What is the major challenge with getting loan for business

[Josemendez]

As much as loan is considered a means of securing funds for business, I believe business owners must be careful with bank loans because of some attendant problems.
Loan from friends and family is a very good option or loans from special government offers like we have some government schemes in Nigeria.
This is because some of these government loans are collateral free, minimal one digit interest and has a long term repayment period unlike bank loans. Ask in your country.

That's just it .if one can secure loans from government , then there won't be any pressure when taking calculated risks that will help promote the business .

 

[Tayyabah]

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 bank for buisniss

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 bank for business ....paper work and return back the loan through instalment is the major hardship for a buisniss man.because he cannot know beforr time that how much profit he'll get in starting months.
If back-up saved he could be able to pay debit.back-up saving is very important planning to run business.
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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

Getting loan from bank for buisniss

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 bank for business ....paper work and return back the loan through instalment is the major hardship for a buisniss man.because he cannot know beforr time that how much profit he'll get in starting months.
If back-up saved he could be able to pay debit.back-up saving is very important planning to run business.

 

[Ralphjoe]

Collateral issue is the number one reason why people can't seem to obtain loans from the bank these days. If collateral requirement is removed from a bank's condition for granting loans, you will see the number of people getting loans from banks quadrupling in a short time.

 

[Pirate]

Tackling those problems is not as hard as it seems you just need to have the will to commit fully in the business which you're collecting the loan for and carry a mindset that everything will work out.

 

[Nma]

In my own opinion if one can avoid taking a loan to start up a business then he should avoid it by all means because most times the person might end up in debt..... Taking loans especially from bank is not advisable because you might not be able to meet up with the time given to you and then they end up seizing most of your properties leaving you with nothing

 

[Ridorz]

Firstly, I don't like to get loan from bank because is very dangerous, if person can not able to return the on agreed day, bank will not hesitate to seize the property of the loaner which can turn the person to beginner.

 

[giddy]

I think is the issue of collateral
If you seek a secured loan but don't have personal or business property, you may want to wait until you own tangible assets , such as houses or other property, before you apply for a small business loan.
If you have property you're willing to use as collateral, take an inventory of your property and determine what you're willing to put up as collateral in light of the risk of losing it in the event of loan default. Then, prepare a collateral document that details the specific personal or business property you will use to secure the loan, along with its value.

 

[btaliat]

In my country, the major obstacle in securing a loan is collateral. Also, most banks don't want to issue loans to small and medium scale enterprises. And in some instances. The interest on these commercial banks are always high.

 

[Hasan Raza]

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

First of all It's not easy to take loan from bank because for taking loan we have to pledge something from our ownership as a guarantee to back loan in time.
But unfortunately if we fail to repay the loan in matur time then there is a large amount of penality and may be we got to jail for it.
So it's not easy to take loan.

 

[Ibrahim1]

The major challenge there is the interest they get back from the loan because it's just too high and moreover the time limit is also too short, it's really crazy and that's why people couldn't pay back on time but the anonying part is when they started sending message to your contacts calling you different kinds of names

 

[Adeyoola7]

• Lack of collateral: Collateral is personal or business property ranging from real estate to equipment. It’s required for secured business loans, including many Small Business Administration (SBA) loans, as it serves as a secondary form of payment for a loan in the event of loan default. But new business owners who don’t yet have business infrastructure may have to use their personal home as collateral, which can be risky.

 

[Erik4150]

Banks can be very strict when it comes to loans and the customer has to pass through several background checks before his loan is approved. That is why most people would rather take loans from family and friends.

 

[maventiger]

Getting capital to start a business or project is usually sourced from banks. Although, the bank interest rate, processing fee and collateral requirements makes it difficult to source loans easily from such financial institution like commercial banks. Most times, the bank rate, processing fee and amortization period are well studied before taking loans for projects.

 

[Mary]

That's is the ma

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

That's the major challenge, the collateral. Collateral is a personal or business property from real estate to equipment. It's required to secure loans and that's what make many to back out
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That's is the ma

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

That's the major challenge, the collateral. Collateral is a personal or business property from real estate to equipment. It's required to secure loans and that's what make many to back out

 

[Ojonuyo]

Getting loans from a bank or whatever cooperation is a nice idea. Things get better when you achieve the purpose why you borrowed the loan. Once you are able to pay back the loan your life becomes peaceful and enjoyable. The music gets ugly and tough when you can not pay back the loan on the required date. Hence, it is wise to ensure that the borrowed loan yields to interest to pay back. Be careful of what you use as collateral for the loans

 

[Stainz]

I don't collect loans from banks, just don't want their problems

 

[Josemendez]

That's is the ma

That's the major challenge, the collateral. Collateral is a personal or business property from real estate to equipment. It's required to secure loans and that's what make many to back out
[automerge]1609221088[/automerge]
That's is the ma

That's the major challenge, the collateral. Collateral is a personal or business property from real estate to equipment. It's required to secure loans and that's what make many to back out

I don't think that the collateral is the major challenge in securing loan , I think the fear of losing the collateral is. This fear prevents people from taking calculated risks that could make the business progress

 

[Tariq Shehzad]

It is much difficult and challenging task, to get loan for doing business. It will be better that, you take a loan from your friends or family members. Otherwise, take a loan from bank and you have to return it with some interest.

 

[giddy]

Business loans are usually cheaper than personal loans. They may also be eligible for tax benefits. There is such a wide variety ofbusiness loans in the UK with different terms and conditions that there is bound to be one that fits your individual set of circumstances!

 

[Bilal0087]

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 taking loan is not a wise decision, because a person remains mentally burden.
He always want to return it back and he cannot pay attention to his dealings and business development, so i think a person should start business with own money, even with little money.