Risk in loans?

somethingisout100

i recently have this thought of getting a loan to fund a business i want to establish online. bu you see im so scared of taking loans, judging from friend's advice.
do you think asking for loans is a risk?
if so, what do you think is a better option?
or whats your experience about asking loans from banks?

[Deleted User]

Once you've put your business plan together, you'll have a better idea of your needs.

somethingisout100

Deleted_User said:

Once you've put your business plan together, you'll have a better idea of your needs.

yeah thats true...but you know must business fail (sad)im giving myself a wrong impression maybe?

[Deleted User]

In that case, choose a better business model.

Grumpy_chap

somethingisout100 said:

Deleted_User said:

Once you've put your business plan together, you'll have a better idea of your needs.

yeah thats true...but you know must business fail (sad)im giving myself a wrong impression maybe?

Why would you start a business that you think is going to fail?
Why would a lender lend against such a business plan?
However you structure your business, most start up loans require personal guarantees so it is not possible to borrow and squander money and then the business fails and the business founder is absolved from liability to repay the loan.  Just in case that was an idea that crossed anyone's mind.

somethingisout100

Grumpy_chap said:

somethingisout100 said:

Deleted_User said:

Once you've put your business plan together, you'll have a better idea of your needs.

yeah thats true...but you know must business fail (sad)im giving myself a wrong impression maybe?

Why would you start a business that you think is going to fail?
Why would a lender lend against such a business plan?
However you structure your business, most start up loans require personal guarantees so it is not possible to borrow and squander money and then the business fails and the business founder is absolved from liability to repay the loan.  Just in case that was an idea that crossed anyone's mind.

thats true though...you know that first time feeling?? lol, just a bit scared 

Clive_Woody

somethingisout100 said:

Grumpy_chap said:

somethingisout100 said:

Deleted_User said:

Once you've put your business plan together, you'll have a better idea of your needs.

yeah thats true...but you know must business fail (sad)im giving myself a wrong impression maybe?

Why would you start a business that you think is going to fail?
Why would a lender lend against such a business plan?
However you structure your business, most start up loans require personal guarantees so it is not possible to borrow and squander money and then the business fails and the business founder is absolved from liability to repay the loan.  Just in case that was an idea that crossed anyone's mind.

thats true though...you know that first time feeling?? lol, just a bit scared 

Write a plan where you won't fail. Go to the bank and convince them to lend your business money. Do you have your own money to invest in the company?

Thenonameleague

somethingisout100 said:

i recently have this thought of getting a loan to fund a business i want to establish online. bu you see im so scared of taking loans, judging from friend's advice.
do you think asking for loans is a risk?
if so, what do you think is a better option?
or whats your experience about asking loans from banks?

What is it your friend has told you about loans ?
Nothing wrong with loans, poblems arise when you dont make the monthly payment.

somethingisout100

Clive_Woody said:

somethingisout100 said:

Grumpy_chap said:

somethingisout100 said:

Deleted_User said:

Once you've put your business plan together, you'll have a better idea of your needs.

yeah thats true...but you know must business fail (sad)im giving myself a wrong impression maybe?

Why would you start a business that you think is going to fail?
Why would a lender lend against such a business plan?
However you structure your business, most start up loans require personal guarantees so it is not possible to borrow and squander money and then the business fails and the business founder is absolved from liability to repay the loan.  Just in case that was an idea that crossed anyone's mind.

thats true though...you know that first time feeling?? lol, just a bit scared 

Write a plan where you won't fail. Go to the bank and convince them to lend your business money. Do you have your own money to invest in the company?

yes but aint enough

somethingisout100

Thenonameleague said:

somethingisout100 said:

i recently have this thought of getting a loan to fund a business i want to establish online. bu you see im so scared of taking loans, judging from friend's advice.
do you think asking for loans is a risk?
if so, what do you think is a better option?
or whats your experience about asking loans from banks?

What is it your friend has told you about loans ?
Nothing wrong with loans, problems arise when you dont make the monthly payment.

his own bad experience of taking Bank Loans for Business...i yawned, haha

Clive_Woody

somethingisout100 said:

Clive_Woody said:

somethingisout100 said:

Grumpy_chap said:

somethingisout100 said:

Deleted_User said:

Once you've put your business plan together, you'll have a better idea of your needs.

yeah thats true...but you know must business fail (sad)im giving myself a wrong impression maybe?

Why would you start a business that you think is going to fail?
Why would a lender lend against such a business plan?
However you structure your business, most start up loans require personal guarantees so it is not possible to borrow and squander money and then the business fails and the business founder is absolved from liability to repay the loan.  Just in case that was an idea that crossed anyone's mind.

thats true though...you know that first time feeling?? lol, just a bit scared 

Write a plan where you won't fail. Go to the bank and convince them to lend your business money. Do you have your own money to invest in the company?

yes but aint enough

Bank will want to see big chunk of change from you too for the business before they consider lending any. Do you have a business plan?