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Has anyone been successfully in operation of the business with loan funds?
- Thread starter Stardom22
- Start date
I too don't have any successful story regarding the running business without having your own money for carrying out that.
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I started my business from my own savings. As a newbie in business it's not advisable to apply for loan for a capital. You will have double responsibilities to pay the loan and to profit to pay for the loan.
I know of a few people that have successfully used loans to run a business. When we say loans shouldn't be used for business, we only always imply for the initial stages of the business.
Same here I'm one advocate of not starting a business with a loan especially one with high interest. Using your savings no matter how small is your best bet
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It's good to feel business capital from our small savings not from a loan that yields high interest and it surcharges double if failed to pay in a month.
That's the truth. Borrowing money or taking a loan comes with a lot of issues
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That is true and even if you are a co-maker, you will also be affected. The bank keeps on sending messages to pay on behalf of the owner. I experienced it. I co-make a fried and she failed to pay and the bank urged me to pay.I told the bank to kill the debtor before I pay because my friend is still alive and why let me pay when she is still alive? The bank stopped messaging me.
Hahaha it can be very annoying wheh they keep disturbing you thr guarantor than the borrowerThat is true and even if you are a co-maker, you will also be affected. The bank keeps on sending messages to pay on behalf of the owner. I experienced it. I co-make a fried and she failed to pay and the bank urged me to pay.I told the bank to kill the debtor before I pay because my friend is still alive and why let me pay when she is still alive? The bank stopped messaging me.
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I quarreled the bank I said no single amount was given to me for snacks and then pay her debt? No way.
If you have customers who can pay back than your business can hold. If customers don't return back loans, you can't pay you bills. In that case you must seize something like home or car and sell it to cover loses.
That's why now I have stop doing a co sign for some people. Some people don't want to pay back
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Agree, I also refused except for a family member and relative. I trust them and they pay religiously.
I always open businesses with personal capital, meaning not loans, but my dad, who owns a grocery store, will borrow from the bank for small and medium businesses to buy stock where prices are expected to rise.
Yes, family friends do better than other borrowers. Some people don't even want to pay back their borrowed money
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Correct dunno their mindset is full of trash. They are not affected by the problem of the bank they owed to and the co-maker's reputation too.
And they forget that the co- maker took a risk by signing for them. At least they should show appreciation by paying back swiftly
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I quarreled my friend on time when K met her at work. She never stayed in the office afraid to be told. I told her to be ashamed of me and told her frankly that I will not, pay her debt as a co-maker because she is still alive and threatened her to report the matter to the heads.
No, she needs to pay up so that she doesn't still need to take advantage. Loans are debts we need to pay back
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She was able to pay by applying another loan. She's stupid. She now feels broke because her ATM was surrendered to the private loan company. She was advised to do a side hustle. She's selling fish early morning and earnes a daily profit of $10.She looks haggard.
