Loans How to get a secured loan for business expansion

Lens1000

VIP Contributor
Money is a very important thing to pursue in life. it's a piece of paper that makes your world go round . Money comes as a reward for your effort and some time ones expectation or needs may exceed the available resources . This may call for an extra money to be able to meet up with the expectations. The only way to get this money is from outside sources, from financial institutions or loan sharks as they are called.

Secure loan is a readymade option. As the name implies, it's a loan secured by property as collateral . It could be used to expand businesses or to buy properties, just to mention a few.

The advantage of this loan is that you can borrow a large amount and it could be spread for a long period, say 5-25 years because of the collateral involved. But it is advisable to collect an amount you are capable of paying because of easy repayment. If you fail to meet up with the agreement, it may cost you the property
Bad credit records will make it difficult to get an unsecured loan

On a last note, is it advisable to get a secured loan?
 

Augusta

VIP Contributor
Yeah it isn’t a bad idea to get a secured loan and moreover it is most times difficult to even get unsecured loans. Banks in my country will only listen to you if you have a good collateral for your loan. For me it isn’t bad but you just have to get a way to pay all back
 
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sincerem

VIP Contributor
If you can secure a loan be it from an unregulated loan vendor, like the money lender's option, and utilize it properly to stand our business when its in dire need of finance then repay the loan when due, then I'll say its worthwhile. People runaway from loan when they are not sure about the success of the business they're taking the loan for. And also the high repayment interest rate of the loan.
 
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Lens1000

Lens1000

VIP Contributor
Yeah it isn’t a bad idea to get a secured loan and moreover it is most times difficult to even get unsecured loans. Banks in my country will only listen to you if you have a good collateral for your loan. For me it isn’t bad but you just have to get a way to pay all back
It's the easiest loan to obtain. It can be spread over a Long period of time. It's very easy to pay back because of the length of time involved. If you have an equivalent collateral of the loan you wish to collect, it's becomes a lot easier to get it from the financial institutions. It's the most common and easiest loan
 
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Lens1000

Lens1000

VIP Contributor
If you can secure a loan be it from an unregulated loan vendor, like the money lender's option, and utilize it properly to stand our business when its in dire need of finance then repay the loan when due, then I'll say its worthwhile. People runaway from loan when they are not sure about the success of the business they're taking the loan for. And also the high repayment interest rate of the loan.
When you make loan repayments on time at the stipulated time , you will have a good credit record and it will ease the acquisition of loans in the future. It's very important that we maintain a good credit record to be able to have access to it in the future. Loan is not a bad thing once it's used for something productive
 
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Sherman198

VIP Contributor
Getting a loan isn't a bad move especially if it's to be used for the resurrection of a waning business, then it's usefulness can't be overemphasized. But securing some amount of loan has to do with lot of guarantee of repayment at an agreeable stipulated period of time or through minor collateral, if it's from unprofessional lender.
 
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sincerem

VIP Contributor
When you make loan repayments on time at the stipulated time , you will have a good credit record and it will ease the acquisition of loans in the future. It's very important that we maintain a good credit record to be able to have access to it in the future. Loan is not a bad thing once it's used for something productive
If we can use the loan for something productive in our lives especially income generating investment, and not using it solving our personal problem or needs all the time. I see some persons taking loans to repay for another loan they took from somewhere just to clear their head off from the old one. That's pathetic, it shows the person isn't visionary.
 
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Mika

VIP Contributor
If you have a business and if you have something to give as collateral, you can easily get a loan from a bank. A business loan is one of the easiest loan types, provided you have a working business (profitable business) and you have done the paperwork. In my home country, you can get a business loan in just about a week.
 
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Alexandoy

VIP Contributor
For a business it is not easy to get a loan from the bank because it requires a valuable collateral. When my brother would be importing special steel from Japan he borrowed the title of my parents' house. The title was transferred to my brother's name so he could use it for the collateral. His credit line from the bank was approved.
 
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Riya Shah

New member
These days you can apply for secured business loans simply at NBFCs and FinTech companies.
They can give you a loan for business expansion if you meet their eligibility criteria. FinTech companies like LendingKart can give you a business loan for expansion with minimal documents and processing time.
 
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Lens1000

Lens1000

VIP Contributor
If you have a business and if you have something to give as collateral, you can easily get a loan from a bank. A business loan is one of the easiest loan types, provided you have a working business (profitable business) and you have done the paperwork. In my home country, you can get a business loan in just about a week.
Getting a loan with collateral is easier irrespective of the type of loan. Once the loan amount you requested is commensurate to the collateral and if you have a clean credit record, then you will get the loan easily. Sometimes, if the volume of transaction you carried out in your bank account is high, then you are likely to get a good loan without collateral
 
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