What is the major challenge with getting loan for business

[Ayanali]

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[Rameez0007]

This is the essential explanation new companies are regularly fruitless acquiring capital. They don't have a history or a long sufficient record as a consumer a moneylender needs to assess their financial soundness. It doesn't mean they aren't trustworthy; it simply implies the loan specialist has no real way to assess it. Also, this isn't a test only for beginning phase organizations. Regardless of whether you've been doing business for quite a long while, if your business has never acquired, you don't have a history all things considered. Loan specialists need to approve that you can effectively utilize credit. In the event that you've ever heard a moneylender say, "The credit record is excessively meager," that is the thing that they're discussing.

 

[Jlife]

if you're starting a business newly or you are thinking of getting a loan to start up a business there is a challenges of getting a collateral to keep in place for the loan you are about to get because without collateral you may not be able to have access to loan

 

[gnasrullah53]

Getting loan from any bank is too much tuff to any body because this is too much hard task to pay at the same time.if you have any loss then you arevin trouble to return it at time and the debit on this loan is increased with the passage of time

 

[alibilal5555]

banking is a business of getting your money back. ... (One of the main problems for banks is that they have to determine whether the ... That's just like throwing good money after the bad".

 

[Rainlover207]

You have to understand that tons and tons of people go to banks asking for loans and that's why they have such strict rules of selecting their clients. Banks know that they will have problems with many of their clients who take business loans because it's impossible for every business to succeed and that's exactly why they are asking for a collateral

Taking a loan from the bank is even riskier.

 

[Jlife]

you can actually get a loan from the bank and started a business as there is no problem with that bank will give you a loan if you have any timetable collateral to keep in place for the loan you are actually get a reasonable amount of loan from the bank as there is no problem with that

 

[Neeta313]

Well I would say don't take a loan from the bank if you are not sure of paying back or have the means to pay back. Try and save up money instead for that thing you want to do, if you must take a loan, get it from friends or family, people you know you need to drop a collateral for, but if you must still take loan from the bank just ensure you have the means of paying back.

 

[Caali]

Most people cannot get a business loan to start a business. Banks typically look for people to be established already or they will ask for a personal guarantee for funding or ask for collateral..

 

[Heatman]

Most people hardly feel comfortable with securing loans from banks as they feel it puts pressure on them due to the collateral attached . Are there no better ways to tackle this issue of being afraid to secure loans

No matter how much you look at it, there are no cut corners when it comes to getting loans from either banks or other financial institutions as they will always seek or require for your collateral before they can ever give you the loan. Now, the major challenge you will face is being able to pay back, otherwise you will lose your collateral.

 

[Husnainali]

Your debt-to-income ratio is also vital – the more debt you have, the more difficult it will be to get approved. For new small business loans, lenders prefer a 1.35 debt-to-income ratio. ... This is especially important if your new business doesn't yet have steady cash flow. Some lenders will request collateral

 

[Asad Ali]

You shouldn't hesitate to go to the banks, trust your business and transmit it to them if you have an excellent company already formed and are about to launch, and hopefully in the medium or long term that this is success. Know that as long as the anticipated outcomes are not shown, they drive as long as their investment is involved.

 

[lelakil3]

Most people hardly feel comfortable with securing loans from banks as they feel it puts pressure on them due to the collateral attached . Are there no better ways to tackle this issue of being afraid to secure loans

Securing loans before going onto it must be having enough money to paid the monthly bills of it so collateral would not be on the way of causing trouble for the purposes there two problem in having loan first is the interest on what terms of the loan to be paid and second is the collateral that endanger the properties.

 

[Bagg victor]

If you have a very good company already established or about to start, and in the medium or long term future you trust that it will be successful, you should not hesitate to go to the banks, you must have confidence in your company and transmit it to them. Remember that they push as long as they don't see the expected results because it is their investment.

Post automatically merged: Feb 14, 2021

If you have a very good company already established or about to start, and in the medium or long term future you trust that it will be successful, you should not hesitate to go to the banks, you must have confidence in your company and transmit it to them. Remember that they push as long as they don't see the expected results because it is their investment.

 

[singlej007]

In my country, to get loan is a major challenge, especially if you have not start up any business and you are about to start, no commercial will believe in you or be ready to give you loan, the only way you could have soft landing in getting loan is when your business has gone far.

 

[Heatman]

You shouldn't hesitate to go to the banks, trust your business and transmit it to them if you have an excellent company already formed and are about to launch, and hopefully in the medium or long term that this is success. Know that as long as the anticipated outcomes are not shown, they drive as long as their investment is involved.

Personally, I'm more than willing to get a good loan from banks or other companies that lend to invest in my already set up own business and have it multiply the loan within the shortest possible time in order for me to pay back.

 

[Eodine]

There's a lot of challenge with starting a business to get a loan from bank especially start ups and small and medium scale enterprise (SME) as they are commonly called, collateral, audit report, feasibility report, guarantee or guarantors etc are some of those challenges.

 

[Mostee501]

I myself don't like the idea of collecting financial loans from banking sectors because not being able to repay back the loan in due time,will lead to bad credit history and loss of property (collateral). I would prefer to seek for grants or by different people contributing to the required 3.

 

[Deebabs123]

Collateral is personal or business property ranging from real estate to equipment. It’s required for secured business loans, including many Small Business Administration loans, as it serves as a secondary form of payment for a loan in the event of loan default. But new business owners who don’t yet have business infrastructure may have to use their personal home as collateral, which can be risky.

 

[Sincerem]

I myself don't like the idea of collecting financial loans from banking sectors because not being able to repay back the loan in due time,will lead to bad credit history and loss of property (collateral). I would prefer to seek for grants or by different people contributing to the required 3.

The collateral aspect of the T&C makes me stay off from the loan agreement. I don't want to see a scenario where by i won't meet up to a loan repayment at the due time. Then my collateral will be used for exchanged for the delayed payment of the loan.