I cannot give out loan for people to start up a business because I know that if I give out a loan and these people refuse not to pay me I will not do anything,to avoid unnecessary issue with people I rather tell them that I don't have money to give people for loan. I can only give people money I may not request it back from them in this situation.
Do you give out loan to people who are starting a business?
- Thread starter Bookwormlux
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Most people would definately need convincing and also see a business proposal to accept to give out a helping hand but what exactly would you be looking out for in a business proposal?
For me. I will looking out for quite a number of things, such as the location of the business, what differentiates you from your competitors and also the plan if things don't go as planned.
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I like your points, I should be able to learn from this as a guide incase I have to write a business plan too. I also would look out for the things you have listed if I am to give out a loan too.
Depends on the person and the kind of business idea he has in mind. I can’t just give out money and waste it just because i have it.
Like seriously,I don't give out money that would affect me in anyway, because I won't like a situation where by I give out loan but when they are about to pay they are giving my problem so that's why I give what I can afford to overlook.
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- Thread starter
- #47
This is better, at least you won't be disturbed when they refuse to pay back since it's not money you have already budget for something you have in mind.
It is good to help your friends who are in needs but we must be very careful when lending them loan. If you want to loan your friend in such situation, you must make sure that the money is not much that you can let go in case they default in payments.
My friends do come to me for loan request and i offer them when i have extra bucks to render help. I don't exact interest rate to the money i give out, cos its my friends i offer to.
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People who need to start up a business and need loans go to the financial houses to get such loans for themselves. I am not a financial house and I am not intending if starting that line of business of giving loans for interest either
To be equiped to give out loans to start up businesses, one need to be sure that these startups are going to be able to pay up these loans in due time. You will have to get some level of collateral before giving out these loans somehow too
- Thread starter
- #52
That's the best way out as you sure do not have any understanding as to how they would be able to repay the loan within the time frame you are expecting them to pay.
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if i see a potential in their businesses and they convince me, then sure, why not, at the end, i'm still the winner in this case because early investors have more privileges than late ones
If I have money that I can use to give out loan , I will give to start up business but I have to first consider the future of the business by going through their feasibility study.I won't give without a collateral
- Thread starter
- #55
Seriously it is better to check to make sure factors like this are put in place to avoid regret. Not everyone would agree to deal with you this way, but it's far better than not arriving at some agreements.
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I do not give out loans to anybody and I will never consider doing that because I personally do not support getting a loan to start up a business, I can only support those people with my money not by giving loan. This is what I will do.
But even if you are in a position to be able to provide loans, it is better to avoid it. Its has very complex procedures, if someone stops paying you interest, you can't take legal action because legally you can't provide any loan to anyone.
Yeah. When dealing with people , we need to be very careful as some of them do not worth trusting. They will come for a loan with humble voice but to pay back will be a war.
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Here and there we meet individuals who look for monetary assistance from us as they are going to begin a business, most occasions they demand for credits. Do you offer out to them, particularly since they are simply beginning and you don't have a clue how productive the business would be?
Offering out to individuals that just began their business without contemplating their business result is the best thing to do, I likewise got a similar assistance when I went into business. Loaning some assistance is the correct thing to do.
Offering out to individuals that just began their business without contemplating their business result is the best thing to do, I likewise got a similar assistance when I went into business. Loaning some assistance is the correct thing to do.
When I was in need of more capital for my business that has already started some friends lent out a hand to me by contributing $20 each. That was not a big amount but I gave them an IOU that says I owe them that amount with interest. When the time came that I had to pay they all said that there was no need, that money was their contribution and not a loan.
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