What is the major challenge with getting loan for business

[Josemendez]

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 CAC

I don't think banks are concerned on whether the business is small or big , they are more interested in the collateral available from the person who wants to take the loan

 

[Dagm1]

I believe that the very best method to tackle lendings is actually to get all of them coming from relative as well as buddies that will not place a lot stress on you. They need to be actually helpful individuals however.

 

[Psalmseen]

The major challenge of getting loan for a business is collateral. It's definitely not easy getting collateral and those that will give out the loan must be secured to an extent that you'll definitely pay with another thing

 

[Ralphjoe]

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 collateral

The thing is that if most people and not told to bring collateral before they can get alone then they would get a loan and not be able to pay later and at the end of the day it is the financial institution that will lose out in such kind of bad debt.

 

[Riciakenosha]

Well it's not problems aquiring the loan it's problems after you get the loan because if you fail to meets installment pays or just to give back the money as a whole it will reduce your credit score

 

[Ralphjoe]

I believe that the very best method to tackle lendings is actually to get all of them coming from relative as well as buddies that will not place a lot stress on you. They need to be actually helpful individuals however.

Most financial institutions will not Grant a business loan when you do not have a collateral for you to be able to get that loan because they believe that they can run into bad debt by just granting you a room for you to start of the business and the business does not become successful later on.

 

[Ella1003]

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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

The major challenge is the fact that they wont hear stories from you when its time to pay, all they care about is their refund or you face drastic consequences, that is why it is best to avoid them like nemesis

 

[Josemendez]

The thing is that if most people and not told to bring collateral before they can get alone then they would get a loan and not be able to pay later and at the end of the day it is the financial institution that will lose out in such kind of bad debt.

Ofcourse without the demand for collateral , everyone will want to get loan and the Institutions giving out the loans will be at the loss end.

 

[Ralphjoe]

Ofcourse without the demand for collateral , everyone will want to get loan and the Institutions giving out the loans will be at the loss end.

The fear of most financial institution going into Bad debt is the reason why most financial credit granting institutions would never give big amount of loans without collateral. Most credit granting financial institutions has devised a way to Grant big amount of moons mobile starting small in the amount of money that they can give to a customer until the customer keeps rising them and they will be in credit the credit limit for the person.

 

[Lens]

Frankly, getting a business loan isn't easy, most especially if you do not have the required collateral. It would be very good thing if one could get a very easy loan to run your business. Loans that has a very low interest rate. The loan that would be very good to run your business.

 

[Ezekiel]

There is nothing as free minded,when you mind is not stable is really diaturb some individual personal to me I don't like working and knowing that I am working to pay of depth,this is same problem with getting loan from bank

 

[tyrim88]

Securing loans from the bank has very cumbersome procedures and to me is not the better option at all. Sometimes I'm always hurt by the interest they collect from the customer. Providing collateral security also sometimes difficult because they are not always in need of any asset of movable nature.

That s the fact,because it would be very difficult for any business owner that does what the banks are looking for which is a good collateral to optain loan from them.And that is one of the major challange.

 

[Good-Person]

One of the biggest challenge is getting approved for the loan. Not everyone gets approved and this is a big problem for many people. The other problem is the mortgaging issue. You may lose your asset if you fail to pay back the loans.

 

[Solutionav]

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

Getting loan from banks is very risky because it has put so many people in prison and some have lost there life in the process because I know of a person that take a loan from bank and he lost all is goods, the pressure from bank people was much, he commited suicide

 

[Ghost1]

The big problem about loans is interest banks or other loan organization would not think twice about gaining from an individual coming to get loans, everyone wants profit

 

[mcjerry]

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

It was before that there used to be difficulty in taking a loan but in this digital age, every thing have been easy. Now you can pick up your smart phone and download some apps to take loan. I have taken loan from many apps and repair them back to increased my next loan

 

[Shigobad20201]

I believe that the very best method to tackle lendings is actually to get all of them coming from relative as well as buddies that will not place a lot stress on you. They need to be actually helpful individuals however.

The major challenges in getting a loan is the surety that will stand for you or the property you have to use to stand for the loan and that's why its better to go to friends and family to secure a loan,

 

[Grant]

I'd say getting denied for the loan is a major challenge. When it comes to getting a loan, you need to explain why you're getting the loan and what you plan to use it for. At least that's how it was for me. Anyway, they also need to know if the business or idea could be profitable. And who knows for sure if it will or won't be.

 

[Immilash]

there ate many challenges especially when collecting a loan ,after investing your money you expect to have profits in return but if it happens not to be so it is gone to something else,sometime you will not even get the real money you invest talkles of getting profit

 

[Shigobad20201]

I'd say getting denied for the loan is a major challenge. When it comes to getting a loan, you need to explain why you're getting the loan and what you plan to use it for. At least that's how it was for me. Anyway, they also need to know if the business or idea could be profitable. And who knows for sure if it will or won't be.

Its normal to get denied and rejected to get a loan if you don't have the neccesary document and qualities to qualify go the loan, qualities like properties , surety and many more that you can use to stand for the loan.