Should I take loan for my startup business?

[riberet19]

The important thing here is to know when to ask for it, if you are very sure of your project or idea, go ahead and ask for it, as long as you believe that you will be able to pay the debt back, it is important to always ask for a part of the debt and not the whole thing, that is, start with a certain economic cushion even if you have to go into debt.

An example, If you are going to start a business with an estimated expense of $6000 at the start, borrow $4000 and have at least $2000.

 

[Augusta]

There is nothing wrong taking loan for yourbstart up business but ensure that you repay the loan on time but I'd there is any source you can get money for that like lending a friend the money it'slwoukd be more better than taking loan

That's right no issues with taking loan but what has to be sure they can pay off to avoid future problem

 

[Stardom22]

For me l wouldn't advise one to take any loan for them to boost up their businesses. Nowadays the business loans are very expensive in terms of the higher interests charges. Most businesses have gone bankruptcy because of the loans.

 

[Augusta]

Yes, taking loan is always sweet but the thing is always about the payback.

 

[magnus2022]

Business is risky and difficult. It is advisable to avoid taking loan to start a business except you have another source of income that will help you to paying the debt. If you must take loan, make sure you take loan with minimal interest rate.

 

[Suba]

Because your startup business is not yet running and you will take out a loan, you don't have data about the business, you can't make decisions based solely on trust without data analysis, so it's best to run your startup business for at least 3 months first.

 

[Tray59]

There is nothing wrong taking loan to start a business because it's going to help you burst the financial sector of your start up this create room die for profit but you need to ask yourself will you be able to pay it back

 

[Augusta]

if you have no other options then you can go for it but remember to check the terms and conditions and be sure you can cope with them.

 

[Springtime]

There are startups here which take out a loan from the government. Such kind of loan for start-up offers very low interest rate. There is no harm taking out this type of loan. That said, do not rely on the loan. You need to invest some money yourself and have an emergency fund.

 

[Augusta]

There are startups here which take out a loan from the government. Such kind of loan for start-up offers very low interest rate. There is no harm taking out this type of loan. That said, do not rely on the loan. You need to invest some money yourself and have an emergency fund.

Yes, one need not rely on the loan try to get other avenues of funding the business