Would you ever take a loan out to start up a website project?

[Sean Quinn]

Would you ever make the decision to take a loan out to fund and start up a website project? Either from a bank, friend, whatever?

 

[Friendly Survival]

Would you ever make the decision to take a loan out to fund and start up a website project? Either from a bank, friend, whatever? :yum:

If I needed a boost I would do the age old "wait around for the prefect time to charge". By that I course means those "Open a credit line today and get 0% interest for 12+ months!".

Though even with those be sure you read the TOS to be sure your not going to end up paying what is called "retro active" interests. That means basically means if you don't pay it ALL off by the end of the promo that you will be charged for as it was to be interest...

 

[Sean Quinn]

Iv never applied for a credit card before, i have bank accounts with overdrafts, etc.. but no credit cards. I dont have bad credit, but not much on the good side either lol

 

[Friendly Survival]

Iv never applied for a credit card before, i have bank accounts with overdrafts, etc.. but no credit cards. :yum: I dont have bad credit, but not much on the good side either lol :yum:

Well that how you start building credit really. Usually your bank can start you off with some credit card. Then from there you build up your credit with it then before long you will probably get such offers.

 

[JewishPoptart89]

I'm quite young, only 18. My bank offered me a $500 credit card limit which I took. Building credit from a young age seems super beneficial to me. You just have to be careful to pay it off in time. I don't ever pay the minimum, I pay everything on the card by the end of the month. Interest is insane on credit cards.

To talk about the question, though, I have taken small loans (less than $1,000) to start businesses. Back when I played a lot of video games especially Minecraft, I would host modded servers which can take a decent amount of resources. I had to pay for a dedicated machine without having a job. My dad loaned me the startup money to pay $80 a month for a server from OVH.

Other times, I have taken loans from grandparents and friends to get started with domains, graphics, development fees, and employees.

Now that I'm a bit older than I was back then, I haven't had a need to get a loan, not that I've started anything major in the past 6 months...

 

[GamesToEnjoy]

I wouldn't as this is a big risk. I am not sure I will be able to return the loan.

 

[Cam]

Plenty of successful startups have begun with the founder taking out a large loan to cover the initial business costs, so I don't think I'd have a problem with it. I'd just need to be completely invested in this new project, and truly be convinced that I had a solid idea and business strategy.