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    Thread: What is the best method for getting a loan from the bank to start up a business?

    1. #11
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      Default Taking a loan from commercial bank or financing company, which is better?

      What do you think about collecting loans from a Microfinance bank and a commercial bank, which is a better option and has less stressful processes. Have you accessed loans facility from any of the above types of bank?


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    3. #12
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      Well, it depends on individual differences but personally, I don't like collecting loans in any circumstances because of the hassles it involves in my side of the world.

      I prefer raising the needed capital from some any other available source rather than going for the loan-collecting from those shylock money-with-dagger banks in my side of the world.

      ---------- Post added at 04:20 PM ---------- Previous post was at 04:09 PM ----------

      Well, it depends on individual differences but personally, I don't like collecting loans in any circumstances because of the hassles it involves in my side of the world.

      I prefer raising the needed capital from some any other available source rather than going for the loan-collecting from those shylock money-with-dagger banks in my side of the world.
      BE WEALTHY IF U WANNA BE !
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      THE CHOICE IS YOURS !!!


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    5. #13
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      First of all, before you even take a loan from any company, bank or individual, you need to ensure that you have an already existing business that is giving you good profit, loans should only be collected when we want to do expansion due to the increasing demand for the goods or services that we render.

      There are quite a lot of processes and paperwork that is involved whenever we apply for a loan, this must pass through the necessary approval line, it is part of the procedure to do a verification of the customer's business to do an assessment with a view to ascertaining the repayment capacity in comparison to what the individual is applying for, that is because due diligence prevents incidents of dormant loans.


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    7. #14
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      When it comes to loan I think I will go for micro finance bank, A commercial bank is usually where
      small businesses turn first for a loan. It can be difficult for a small start-up business to get a commercial bank loan because of perceived risk. Mature small businesses obtain loansregularly through commercial banks.

      So as a small business enterprise looking for business startup capital, it's quiet difficult to get loan from the commercial banks because the will somehow be afraid of the risk the business could fail.

      But as for micro finance, I think there name have said everything about them, it's more easier to get a loan from them, but the only disadvantage is that their interest can be a little bigger than the commercial banks


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    9. #15
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      Well, I will like to start answering this question by saying that taking loans from any institution should be our last resort in trying to finance our business whether it is a new startup up company or it is for the purposes of expansion, you need to ask this from your friends and family first, it is when help is not forthcoming that you should decide to opt for any of these companies to access a loan.

      Having said that, there are a couple of things we need to take into consideration before going for a commercial bank loan or other financing houses, for me what stands out is the interest rate, what is both of them offering, that will give us a clue about which will be more helpful to our course.


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    11. #16
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      Bank loans are generally more expensive and stringent in terms of the rules that they set for anyone to have access to their facilities, so I will prefer an alternative routes which might mean getting this from other financial institutions which have cheaper and less stressful methods of disbursement of their loans.

      But one thing that I see is that banks usually run after successful businesses to give them loans, the reason is just that they have seen the strength and success that these people have built over the years, which means your goal should always be to be better and become a sort after company that banks struggle to get you to take their loans.


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    13. #17
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      Loan from Bank are a program provide by Bank to borrowed money given to an a person that Bank agree with the reason from that person itself to borrow money with agreement and guarantee then the deal can be solved. More bigger the loans then more bigger the guarantee from a person to make a deal with Bank. In my country now to loan from Bank is more easily many peoples interesting to accept the Bank offers. Sometime no need good reason to filed loan from Bank, a Bank will accept it easily if a person completed a requirements and if the Bank agree with the guarantee then everything will smoothly.


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      I believe it depends on the type of business that you are actually planning, if your dream is something that requires high amounts of money to start up, some financial companies may not be able to provide you with such facilities. Their limitations may not allow them give you as much as is necessary.

      Taking loan from banks is the best because they have different advisory services that they render outside the money you are given, they have the expertise which means that you will not be allowed to go astray, if yours goes bad, that will automatically make the loan bad and unable to be repaid. A commercial bank always wants to give the best service to its clients.


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    17. #19
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      Taking a loan from commercial bank or financing company, which is better?
      Both conditions about the loan did not look good to me. Loans from bank or financing company will only put a burden on us as forex trader. We know if the loan will always have interest in the repayment of the loan. Forex trading has a big risk of failure when compared with other businesses and if coupled with loan then it will increase the risk much higher. We ourselves include professional traders do not know the condition of the forex market in real and a lot of speculation and politics that make the forex market becomes difficult to predict. By using loan from bank or financing company then we will always be overshadowed the fear of losses become greater when compared to trading using personal money. Of course, this makes the trade can not run smoothly as we imagine.
      In conclusion i think, there is nothing good if forex trading using loan capital from any agency. Unless you have a business like property or convection that is not so high risk like forex trading then you are free to make a loan as your business capital. Think again to borrow money as your forex trading capital because if you fail to pay the loan with interest then your life will be destroyed.
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    20. #20
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      Taking a loan from commercial bank or financing company, which is better?
      I think both are good but on a more clearer note we have seen its more difficult accessing loans from commercial banks than micro finance. For small start-up entrepreneurs, it's so hard for commercial banks to grants loans to them because they usually do not see this kind of business prosper in some years time. They already want established companies to apply loans and this might not be suitable for small start-up business owners.

      Micro finance banks understand this need for small startups that's why it's the better place to apply for loans and meanwhile you can't compare their interest rate with that of the commercial banks because their rates are lower and good for everyone to start with. More benefit will arise from micro finance banks than commercial banks and there is high chances to be granted the loans we desire after providing every fact needed unlike the commercial banks.


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