Is it wise to take a loan for business.

[Chibson]

I have read a lot of things online, regarding taking loan in order to start a business. A lot of people with different opinions, some people saying that it is wise to take a loan in order to start a business while some do not agree with such. In my own perspective, I don't think it is wise to take a loan before starting a business because if the business goes wrong you will definitely go into bad debt. So I think it is better to start small and grow the business, this is because I have seen a lot of people who started small and grew their business. The only time I would recommend somebody to take a loan is if they already have an existing business that has prospered. But if you are just starting, it is not wise to take a loan.

 

[btaliat]

I don't always advice a person to take loan to start a business. It is very risky. Business is a two edges sword. The success of a business is anchored on many factors. If the business goes haywire, there may be difficulty in the loan repayment. But I do encourage business owners to obtain loans for the expansion of their businesses.

 

[sincerem]

I don't like the notion of taking loan for a business start up or anything in fact. The implications of loan taking isn't entertaining to me. I can't risk my time trying to take a loan for a business start up I'm not sure of. Even if I'm sure of it, i can't still go get a loan. I see that is being ray in business career, i should save up and start from my own sweat to build it up to stardom.

 

[Josemendez]

Well , when the desired is not available , the available becomes the desired. Normally , it is not proper for someone to start a business through money generated from loan. This is b cause it will be very difficult for the person to take calculated risks , secondly in order to meet up with the loan terms and conditions , he has to be release a certain amount to the financial institution irrespective of whatever be the case

 

[sincerem]

Well , when the desired is not available , the available becomes the desired. Normally , it is not proper for someone to start a business through money generated from loan. This is b cause it will be very difficult for the person to take calculated risks , secondly in order to meet up with the loan terms and conditions , he has to be release a certain amount to the financial institution irrespective of whatever be the case

Even if the desired isn't available for me, i can't fancy my chance around loan taking for starting up a business. That's the starting point, i can't use a borrowed funds for that. Since the business isn't certain for me at the moment to generate income so i can't risk it all to start with a loan. I'll simply save up some amount gradually, even if it will take me years I'll go by that, until i achieve the desired funds to own a business.

 

[Mataracy]

For me u can say yes because some time their may be no place to get the money and the only option is to take loan. I will advise to take so far you know the reason why you are taking it.
And before one take any loan the interest rate should be consider so that it will not affect your business negatively.

 

[sincerem]

High interest rate have always keeping me away from taking loams for whatever reasons. Some interest rate charged during repayment is bizarre at times, and when one fails to meet up deadline the charges goes up too. That's cruel i must say. I don't fancy my chances at all seeing myself taking loans cos of those high interest rate by mortgages.

 

[Alexandoy]

I am always against taking a loan for a start up because it puts an added pressure on the operation of the business. However, if the business is growing then that is another story. You get a loan to expand your business like adding a branch office or branch store then that is great. But if the business is falling down then try to sell an asset instead of getting a loan.

 

[Mellorando]

Before collecting a loan to start up a business one must understand that in case the business don't turn out to be profitable he or she must have another way of paying back the loan in the absence of no substitute then it is advised that he or she shouldn't collect the loan

 

[sincerem]

Before collecting a loan to start up a business one must understand that in case the business don't turn out to be profitable he or she must have another way of paying back the loan in the absence of no substitute then it is advised that he or she shouldn't collect the loan

Yes, this kind if guide should be taken seriously by the one that wants to take a loan to start any business initiate. Going into to take a loan when the person starting it isn't even sure about the business is not a wise option to take a loan. The consequences of taking a loan to start a business that falls short is detrimental because the financial debt gonna be overload for the person.

 

[funmi]

It is not a bad idea to take loan for business but if the business is a new business or as a starter,it is very bad to start up a business with loan money. Loan money can be used to boost a business that has been running before.

 

[Samuel72]

Yes of course it is wise for you to take a loan for a business, but there are some business that does not worth taking a loan such as business that you are not 100% sure of, before taking a loan for a business you should verify if that business will be successful and profitable for you.