Should I borrow a Loan From a Bank to Start My Business

[Makah]

There has been a lot of people asking questions like this and I am creating this thread to enlighten people about it.
In my own limited understanding I don't think and I would never advice any body to borrow a loan from bank or any financial institution and all those Loan app to start a flourishing business
I will advice anybody to Hussle and work for a while to gather up some money to start a new business
A friend of mine applied for a loan from a loan app and he was given a stipulated time to pay back but unfortunately he was unable to pay back now his Bvn has been blacklisted now he can't perform any transaction on any of his bank account because he was unable to pay back his loan with the six months he was given so I will never advise anyone to applied for a loan any where
Thank you

 

[eldavis]

Personally I do not think it's a wise idea starting up a new business with a loan. The risk involved is just too much then not to mention the amount of pressure you would be in. It would be alot easier if you take things slowly and startup with the little you have, with time you can grow the business form there. With a loan on your head, your main focus would be how to pay back the loan, not how the business would grow.

 

[Ithedicious]

It may not likely be advisable . If you're thinking of getting a loan to start up any business of your choice , you have to put so many things into consideration. Like the type of business you are doing and also the interest you are going to pay. If all these things are being put into consideration you will know if you will be able to pay the interest they are asking you to pay . And you must understand that maintaining a business you have started with a loan might be very difficult if proper discipline is not applied.

You have to consider every possible thing that could be considered here like the location of your business, know if the business will be profitable in your location or not . The most important thing you should be trying to do is to avoid getting into a business that won't help you raise back the money you have collected .

 

[Swissycheese]

Hope you did it whilst rates were cheap and at a fixed rate. If so, smart move!