Did anyone give you a cash loan to start your business or career?

[Elfinito]

I haven't been so lucky to get money from people or a loan.
All the capital I used in starting my crypto journey has been directly from sport betting.

 

[Syldan]

Well, I got some money, and a support from my family members, even though it is not a loan collected. but to some extent I dont wish to collect money from people in other to start a business. this is because there are alot of challenges which are associated with collecting money from people in the name of business.

Post automatically merged: Nov 25, 2021

Alot of people have wishes to offer me some loan. that's cash loan in other to start my business effectively. I could not accept the loan offer because I knew much about the effects and implications of loans on start up business so I refused to accept the loan.

 

[Ghost]

Well I got Money from my family members,it was a better option to getting a loan from the bank because I wasn't sure as to when I'll be able to pay it back

Its really much better to get loans from family members other than banks. You can easily settle disputes of not paying back on time. It's a lot more worst with banks

 

[kayode10]

I wish I could have someone who will give me a loan to start up my business but I have known at present. It can be very difficult to secure a loan over here. You will need a lot of collateral to secure a loan from the financial institution over here.

 

[Ezekiel]

Yes truely I received cash loan from family,my father gave me some money to start a poultry business though he told me not to pay the money back when I wanted to.

 

[Sotherefore]

None yet, I can really support the aspect of getting a loan to go to school to study something that will be lucrative to you after graduation, with this you will have a higher chance of paying back the money.

 

[Emmy]

I have never taken any cash loan from someone to start a business but it is a better option because the risk involved in taking loan from bank is highly much and it doesn't concern them if the business fail to bring profit or collapse suddenly

 

[Shigobad2020]

When you started your business, or whatever job you currently have, did you ever need to get a cash loan from a friend of business acquaintance? When I started off, I was offered money from a friend and a family member, but I decided not to accept as I didn't want to use their money. I wanted to do it on my own. It was hard, but I eventually got to a rhythm that works.

But, no judgement to anyone who needed a loan or starting cash from someone. If it helped get your business off the table, then all the power to ya.

Theres an adage that says people don't want you to be succesful in life, so its really hard for people to support others especially when they realise they can surpass them when they start their own business.

 

[btaliat]

I don't really like using loan to start a business. Even if I have the offer, I won't accept it. Most loan on business always attract high interest rate and beside they are always onerous to secure as they will be requiring too much collateral.

 

[Bookwormlux]

No! When I started my poultry farm I used my savings to start it. Although it crashed at some point due to selling on credit to customers it was painful but I was glad it wasn't loan incurred.

That is one of the major advantages of using your own capital, if it was a loan you would be devastated the more thinking about how to repay.

 

[Shigobad2020]

I don't really like using loan to start a business. Even if I have the offer, I won't accept it. Most loan on business always attract high interest rate and beside they are always onerous to secure as they will be requiring too much collateral.

That's the main point I keep telling people that its not good to be using cash loan to start a business because it will affect the business on the long run, if you want to buy or restock your shop, there won't be enough money because you will be paying back by then.

 

[Ebro01]

To get a loan is one of the difficult task from a bank so I had to source fund from family and friends before I was able to start a business.

 

[Ub40]

Though I have not had any business set up that warranted me to ask for loan, but there is nothing wrong if one seeks for loan to start a business after all capital sources failed just as you have rightly stated above. Thanks for sharing.

 

[Emmy]

Taking cash loan from friends and family is still a better option for any business developer because it helps in reducing the cost of interest on loan or it may not include interest.

 

[kayode10]

I save up to establish the business I am doing at present don't want give me a loan or a grant to start the business. It can be very hard to secure a loan from financial institution here. They always request for you with collateral anytime you are applying for a loan.

 

[Smiles20]

I never received any amount of money from anybody when I was starting my business. I had to save the money from my savings doing other jobs for about three years before the money was complete. It took a long time but it was definitely worth it.

 

[Skysaint]

No one gave me a cash loan to start my business, I started my business with my savings. I saved money weekly through a friend who has a contribution group. It helped me save up reasonable amount of money for start-up

That's really a wonderful way to fund your business at startup, atleast it's better than taking up loans and creating unnecessary pressure on oneself although people do opt for such means sees it as their last resort.

 

[btaliat]

That's the main point I keep telling people that its not good to be using cash loan to start a business because it will affect the business on the long run, if you want to buy or restock your shop, there won't be enough money because you will be paying back by then.

I won't blame people thay go for loan. Most time, that's the only option left for them. Most people especially friends and families may not have enough money to lend out or even may not want to give out their money for business for some reasons. That is why one needs personal saving and investment to start one's business.

 

[Robust]

Nobody have even given me talk less of borrow me money to start my business, the only help came from my parent, the give me a small portion of land to start my poultry farm.

 

[Joy123]

Yes, a friend of mine gave me a soft cash loan to start my catering business early this year, and it was very helpful at the time I got it but then, the third wave of covid 19 came and things took a different turn. It wasn't funny.