Did anyone give you a small/big loan to start your business?

[stan358]

There are nothing absolutely wrong when someone can be of help to me to solve a pressing needs. Personally I have also been of assistance to some other people who have come to me to ask for monetary help..

 

[Heatman]

I have never been comfortable taking loans because I do not like how it feels when you take loan. You do not own the money at all. You owe money to someone. What's quite worse is the fact that you have to pay interest as well! This is why I have always preferred personal finance when it comes to investing money.

Exactly! The need for you to pay off the loan with all the accumulated interest when it's due is one thing you can't default on otherwise, the interest is going to keep adding up for you. If you're not careful, you will have a very big debt to pay off or they will end up taking and selling off the collateral that you used to get the loan.

 

[deucher]

When I started my business, I wanted to take a loan from the bank, but they didn't give me that, so I decided to turn to my friends, but no one believed in my project, so no one lent money. I had to open my point myself.

 

[Good-Person]

Exactly! The need for you to pay off the loan with all the accumulated interest when it's due is one thing you can't default on otherwise, the interest is going to keep adding up for you. If you're not careful, you will have a very big debt to pay off or they will end up taking and selling off the collateral that you used to get the loan.

There are many people who are clearly not able to pay the loans at the right time, so they ask for a roll-over. Whenever they ask for a roll-over, the interest rates keep increasing and this leads to a really huge bad debt in the end and this is what causes financial issues.

 

[stan358]

Many times I have asked and applied for loan from my local banks but they always tell me that I am not eligible to obtain loan from them. This is really a setback for most people like us who has business to pursue..

 

[Good-Person]

Many times I have asked and applied for loan from my local banks but they always tell me that I am not eligible to obtain loan from them. This is really a setback for most people like us who has business to pursue..

Banks will charge you interest and this is why it is much better to avoid them. You may try to get interest-free loans from your relatives. in case if your business idea is just too good, then you can also try to find angel investors for your business. This is why many people emphasise more on finding investors.

 

[stan358]

I can not remember anyone giving me money to start my business. Though I have not asked anyone for such a loan. All the money I spent for my business were all raised by me through jobs I was paid for..

 

[Good-Person]

I've never had any financial support of any amount from anyone. I don't like begging or asking for help even when I know some people who can help but I hate being told No or given another flimsy excuse why they can't help me. I can't stand the embarrassment and it's why I don't beg.

I also never like to ask for money. I prefer to work hard and make money and I think that every person should be like that. However, certain times, many businesses may need money and they may be quite sure that they may be able to return the amount of money. In that case, they seek loans. This all depends on the economical conditions of the company.

 

[Ja sa bong]

I also never like to ask for money. I prefer to work hard and make money and I think that every person should be like that. However, certain times, many businesses may need money and they may be quite sure that they may be able to return the amount of money. In that case, they seek loans. This all depends on the economical conditions of the company.

Money is needed all the time in business. If your business is new, you will need more money to upgrade on so many things in order to make an impact in the market. This is why it looks as new businesses are always in constant need for money.

 

[Heatman]

There are many people who are clearly not able to pay the loans at the right time, so they ask for a roll-over. Whenever they ask for a roll-over, the interest rates keep increasing and this leads to a really huge bad debt in the end and this is what causes financial issues.

This is particularly the reason why I would never be interested in taking any kind of financial or bank loans because if there is no laid down payment structure which I am supposed to use and pay off the loan when they are due, it is all going to add up into putting me into a serious debt that I will find it very challenging to pay off.

 

[Good-Person]

Has anyone helped you with starting your business by giving you starting money? Like they give you a small or big loan to start your business off, and you gradually pay them off when the business makes profits. Did anyone ever do that for you? Or did you take donations from friends and family and also pay your own way?

I really hate taking loans. I think that a person could possibly start any kind of business with a low amount of capital. This is very important because if you utilise personal finance, then you would never owe anything to anyone. Many lenders consider many things before giving loans in the first place.

