Will you take out a loan to start a business?

[freelancermaria]

Will you consider getting a loan to start a business? In my case, if I ever establish a business, I will not take out any loans. Because of the high-interest rates and the uncertainty of whether my business will be successful, I will do my best to save for it. I read a while back that she launched her small business with loans from digital banks and relatives. She is currently unable to pay because her business is struggling. Some individuals suggested that she sell all of her items at a low price to pay off her debts.

 

[Starmix]

It's a big NO for me. I am afraid to apply for a loan. I might be having sleepless nights. My business started out from my savings.

 

[eLdavis]

One thing I will never do is take loan to start a business or take loan for trading. There are so many uncertainties, I don't think I can handle such risks.

 

[Stardom22]

It's not advisable to start businesses with loans. lts very heartbreaking to run a struggling business to pay business loans.

 

[itsmejob]

I won't go this route. If I want to put up a business I would rather use my own money. So I will save for it first. This way, I won't think of the monthly payment and the interest.

 

[deucher]

You can try it, but only if you have a really good plan and you are confident in it, because everything is much more serious than spending your own money. You need to understand whether the business will be able to bring you enough money so that you can later pay off the debt