Are you facing issues of clearing outstanding loans??

[Godleads1]

One should try at all cost to avoid taking loan because if the trouma that comes with the hassle if paying back. Outstanding loans give sleepless nights because you would be calculating the means of paying the loan in order to avoid embarrassment. So, we should try as much as possible to avoid loan taking.

 

[Akinwale701]

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.

truth be told, loan is not something to obtain sometimes. Even if it were to be used for business, you still ain't very sure the business will yield and you'll make profits out of that loan which already has mouthwatering amount as interest on itself already. It's easy to obtain loan, but to return it is problem

Post automatically merged: Jan 30, 2021

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.

truth be told, loan is not something to obtain sometimes. Even if it were to be used for business, you still ain't very sure the business will yield and you'll make profits out of that loan which already has mouthwatering amount as interest on itself already. It's easy to obtain loan, but to return it is problem

 

[Damismiling]

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.

Yh, but it is very bad habit, when you borrow money or get a loan you must make all possible effort to repay the loan when it is due, no matter what, but sometimes you are faced with circumstances that are beyound your control

 

[Taimoor Jutt]

Yh, but it is very bad habit, when you borrow money or get a loan you must make all possible effort to repay the loan when it is due, no matter what, but sometimes you are faced with circumstances that are beyound your control

Exactly, i have seen some people, who borrowed once and delayed in repay, then took from other person and it kept going, when it became maximum then they have to sell their land to repay the borrowed money, yep you are right sometimes circumstances get out of control.

 

[Samuel77]

According to my own point of view, before starting a business with loan you have to look into the building first and calculate if you will be able to play back the loan in time. Some people do not think about that, they just go along and collect the loan at the end of the day they start have issue with the loan company

 

[Smithkid]

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.

 

[Godleads1]

The most funniest aspect of some people and loan is that they get loan for the sole purpose of buying cloths and other unnecessary things. Getting loans for wise investment is a very profitable way. Your loan yield more and then you pay back easily. But it's not advisable to use loans for starting business.

 

[Neeta313]

You are right, one shouldn't take loans for irrelevant thing as for me I would rather save up for that then to take a loan because I don't want my mind to be divided into what I'm doing and thinking also that I need to pay back money, that's why I would always save up for what I need to do and if I don't have money I would rather take for me family member.

 

[Setfragil]

Currently I am not facing any issues in clearing a loan as I'm always careful when I received a loan. I made sure that I used it for exactly what the loan was been taking for and particular on time to avoid unpleasant stories. The last time I had issues in clearing up a loan was really tough since then I have been extra careful in handling loans.

 

[Psalmseen]

Too much loan in a business actually wrecks the business. That's why it's not advisable for a business owner to go too much into borrowing either for business start up or financing

 

[Eodine]

Taking a business loan for a start up might be very risky as one is not sure as to what to expect. One way to deal with outstanding loan is have a side hustle before getting the loan so that in worse case scenario, there's money to pay it back in installments.

 

[Adventurer]

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.

Your analysis is so apt, that's why many small businesses avoid loan like a plague, and when you can't meet up with the payment the pressure from the bank is enough to make one have panic attacks

 

[Muhammadawais]

India's financial system has faced several challenges and continues to struggle in the face of an unstable economy. Following demonetisation, the government closed all loopholes for black money earning and circulation, resulting in strict accounting proof underlying every single transaction.

 

[Setho]

Funny enough , you cannot relate to the talks of clearing outstanding loans when you do not even take loans in the first place. I do not take loans at least not for now, I always start my business as little as I can then scale up gradually.

 

[nimzy]

This one of the major challenges every individual and business entrepreneurs are facing this is an inevitable situation that makes alot of business owners fall into mental and family troubles.

 

[Ayokex]

It's very easy to acquire a loan and get the money but paying it back might be a little difficult except by discipline. If you find it difficult to pay your loan back just think of the consequences of when the lender decides to get the money back by force.

 

[Victor001]

Clearly said,but in all honesty we can't dispute the fact that running a business venture needs appreciable capital, it's not out of place funding your business on loan,the issue is will the business be worth enough to recover the loan at the due time,that's were most of is are found wanting.

 

[Sheyemanu]

I have to say concerning your question on if repaying my loans on time is a issue for me, Well i would say absolutely not, it's not an issue for me as I repay my loans on time, rather it's people that owe me mobey and don't repay it on time

 

[Good-Person]

By the grace of God, I am not facing any such kind of issue. This is because I never take loans and I am always against taking loans. I would start small rather than taking loans. I have heard many horror stories of people going bankrupt after taking loans and being unable to pay them back.

 

[Mostee501]

Very important fact,we shouldn't take loans when they're no genuine reasons for them. Some businesses need loans to to start or keep up, so loans are important.