Yes....If you have a loan as a back up when your business about crumbling at least you will something to reckon on. Just like the saving Angel lol. But it's better to make amends on what's diminishing your business, when you receive the loan, because if not, you may end up looking for another loan.
Taking a loan for the expansion of your business is a very wise thing to do. A loan should be taken for something that will yield interest not something that won't.....If you borrow a loan it has to be for propagating a business that will be profitable inorder for the bearer to be able to pay back the loan.
Lucky for you to have a good and reliable friend to borrow you cash not everyone has got that privilege.....And what you did with the cash was reasonable enough to have invested the cash into shares and made your profits, is a very wise and smart thing to do. As per buying a house, if you live in a country where getting a loan can be easy, then no probs.
Well you were very lucky to have had the opportunity for the loan. Loan can some times very helpful especially if you are choked with debts. But what I'm concerned about when it comes to loan is to have a sustainable job that is paying you well enough, so someone can be able to have something to offload the current loan. If not for your sustainable job, it couldn't have been easier.
Some decisions in life are unavoidable. Circumstances and situations makes us to do some things that seem irrational but it's the right thing to do. We just have to be optimistic, that everything will be okay. Loans sometimes are not what we wish for but life can push you to taking loans. You can't watch your business crash all because you don't want a loan.
Perfectly said. As a business owner i can't let my mini business crumble just like that. I'm optimistic that the business can make me be financially free tomorrow when the transition period is over. That will require extra funding from me, and more determination to carry on. In order to get money to stand the business will be taken loan, when that's the only alternative left to stand a dying business.
That's it! But if your business is crumbling and You have tried so many places to get a loan either from families or friends, and you couldn't get any help from any of those and the only option for you is to get a loan from outside or loan firm, and you refuse to do so, then the implications will be dire too, because you will have to watch your business crumble....So you will go for a loan without even thinking about the implications. You just have to be an optimist!
That's where the problem store, if you borrow and never meet up the deadline, that's an implication. That's why I'm wary of such, cos the failed deadline, attracts conditions that is more disheartening indeed. It might make a promising business to crumble down to zero cos collateral will be taken, leaving the business owner with huge mountain to climb.
Well said! To keep a business running is not really easy. A lot of issues may rise up during the life span of a business. Which can shift us to getting a loan unavoidably. Getting a loan or borrowing doesn't sound so hard, but major place where the issue lies, is repayment of the loan. A loan could be taken for any reason, I'm not against any reason why a loan should be taken or not. What I'm after is the repayment.
I fancy your discipline....If everyone is like you, they will be saving their selves a lot of embarrassment. I think it's advisable to anyone to go borrow from family members than going outside borrowing which will or may result to embarrassment, if the person failed to keep to the end of the bargain, as the time of repayment. Very nice
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