended to get loans. Cos i know the repayment interest is just almost the same like the amount requested. I don't even think that I'll engage in any loan request any time soon. Infact I'm not expecting to take such kind loans that will make me to nearly pay same amount i borrowed.