Lenders typically look at the credit lines and past payment history in your personal and business credit reports when making lending decisions in order to determine your credit worthiness or likelihood of repaying your loan on time.
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Most financial institutions with definitely demand for collateral before you can obtain loan from them for your business except they are very certain about your business credit score before they can Grant you a big loan without any form of collateral.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
I think there are some business bank that can actually give out a loan without collateral to people who are interested in engaging a business ,you can never use your university degree as the collateral.The major challenges of getting a loan for a business especially for it's setup is the risk of the business not working out as expected within the timeframe of making back repayments. This normally do put every business man into pressure
What kind of bank will give you a loan without a collateral? Any bank can do that for you provided you have the backing of the bank's executive officer (president or vice president). The bank officer will serve as your co-maker so that means he should be close to you or to your family.I think there are some business bank that can actually give out a loan without collateral to people who are interested in engaging a business ,you can never use your university degree as the collateral.
Sure , collateral are part of the things that make it possible for one to get loan . It is also part of the pressure that people face when going for loan. People have to seek for ways to avoid losing the collateralMost financial institutions with definitely demand for collateral before you can obtain loan from them for your business except they are very certain about your business credit score before they can Grant you a big loan without any form of collateral.
I prefer getting loan from a friend and from a cooperate society that will not put charges on the loan , I increment on the loan everytime is what kills faster than a bullet.yes, I agree, my uncle was near to enter prison due to loans from banks. I don't know but also the banks are so strict and their rules are complicated.
I prefer to get them from family or best friends or any source except Banks.
True but recently in my country various online organization or should I call them bodies have started coming up to give loan out easily, some of these examples includes opay, fairmoney, Okash and the likes. These applications has helped in reducing the rate at which people go to the bank for loan.Securing loan from bank is not easy as that in my own country, if you can not produce collateral security, you can not be given loan
In Nigeria getting loan for a large scale business is easier than a small scale business, banks are interested in what they gain and collateral, even the few loan without huge or collateral wants a CACMost 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
I don't really know how it's really work, but I just believe maybe there is a way you can actually get a loan without collateral and that is what a lot of people are doing especially when they don't have anything to keep in place.What kind of bank will give you a loan without a collateral? Any bank can do that for you provided you have the backing of the bank's executive officer (president or vice president). The bank officer will serve as your co-maker so that means he should be close to you or to your family.
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