Creating a repayment plan and sticking to it.

[TOZZIBLINKZ]

Whether it is personal or business related creating a repayment loan could be seen as one solution to pay out debts been borrowed or loan to you by lenders . It is important to note that the act of borrowing can save a business , it can also serve as a rehabilitating remedy for a liquidate or bankrupt business , it can also be seen as a means to fund or implement various business ideas been brought up . yet some business organisations find it hard to repay their lenders loans been collected , and in the course of repairing a particular loan to a particular lender , request usually comes from another lender requesting for his money to be refunded back to him .

So to avoid a situation like this the existence of a repayment plan should be considered . A repayment plan is a guideline which a business organisation must follow in order to know the dates as promised to a particular loan lender when he or she will be refunded the money borrowed . The business organisation have to be truthful , honest , and abiding when's sticking to the repayment plan . They shouldn't cut corners in the course of repaying back loans to various lenders . A repayment plan will help a business to keep track of who has been paid and who hasn't been paid .

 

[Abigael]

A repayment plan is very important indeed. A business or an individual who often takes loans should always consider having a plan on how to repay the loan lender. That is how loans becomes beneficial, you have a plan on paying it back.

Remember that failing to pay back a loan comes with so many consequences. In order to evade those problems, it is best that you plan on paying it back. It is even best that you have the plan before taking the loan.

For many debtors, this will involve having a plan on how to earn more money. Which can cater for both your expenses and still have some to pay back the loan. You may take a second job or learn an online earning skill. Whichever the case, it should enable you to earn enough for paying back the loan.

 

[Rachael]

Obtaining loans is one of the easiest things to achieve especially with the uprising various online loan apps, this has made many individuals to sign up for loans without even reading the terms and conditions, they utilize all the available loan apps and end up having bad loans credit history. There is no sense in obtaining a loan from financial institutions or from acquaintances when in reality, your plan is just to use the money for your an irrelevant purpose. I recall lending a huge sum of money to a friend, although I knew she had indiscipline when it comes to spending money, but I gave her the benefit of doubt and considering the fact that she I never borrowed her money before, that was one of the worst mistakes I made. She leveraged on my good nature and purposely refused to refund my money without no form of misunderstanding whatsoever, she felt like I owed her money because we had been friends for a long time. This made to decide that lending or even borrowing money for my personal use would stop. Repayment plan should always first be assessed even before taking the loan. It could be by; repaying the loan in bits, while still making profits,or selling off some valuable items to get the loan off your chest.

 

[Alexandoy]

When we availed of the housing loan privilege from my employer (a commercial bank) my wife and I made computations and a payment schedule for the mortgage. It is scary to think that delayed payment may result in penalty and worse if the arrears of the installment would run for 3 months then the property may be forfeited by the bank. I remember those days that I consider hard times. We had no more luxuries of dining out, no travels for years. In fairness to us the repayment of the mortgage went smoothly that we never experienced being delayed in payment. It was an experience that we can share to the younger ones. When you stick to your repayment schedule then it is like winning a challenge. No luxuries for the moment and you can get used to the simple life. We have been there, and we have done that so you can too.