Many start up takes loans to start up their businesses but do you think is a great idea to take loan to start a new business? For me I don't think if it a wise decision. What's your pick on this?
Taking loans is it a good idea?
- Thread starter Immilash
- Start date
General01
Active member
The idea of loan is not bad.
It can be of help to start up a new business.
It all boils down to the level of preparation for the new business.
Once you know you have adequately prepare and have guaged that the benefit of taking the loan outweighs the risk of taking it ,you are good to go
Otherwise I agree with you
It can be of help to start up a new business.
It all boils down to the level of preparation for the new business.
Once you know you have adequately prepare and have guaged that the benefit of taking the loan outweighs the risk of taking it ,you are good to go
Otherwise I agree with you
Melanie3344
New member
A lot of people take out loans for their startups. Moreover, many experienced businessmen don't recommend investing personal money in your own business. I took a personal loan from OneMain. It offers fixed rates and fixed payments. You can address the onemain financial customer service by link if needed. Yes, taking a loan is risky, but it is worth it. If you have doubts, you can try looking for an investor first. And in case you don't succeed, only then get a loan.
Last edited:
Kingsley
Valued Contributor
Yes i agree with you on this, I don't advice people to access loans mostly when it is a start up. The business owner at this time has little or no practical experience which can be very detrimental in the case that something goes wrong and the loans can not be repaid then the owner may likely go bankrupt. it is advisable for newbies or a potential entrepreneurs to acquire practical experience from those ahead of them. And more so they can start with the little capital they have to test the waters before knowing if they could access loans or not.
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