Bookwormlux
Valued Contributor
I want to know if there are any regulations that stop an individual from being able to save amount of money that was obtained through some lending companies or organizations. It could also be money that was gotten from someone who lend it to us .
I understand that this may seem somehow to some of us ,but it is very important for us to discuss things like this because not everybody usually collect loan for spending immediately , but they may be accumulating amount of money so that it would enable them to have high capital before you can venture into a particular project or business that they may be having in mind .
The problem with a situation like this is that , as you are accumulating the money in your savings account, the interest rates for your loans are also increasing by the day, and this would then put you in a disadvantage position , especially if you do not get to execute the projects you have in mind or did not generate enough revenue like you earlier thought .
Can you take this risk of going about to take loan and then receiving it depending when you can start a business or execute a project?
I understand that this may seem somehow to some of us ,but it is very important for us to discuss things like this because not everybody usually collect loan for spending immediately , but they may be accumulating amount of money so that it would enable them to have high capital before you can venture into a particular project or business that they may be having in mind .
The problem with a situation like this is that , as you are accumulating the money in your savings account, the interest rates for your loans are also increasing by the day, and this would then put you in a disadvantage position , especially if you do not get to execute the projects you have in mind or did not generate enough revenue like you earlier thought .
Can you take this risk of going about to take loan and then receiving it depending when you can start a business or execute a project?