What's your experience starting a business with a loan

[Niyi Briggs]

The pressure was much. And the fuuny part is that I took the loan for a poultry business. I almost choked from pressure. However, I managed to payback. I don't advise anyone to get loan to start a business.

 

[cherry123]

I love your points here and that is why I always advise people who want to start a business not to start with a loan but take the loan when the business is already going on well

Exactly it is not the best to start a business on loans. You might just collapse the business with loan repayment before it is started

 

[Bisolami]

The pressure was much. And the fuuny part is that I took the loan for a poultry business. I almost choked from pressure. However, I managed to payback. I don't advise anyone to get loan to start a business.

I'm glad you managed to pay back and I'm also glad that you already have the experience of taking a loan to start a business. I want to advise anyone to do that

 

[hastral45]

To start a business with a loan requires precautions and professionalism especially if it were business you are just starting. You should not invest all your loans in it because you don't know the success of the business yet.

 

[Bisolami]

To start a business with a loan requires precautions and professionalism especially if it were business you are just starting. You should not invest all your loans in it because you don't know the success of the business yet.

You are very right but if the person is not a professional you should not try to take a loan to start a business. It may be very risky.

 

[flower]

It is not impossible to start up a business with a loan because the end is not always good.

 

[nomad]

I started three different businesses with a loan and all of my businesses failed. I have had a pretty bad experiences regarding starting a business with a loan.

 

[IB D]

I have never experienced it before but I have heard that the story is not always palatable. I had a neighbor who couldn't sleep in the house she rented because of loan.

 

[eldavis]

I have never started any business with loan before and this is one thing i really do not want to experience. Starting a business with loan usually take away your peace of mind.

 

[Niyi Briggs]

You would just lose your peace of mind and you won't even be able to coordinate the business well. It is not even good to run a business under pressure.

 

[cherry123]

It is good one but not impossible to start up a business with a loan because the end is not always good. but you need to go for one with little interest

 

[Niyi Briggs]

No matter how little the interest might be, a loan needs repayment from the day it is disburse. Unless it is possible to schedule repayment to start 6 months after disbursements of the loan.

 

[cherry123]

Yes that's the fact we have to always look at the consequences that comes with getting loans if it will outweigh the positives it is good to avoid them than get self into trouble.

 

[Stardom22]

I think its very risky starting a business with a loan. Based on the ongoing worldwide inflation whereby the prices of all the items is very high starting a business with loan can be unprofitable.

 

[cherry123]

This is what people should know it is becoming very harmful to use a loan to start a business I have noticed this in my country. people need to avoid it.

 

[Reedex]

I had a very terrible experience starting up a business with a loan and I lost a huge amount of money in the process.

 

[cherry123]

Sure it has always been very risky starting a business with a loan. I'm always against losn for a business with this worldwide inflation starting a business with loan is sometimes unprofitable.

 

[Springtime]

I have never started a business but the friends I know who have started their business usually use their savings as initial capital. They may try to take a bank loan or get investment from angel investors or venture capitalists when their business expands.

 

[Magnus2022]

I have not started any business with loan and I will not . My friend have a negative experience with loaning company. He collected loan from loan company and the business did not move as expected. The loan company sized his property and his land he used as collateral.

 

[LoukiaCharilaou]

I read a lot about not advisable to start a business with a loan. Have you ever started a business with a loan? Did you regret using a loan or it was a blessing for you?

I would not like to start a business with a loan because it is too stressful for me. I would prefer to start it with my savings.