A business loan a good idea? What's the most you can get?

[eenya001]

I haven't taken out a business loan. Only a personal one and the resulting effect hasn't been palatable at all. I'll rather get business partners, grants or angel investors to provide funds required to run my business.

Getting a business partner is better than taking out a loan, because taking out a loan can put you on a lot of pressure that may become detrimental to your mental health as a person.

 

[Mayorla]

While taking a loan for a business, then you actually need to be careful with it.
Most times, Things might not work as you have planned and this would set you back a lot.

 

[Kane]

I started my two businesses with a bank loan, one of my businesses made money so that I was able to pay back loan, bit another business was a loss and I ended up selling my assets to pay the loan

 

[eLdavis]

I have never taken a bank loan before though. One thing i fear most is taking loans. I have seen so many case where people loose their business, their properties and even their lives simply because they could not pay back the loans they take.

 

[Syldan]

Actually taking a loan to start or run a business is very risky sometimes and also gas a positive role to play in the success of the business most especially when it's manage effectively and it succeed.

 

[AruneBend]

It can be a good idea only if you know you will be able to pay it back. It's very important to count every penny before taking a loan because you can get into huge trouble if you don't pay it back.

 

[joy101]

For me I never taken a business loan before and I can never advise anyone to take a business loan, it is never a good idea at all, because sometimes paying back can be very difficult.

 

[HK World]

I believe that the most important thing is how the loan is going to be beneficial to your business. You have absolutely no reason to take a loan if it has high interest and the amount to service it is very high within a short period of time.

I think getting a loan must be avoided at all costs, whether it's for business or personal reasons. If someone wants to, then they must be in a position to pay it back when they have to.

 

[Heatman]

I have taken out loans in the past for my business, all at varying price points. What is the most you can usually get from a business loan? Or does it depend on the business and how much you own/have?

I've never been open in my life to accepting either business loan or even personal loan for any reason whatsoever. This is because I'm not comfortable with working with another person's money as it is going to disrupt my peace of mind in using it in that particular project.