Are you facing issues of clearing outstanding loans??

[Adexgrace]

Borrowing and paying back of loan can be very unpredictable. There are times we borrow hoping to pay back but some things might spring up and obstruct the payment. Whichever happens. Before borrowing one must learn to borrow little and for a reasonable idea, to prevent paying debt all the way.

 

[Shivay]

Me and my family were having the loan of 2.5 crores and its still going on . Its been very tough to repay the loan , you have to work so hard , burning midnight oil buy still taking a loan is like giving away a part of your body , so try to take as less as you can.

 

[Shayo]

I try my best not to incur debts. Loans can be put to a minimum when a solid budget is put in place.
A budget will include a provision for emergency funds which can be used in place of getting loans.
Nevertheless, It is not out of the ordinary to get loans, but a plan should be made to pay it back in time.

 

[Sotherefore]

this is the reason I do not take loan to start up something I do not have a deeper understanding about how it will be in the future, I rather use all my money to start up something I'm very sure of and if that thing need expansion I can borrow money to expand my business to grow higher but I can't borrow money to start something that I don't know how is the future.

 

[RETIRED SINNER]

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.

Yes some commodities I purchased am still owing the person some cash and when am about clearing, we engage a new deal nd bring the old balance foward, most times it's difficult to look for new purchase while am still owing my previous debt

 

[Kiwi]

Of course, it is a main part of business. 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.

 

[BrolySSJ]

Hmm, many government have their own constitution, and way of handling things. In my own country they don't charge those private mini business tax, rather charge those lucrative private limited companies tax in order to generate more funds to satisfy their yearly budget.

In a way that does make sense. You can also promote economic development within the country as well because by not allowing the smaller more private businesses to pay a taxation on their income they are able to generate more profit. And if profit could be used for future expansions within their business which will inevitably lead to a much more lucrative business venture which will pay taxes in the future. So it promotes company growth and it also promotes economic development as well.

 

[WhiteHouse]

If you can avoid debt please do so, debt drains you and stresses you out although we have some good debt that's debt you collected to invest in a good investment that's good, bad debt is the problem, debt collected just for flexing.

 

[Usman Sattar]

As you can see from the example above, if you go for a short period of time, your monthly payments may increase, but you will save even more in interest and repay your loan sooner.

Just make sure you can afford the high payout before you switch.

If it costs money for a new loan, they should be included in the APR, but make sure you keep them in mind.

The amount that may be charged to you on the initial payment is limited by law - but if you pay £ 8,000 over a 12-month period.

Post automatically merged: Jan 28, 2021

As you can see from the example above, if you go for a short period of time, your monthly payments may increase, but you will save even more in interest and repay your loan sooner.

Just make sure you can afford the high payout before you switch.

If it costs money for a new loan, they should be included in the APR, but make sure you keep them in mind.

The amount that may be charged to you on the initial payment is limited by law - but if you pay £ 8,000 over a 12-month period.

 

[Tariq Shehzad]

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.

Its a very though and struggling work to clear the outstanding loans for the business. The outstanding loans are the hurdles and obstacles in the way of doing business. There should be some proper planning to deal with outstanding loans.

 

[Sincerem]

In a way that does make sense. You can also promote economic development within the country as well because by not allowing the smaller more private businesses to pay a taxation on their income they are able to generate more profit. And if profit could be used for future expansions within their business which will inevitably lead to a much more lucrative business venture which will pay taxes in the future. So it promotes company growth and it also promotes economic development as well.

That's true, by allowing smaller businesses to grow knowing that expansion of the business will surely take place as time goes to more lucrative one. By undermining the small scale business to grow and focus on taking tax to the more broader business will generate revenue income to the country. Cos the other small enterprises will work to go bigger too and start paying tax to the government, it as well grows the economy.

 

[BrolySSJ]

That's true, by allowing smaller businesses to grow knowing that expansion of the business will surely take place as time goes to more lucrative one. By undermining the small scale business to grow and focus on taking tax to the more broader business will generate revenue income to the country. Cos the other small enterprises will work to go bigger too and start paying tax to the government, it as well grows the economy.

What is also great about this sort of system that they have is that it will encourage more people to venture into creating more businesses and not only will this provide the economic and financial advancement that they need in the country but it will also provide job opportunities too many people that may be unemployed. So the decision that they have made to avoid taxation on the smaller companies is actually a very carefully considered and thoroughly thought out plan.

 

[chicnthin]

My family took a loan but we haven't used it yet. Though we have a small outstanding debt to a friend of my mother. My mom have been paying her slowly, which I'm grateful for as her friend completely understand our situation. Had it been a bank, for sure, we are burdened by debt.

 

[Chumzy]

I have never had an issue with repaying outstanding loans because I always pay. Most times when loans are taken to start a business then it is a big risk. But when loans are taken to expand an already existing business or idea then it is likely to successful.

 

[Adventurer]

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.

If you're in business, you may not be able to avoid taking a loan, also the present economic situation due to Covid has made more people take loans than they would normally do, but my advice is to make sure you take what you're able to pay back in order not to spoil your credit reputation.

 

[Shigobad2020]

This thing is happeneing to me right now, I took a loan to add up to the business I started last year but because of covid-19, i couldn't open my shop and i have to pay back the loan with interest, I couldn't meet up with the loan payday date and it started increasing, its really frustrating and when I finally repay the loan it really affect my business.. so if I wanna apply for a loan next time, I must make sure I have target of how and where I will get money to repay the loan ontime

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.

 

[Lekan]

To be sincerely straight forward ,this kind of problem I am facing it before but now I am not .but I will like to advise you that you should not borrow loan to start a business it is because most loan has brieg up some things to their loan that if you borrow their money you should not return.

 

[Sincerem]

What is also great about this sort of system that they have is that it will encourage more people to venture into creating more businesses and not only will this provide the economic and financial advancement that they need in the country but it will also provide job opportunities too many people that may be unemployed. So the decision that they have made to avoid taxation on the smaller companies is actually a very carefully considered and thoroughly thought out plan.

For sure, it will help to fill the vacuum left over caused by unemployment. Cos every individual owning a small business enterprise will work harder knowing that the discouragement of tax won't hinder his or her business.

 

[Nma]

most times I advice people to avoid taking loans...... if you have other means of sourcing for funds it's better you do that than taking a loan.... In the long run it might become very difficult for you to repay back the debts you have accumulated and the bank will end up seizing your precious properties

 

[Sincerem]

most times I advice people to avoid taking loans...... if you have other means of sourcing for funds it's better you do that than taking a loan.... In the long run it might become very difficult for you to repay back the debts you have accumulated and the bank will end up seizing your precious properties

You said what i expected to hear dear. Their is a point it will get when one can't make out the repayments time, then the priceless asset have yo give way for balancing of the high cost of interest rate. I agree with what you said 100%, that's why I'll never engage in taking loan of any kind. Rather I'll save it up, then curtail my high demand of acquiring materialistic things.