I'm surprised you actually took a loan from these lending companies. I learnt they have very high interest rates and they always embarrass customers who default in their payments.
Did anyone give you a cash loan to start your business or career?
- Thread starter Grant
- Start date
I have not had any reason to collect loan from anybody to start or run a business but If actually need to, family and friends will be my best option instead going to the banks. The last thing I want is for banks to be chasing about to refund their loans.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.
Well, what we always know and being though by our parents, is that waiting for someone to give you money to start a business or your own career, is like just wasting your time. The truth is that, they can support but not always. Yiu need to work hard for yourself.
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When i wanted to start my baking business , I didn't go do a loan because I know starting a business with a loan will affect me, I decided to start with little i have , after establishing the business, i decided to go for a soft loan , from a society and i got a loan with just 2% interest.
When it comes to getting loans from anywhere to start a business I am not always in the habit of doing that because I have a very serious problem with using other people's money to start my own business.
The fortunate ones who wants to get into business always have their family to give them all the financial support that they need unlike some of us who don't have any backup but the money will save by ourselves.
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I didn't have money at all when I started my career. I had to ask my father for some money to buy office clothes and a one-month allowance to go to work. I will always be grateful for all the help he had extended in all aspects of my life. My old man never even got anything of material nature from me. Back then, I had no means nor credentials to show and I doubt if any institution will lend me money to start a business.
When I was about to start my poultry farm I was giving $400 buy my mother and I was also given a loan of an extra $300 from another person. The terms and condition of the loan and repayments were favorable so I picked it up.
You were very lucky to have received such financial assistance from your family member and friends. Borrowing from friends and relatives is better than taking loans from financial institutions who will charge interests on any amount given.
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I earn only a couple of dollars in a day, but I do not have many expenses right now so I am able to save money for my business plans. I just need to focus on making money. How much money do you make in a day?
In my first start up I was dreaming of receiving funds from rich relatives. I gave a hint by mentioning that I have stopped working to start a business. But none of those rich relatives offered me help. It was not easy and it is best to have the funds so that you are on your own and not dependent on other people for the financing of your start up.
Its hard to hope that someone will give you money to start a business of your own even the so call rich relative,its better for you to get a loan from micro finance bank and start your business then manage the business on your own to repay the loan rather than hoping on someone who can fail you at anytime
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I didn't obtain a loan from anyone before I started my business. In fact, I'm not the type that encourages myself to get a loan before I could start a business. It's not part of me, so definitely, I didn't look forward to getting a loan from anyone
As good as it seems whether to accept cash loan from either family or friend to start a business or work, I feel it won't place you in good position in months to come because you will have to return the money, and this can really affect your finance in one way or the other
None of my family members and relative has ever given me money to start up a business. I work hard to raise capital for my business. I engage in some media jobs in order to save capital for my business
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I don't really know you some people believe in spirituality because I believe that most of these financial companies that lend people money have something spiritually connected to do with that cash which makes it very hard for you to succeed with any business you put it into.
Well, the issue of involving spirituality in financial issues might sound unbelievable to me. I only think if people keep on repeating the habit of borrowing from these places, it will reduce their independence and they will always keep going back to them for more.
Raising capital for the business is one of the major problem of entrepreneur in my country and I believe that is how it is some other part of the world. We lack angel investors here in my country unless you want to go through a venture capitalist and this require a lot of processes and heartbreak.
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Personally I also heard that challenge of not having the adequate capital that I needed to start my own business when I was still trying to do so but I never got any financial help from anybody.
I was not given a cash loan to start a business but the truth is that, I was given a family support to start my business and I dont consider that as loan because I was not expected to pay anything In return.
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