Do you have debts now(assuming that you have a business as well)?

[Chibson]

Yes, but getting a loan will increase the risk of bankruptcy and such kind of condition is never great at all. In order to deal with this condition, many people use personal finance.

This is actually very true. I have seen some great busineses collapse because of the loans they took to venture into a business. The importance of using your personal finance can not be underestimated.

 

[Good-Person]

This is actually very true. I have seen some great busineses collapse because of the loans they took to venture into a business. The importance of using your personal finance can not be underestimated.

Since not all the people have personal finance, many people do not borrow loans. Borrowing loans is not that easy either. It is really hard for a person to do get loans form a bank if he does not have mortgage.

 

[Syldan]

Currently I have started any offline business yet and I believe I have no or little knowledge about debt but I believe there are alot of business that are suffering from debt due to the economic situation of the country.

 

[Chibson]

Since not all the people have personal finance, many people do not borrow loans. Borrowing loans is not that easy either. It is really hard for a person to do get loans form a bank if he does not have mortgage.

That is true. I have a family relation who took a loan from Bank sometime ago to build a house. It actually took a lot of time and what actually helped him was the fact he is a public servant.

 

[glitch]

I managed to wipe all my debts and my wife has not had any in a good 10 years. This was prior to 2020. Since then, we have had to take out a few loans and also start using credit cards again just to make ends meet.

 

[Good-Person]

That is true. I have a family relation who took a loan from Bank sometime ago to build a house. It actually took a lot of time and what actually helped him was the fact he is a public servant.

The bank might have had favoured him because he was a public servant and he might have the right kind of mortgage which might be used to get loan. The actual value of the property that you mortgaged plays a big role when you apply for a loan.

 

[Setho]

If your business is performing very well then you absolutely do not need to take any kind of loan in order to take it forward but instead you can just keep on building as little as it comes.

 

[Chibson]

The bank might have had favoured him because he was a public servant and he might have the right kind of mortgage which might be used to get loan. The actual value of the property that you mortgaged plays a big role when you apply for a loan.

You actually have a very good point there. He was favoured because he was a public servant who earns salary on monthly basis. it is actually in form of mortgage because some percentage of his salary was cut every month.

 

[Sincerem]

No , I do not have a debt, even though I have a business but getting a loan and being in debt is not in my personality . This is one of the things I am trying to avoid all the time.

 

[Shigobad20201]

Truth be told , I have two functioning small business that I am running currently and I am still paying debt , though i didn't take a loan from any loan company but money borrowed from my brother which has no interest .

 

[Good-Person]

You actually have a very good point there. He was favoured because he was a public servant who earns salary on monthly basis. it is actually in form of mortgage because some percentage of his salary was cut every month.

Yes, there are many people who might be favoured over the others. regardless of that, I think that favouritism could be damaging for your business in many ways and you must favour a person who deserves the best.

 

[Shigobad20201]

Doing business with borrowed money is very dangerous , most especially when you are a new entrepreneur, though i have debt but its not attached to my business .

 

[Kane]

I borrowed money from a bank to start my dairy farm many years ago, but I have not still been able to clear my loan. I have been able to pay the interest but I have not been able to pay principal amount. Sin ce the business failed, I could noyt pay the loan and now I am paying form my pockets.