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To save or to take up a loan?

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JoeClark
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To save or to take up a loan?  Reply with quote  

Hi.
I have been debating about this with friends for long. Is it better to save up to start a business or to take up a loan? Saving up is time inefficient, though you avoid the interest rates. Loans on the other hand let you start your project now, though you now have to pay up the interest rates. What tipping point works for you to decide of either?
Please Help.
Thanks !
I didn't find the right solution from the internet.
References:
Post Wed Aug 23, 2017 10:22 am
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spindoctors01
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Re: To save or to take up a loan?  Reply with quote  

quote:
Originally posted by JoeClark
Hi.
I have been debating about this with friends for long. Is it better to save up to start a business or to take up a loan? Saving up is time inefficient, though you avoid the interest rates. Loans on the other hand let you start your project now, though you now have to pay up the interest rates. What tipping point works for you to decide of either?
Please Help.
Thanks !
I didn't find the right solution from the internet.
References:


What business do you have in mind? If you think it is worth risking for, try applying for a business loan. Borrowing money will help you achieve your dream venture. Don't worry about the interest rate. Several lending companies offer a low-interest rate that suits your capacity to pay. Additionally, if your business is profitable, you will eventually regain the money. Have a read of this handy article on how to apply for a business loan: https://www.ecomparemo.com/info/business-loan-application-a-handy-guide-to-financing-your-venture/

Best of luck! Smile
Post Thu Sep 07, 2017 5:28 am
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