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Loan as source of fund for start up bussiness

Moseschidera

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For those who have taken loans to finance their startups, please share your experiences - the process, terms, tips etc. Was it worthwhile? How did you determine which loan option was best for your needs? This is one avenue of funding I'm exploring so interested to learn from others who have gone through it.
 
I have never tried using loan to start a business before and I don't really plan to. I have seen some persons use loan but the results they got was not really a positive one.
 
I have never tried using loan to start a business before and I don't really plan to.
Same thing. When I opened my business 4 years ago, I preferred by far whatever trick to maintain my business free of every expensive. For ex., choosing to rely on online material to perform lessons for my students, instead of purchasing expensive books and dictionaries (a lot of time I only had a single student per season, so such a purchase would have been a nonsense and I would have worked always in loss). In the case of my thrift shop, I avoid to rent a physical space (that carries also bills to pay), but I chose a door-to-door activity, selling the old stuff belonged to my mother and her friends, to my grandmother and my used stuff too. So no need to ask for any loan at all. And the opening of the kind of my small business was at zero cost due to the financial laws concerning the smallest businesses.
 
In my humble opinion, taking out a loan to start a business is not a wise decision. Starting any business comes with risks, and if it fails, then the loan becomes another problem to deal with. In most cases, you end up having to take out another loan to pay off the existing one, along with high-interest rates. Therefore, I prefer to save up money for the business I want to start.
 
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