Risk in loans?

[Deleted User]

somethingisout100 said:

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

I think you need to spend a lot of time carrying out a lot more due diligence.

No intelligent business person starts up a business project with such vagueness.

What business are you setting up, with more information we can all give a proper tailored response.

foxy-stoat

somethingisout100 said:

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?

Go on, I will answer your questions:
Yes, taking out any sort of borrowing is a risk.
Saving is a better option, so you wont pay interest.
My experience about asking about loans from banks, I applied for a loan, got it, spent the money, paid it back each month.

I hope this helps.