Happy weekend friends 🥰❤️.
Asking for loans from appropriate sources has helped many achieve success in life, especially those who knows and have plans for the loans they apply or ask for, because many has also failed and kept themselves under heavy debt after taking loans due to how they could not properly manage the money 💰.
The issue to borrowing money is one that is clearly seen even by a layman since money borrowed attracts interest, so first and foremost, the borrower must make sure he has an already on going business where he or she wants to invest the money to enable the money borrowed increase the level of the business which in turn increases the turnover of the business through which the loan and interest will be paid back.
Feasibility Report:
I have not taken loans before because the plans I have to establishing a mini supermarket has not materialized. Am still on the process of knowing what amount of money 💰 will be needed including cost 💲 for renting the space or outlet and also cost 💲 to purchase items to start off which is known as feasibility report in business administration/business management. This checks are very important in start up s business which enables the borrower to know how much loan that is needed, how the money will be utilized and what time to start paying back the loan with its interest.
Initial Capitals/Collateral:
Sometimes taking loans to start up a fresh business might also not be ideal if the person involved does not have much experience about the business, so taking loans might be a bad idea. This is why am planning to also save up some money called the Initial Capital to enable me start up the business before asking for loan to help elevate it more since some of the borrowers might ask for collateral or want to see where the person taking the loan wants to invest.
I have seen many people who are into businesses taking loans because they are confidence with their business bringing out the money and its interest through turnover. And have also seen many loan bodies and organizations asking people to take loans because of the interest they expect from the loans to maximize their money. Their interest is only on the extra money 💰 they wants to make so the people borrowing should be certain with what they want to do with loan as to maximize the money, make profit from the loans before paying it back
However, taking loans are good opportunities giving to many of us to help improve our businesses or services, but many who do not plan very well ends up having bad experience. Loans should be taken with the aims of investing not for up keep, lifestyle up grading our wardrobes. I hope to take some loans once am able to start my mini supermarket which mostly involves buying and selling because this kind of businesses brings in turnover where you see the loan taken coming out with its interest at the same time.
A friend of my who went on to borrow some money from one of the online Apps is already having sleepless nights. She is into petty business of soap making and borrowed what is more than the business. And the problem is that she could not manage the money well, so paying back is becoming a problem due to how her soap 🧼 making business is not yielding bulky income. This is where bad experience on loans starts. Now she is looking for how to take another loan from another source to offset the first loan.
In conclusion, many who knows the rules to good loans are really enjoying lots of good experience with it which is why we should not jump into taking loans if we do not have means of paying it back especially loans that are very huge, not just husband and wife money borrowing or friends to friends which can easily be given up.
This is my response to #hivelearners Featured Content of Week 136 Edition 03, tagged “THE GOOD LOAN”.
Thanks for reading friends 🥰❤️.
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