 

[Heatman]

I really hate taking loans. I think that a person could possibly start any kind of business with a low amount of capital. This is very important because if you utilise personal finance, then you would never owe anything to anyone. Many lenders consider many things before giving loans in the first place.

It is out of greed that a lot of people start businesses in a very big way that is going to require a big amount of capital for them to successfully start the business.. This is what is going to lead them into applying for financial loan so that they can be able to finance the business. Most of the times, they end up messing up the business and finding themselves having a big amount of debt to pay.

 

[Good-Person]

It is out of greed that a lot of people start businesses in a very big way that is going to require a big amount of capital for them to successfully start the business.. This is what is going to lead them into applying for financial loan so that they can be able to finance the business. Most of the times, they end up messing up the business and finding themselves having a big amount of debt to pay.

Borrowing money is a very complex process. This is why I do not borrow money at all. In fact, I do not even like borrowing money from my relatives or family members because I simply do not find comfortable to do so. Paying interest money is also one of the most difficult aspects of borrowing money.

 

[Ja sa bong]

I really hate taking loans. I think that a person could possibly start any kind of business with a low amount of capital. This is very important because if you utilise personal finance, then you would never owe anything to anyone. Many lenders consider many things before giving loans in the first place.

New business entrepreneurs should work with a budget which they can finance with their own savings. They will not need to look for loans to start their new business. It's too much greed when starting a business that results in looking for loan.

 

[Heatman]

Borrowing money is a very complex process. This is why I do not borrow money at all. In fact, I do not even like borrowing money from my relatives or family members because I simply do not find comfortable to do so. Paying interest money is also one of the most difficult aspects of borrowing money.

If your business is not already stable, I am not going to advice or recommend applying for any kind of bank loans to use in the business because you will find it very challenging to generate the money back and pay it with the interest that it comes with. This is why I will always advise new business is to find another source of money to use and support their business rather than bank loans.

 

[Good-Person]

If your business is not already stable, I am not going to advice or recommend applying for any kind of bank loans to use in the business because you will find it very challenging to generate the money back and pay it with the interest that it comes with. This is why I will always advise new business is to find another source of money to use and support their business rather than bank loans.

As far as I think, I am not sure why would anyone borrow money when they do not even have the capability to pay the loan back. Moreover, when you apply for a loan, you have to mortgage something. I would prefer selling my asset rather than applying for a loan because I may not need to pay interest if i sell my own asset and use personal finance.

 

[Frank]

I began my business on my funds. I didn't ask anyone to help me out when I was starting. I have always said that starting with your business with your personal funds is the best and I will always stand by those words.

 

[Heatman]

I began my business on my funds. I didn't ask anyone to help me out when I was starting. I have always said that starting with your business with your personal funds is the best and I will always stand by those words.

I have never been open to using money borrowed from banks to start any business. I had to work for years and saved my own money saved up as the capital. Getting loans is never an option for me in business and that's why I don't consider it for any reason whatsoever. I had grant from my mentor but that's just about it.

 

[Frank]

I have never been open to using money borrowed from banks to start any business. I had to work for years and saved my own money saved up as the capital. Getting loans is never an option for me in business and that's why I don't consider it for any reason whatsoever. I had grant from my mentor but that's just about it.

Grant is good. I mean you are pretty sure that you won't be facing some pressure to repay when you experience struggles at the start of the business. I have seen people borrow 100% of their capital to start a business and I wonder what gave them the guts.

 

[Heatman]

Grant is good. I mean you are pretty sure that you won't be facing some pressure to repay when you experience struggles at the start of the business. I have seen people borrow 100% of their capital to start a business and I wonder what gave them the guts.

Unfortunately, grants doesn't come easily from the government. They will keep making so many excuses why they are not going to be able with giving grants to businesses but they have cases of corruption and embezzlement of public funds all the time. When business start getting at least 10% support from government, it will go a long way in making their businesses thrive.