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

[Good-Person]

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.

Well, interest rates and facing legal difficulties is definitely one of the biggest problems many people face when they borrow money from such kind of financial institutes and this is one of the reasons why many people refrain from taking loans. For me, starting small is the best option.

 

[Thinker009]

Well, interest rates and facing legal difficulties is definitely one of the biggest problems many people face when they borrow money from such kind of financial institutes and this is one of the reasons why many people refrain from taking loans. For me, starting small is the best option.

Exactly part of the reason I refrain from borrowing from financial institution because,most of them actually charge huge collateral to make deals more active and for them to borrow loan

 

[Godspower]

Well, interest rates and facing legal difficulties is definitely one of the biggest problems many people face when they borrow money from such kind of financial institutes and this is one of the reasons why many people refrain from taking loans. For me, starting small is the best option.

Yes, starting small is definitely better. From there you can grow your business to a higher level. It's way more better than getting loans here and there from different sources.

 

[Good-Person]

Yes, starting small is definitely better. From there you can grow your business to a higher level. It's way more better than getting loans here and there from different sources.

Some institutions offer interest-free loans, but I still feel that a loan is a loan and when you borrow loan, you owe them money. In case of loss, you may go bankrupt and the lender has the legal right to persecute you. This is why it is better to avoid loans.

 

[Shigobad2020]

Some institutions offer interest-free loans, but I still feel that a loan is a loan and when you borrow loan, you owe them money. In case of loss, you may go bankrupt and the lender has the legal right to persecute you. This is why it is better to avoid loans.

Yes i got a cash with no interest to support my business after i have already started my business, but using but using borrowed money to start a business is not adviseable.

 

[Sotherefore]

I've not been able to stand up the business I am interested to do because I don't the required money to do so now, when starting a business for me I wouldn't like getting a loan to do anything and even if loan is offered to me I may not likely take it to start up a business.

 

[Good-Person]

Yes i got a cash with no interest to support my business after i have already started my business, but using but using borrowed money to start a business is not adviseable.

Oh! I hope you pay back the loan on time, as some institutes make you sign an agreement that they might take legal action if you do not pay the loan back on time. There are many restrictions that might be faced by people who apply for the loan. This is why I do not like borrowing loans.

 

[Godspower]

Some institutions offer interest-free loans, but I still feel that a loan is a loan and when you borrow loan, you owe them money. In case of loss, you may go bankrupt and the lender has the legal right to persecute you. This is why it is better to avoid loans.

Very true. It is wise to avoid loans no matter how enticing it may be. The freedom of running your business without having any thing to worry about is very important.

 

[Good-Person]

Very true. It is wise to avoid loans no matter how enticing it may be. The freedom of running your business without having any thing to worry about is very important.

Well, now many companies have introduced many so-called "Apps". Where many people could take "Easy loans" whenever they want. What many people do not know is that these apps are solely created to entice people to borrow loans and get addicted to such apps. In the end, they will regret their decision.

 

[Godspower]

Well, now many companies have introduced many so-called "Apps". Where many people could take "Easy loans" whenever they want. What many people do not know is that these apps are solely created to entice people to borrow loans and get addicted to such apps. In the end, they will regret their decision.

This is very true. Most of these apps readily offer enticing loans to members of the public with outrageous interests within a very short period of time. And they always harass their customers who default.

 

[eLdavis]

This is very true. Most of these apps readily offer enticing loans to members of the public with outrageous interests within a very short period of time. And they always harass their customers who default.

I have a relative who once took loan some time back from an online app, according to her, she said she started receiving threatening messages, reminding her to pay back, I don't know how true this is though.

 

[Godspower]

I have a relative who once took loan some time back from an online app, according to her, she said she started receiving threatening messages, reminding her to pay back, I don't know how true this is though.

It is very true. Sometimes most of these apps even hope that you default in payment so that they can add extra interests on it. These interests are added daily for every defaulting day.

 

[eLdavis]

It is very true. Sometimes most of these apps even hope that you default in payment so that they can add extra interests on it. These interests are added daily for every defaulting day.

Though I would say these are just rumors, cause I don't have any strong proof to back this up, but someone once told me most of these persons who give out loans, usually use diabolic means, to make sure the people do not have to pay back, so the interest would increase, especially here in Africa. What do you think about this?

 

[Godspower]

Though I would say these are just rumors, cause I don't have any strong proof to back this up, but someone once told me most of these persons who give out loans, usually use diabolic means, to make sure the people do not have to pay back, so the interest would increase, especially here in Africa. What do you think about this?

No, I wouldn't want to believe that. I think why people fall for most of these loans is because they don't require collaterals and documentations and it is very fast to get.

 

[Shigobad2020]

I did nit have the opportunity to start looking for loan to start and established my business because I don't like it, but i received help after starting my business from a friend.

 

[eLdavis]

No, I wouldn't want to believe that. I think why people fall for most of these loans is because they don't require collaterals and documentations and it is very fast to get.

I get your point but should that also be a reason why they should not take paying back seriously? You know most of these loan apps now ask your sensitive informations like the customer's BVN and national identity number, these are things that can be used to track and even block the accounts of offenders.

 

[Omotayo]

To be honest, NO. Asides from my immediate family. The others weren't so willing to part ways with their money especially when it came down to backing an untested business.

 

[Bousine123]

I know of a woman that gives loan for people to start their business, after sometimes they will pay her back the money, through her marketers.

 

[Grandeur]

It's elementary knowledge that most start ups get their capital from the loan from friends or family, saving etc mine was in that direction too, I got a loan from family friends to start up

 

[kayode10]

I wish someone could give me huge amount of money as a loan to start up my business idea. I can only wish because I know it's very difficult to come across someone who is ready to invest into your business that there no matter how good it is especially in my country.