Connect with us

Personal finance

Where can I get loan to start a business Immediately in 2022




Is it advisable to seek a loan to start up a new business ? If this is your question the answer is a typical No.

Sometimes ago I was scrolling down my news feed when I bumped into a post about a young man seeking advice because he wants to collect a loan of 500,000 to start up a business .

Well this is a business he doesn’t have an ideal knowledge of, a business he has no idea or experience of,

but because he heard it’s a lucrative business despite the high competitive rates in the business. Funny enough people were advising him to go for the loan and invest in the business.

Too bad enough because that isn’t the right thing to do , even if the business is super lucrative there are still some chances that he still wouldn’t meet up before the due date ,

every business needs time to grow no matter how good the owner might be or no matter where the business is situated.

I know for the fact that collecting loan for a business might sound cool and alright, but it still isn’t right because of the risk involved.

Though collecting loan for a business you Know the in and out of it is actually cool to an extent. There’s always a right time to collect loan

When Is The Right Time To Collect Loan

If you already owns a business and you Know how the scales and buzz works you are already standing a solid ground on the business, and your intentions are just to stock and maximize your profit then it’s the right time

2: if you have been on that business line for a very long time and you truly understand how the business works

3: if you are sure and certain that you can sell and meet up on time before the payday

Consider Some IF’S

Sometimes you really can’t be sure or know the unforeseen circumstances that may come your way,

so that is why it is not advisable to collect loans Even though you are sure of the business and you are certain that you will make some reasonable profit before the pay back time.

You should know that loan has dealt with some good number of people, taken some business down and even some good business men back to square one

Question you need to ask your self before collecting loan

1: What if something (an emergency) came up that may push me to using the money instead of the business?

Emergency or unforeseen circumstances is something we can’t predict or stop it is inevitable, that is why most personal finance tutors / counselors will always advise you to save up for this ,

but in case of loan, Emergency that requires a lot of money might rise up and this might prompt you to use the loaned money,

when you have no any other options and of course this will result to you not being able to pay back when it’s pay back time and of course am sure you know the consequences.

2: What if I couldn’t meet up with the money on time

3: What if something bad happens along the line

What are loan apps?

Loan apps are smart phone device apps that you can use to apply and get loan approval within some minutes with no collateral, examples are

1: Palm credits

2: Quick check

3: C24NG

4: Okash

5: Specta

6:Aella credit app .

Honest truth about Loan apps

Truth is, most of these loan apps has hidden agendas, although some are genuine, however you should know that the primary goal of these loan apps is to make money and not to help you.

So don’t ever think because they don’t request for collateral you are safe or you can borrow money and run away or stuff like that,

one thing you must know is that all the promises of loan apps are not valid in fact their promises means setting traps and if this their trap eventually caught you, I bet it will be very difficult for you to escape from them.

After making research I saw that most of this apps frustrates lots of our Nigeria youth there are so many hurtful and horrible review/experience from our Nigeria youth who uses this loan apps and you must know that many of these apps are not licensed and they operate illegally.

You should know of course that this apps can do and undo infact over do since they have your BVN ( Bank Verification Number) Which will provide them with information when seeking for you, taking it generally won’t help you but rather add to your low financial wounds

Dangers of Loans to your personality

Taking loan will surely downgrade your personality especially when it comes to loan apps as they do not collect collateral but they will downgrade your personality,
no matter how small the money is.

They would even go as far as sending messages to all your contacts and to the general public with your pictures even on social medias tagging you a fraudster and / or a wanted criminal

7 reason why you should avoid Nigeria Loan apps

As the idea of free lending with no collateral sounds cool and more ideal to most people, the truth is instead of being a blessing to an average Nigerian who is struggling to stay out of poverty line, these Loan apps would even put you into a more deeper low financial mess.

So that you can even rely on more loan apps, by borrowing from different loan apps to pay the other , borrowing from this apps can keep you in a very bad and devastating emotional distress that can even lead to suicide,

Here are the 7 reason why you should avoid loan and loan apps

1: Extremely high interest rates

2: Giving up your bvn

3: Access to your mobile device

4: Harassment humiliation and intimidation : they tagged you a fruadster to the public

5:Access to your bank account

6: inability to develop a saving culture

7: Addiction: This simply means you get addicted to taking loans

I am a personal finance coach, who finds joy in helping business owners and just anyone to live a successful financial life.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.