My real story: How Can I Get A Loan
I started to run my own business 4 years ago. At that time I have difficulty in finance, I have only 1/30 for my total project. So I think How Can I Get A Loan. Some questions I wondered: Who can I get a Loan, Where can I get a Loan, How much can I get, is a loan good or bad for me? After 2 weeks thinking, I decided to get a Loan. And now my own business have been running very well and make my life is better. So I'd like to share how can I get a Loan and you can too (if you like me 4 years ago).
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| How can I get a loan to run my own business - 4 year. It is me :) |
Who and Where can I get a Loan
A part of the loan I got is from my brothers and other is from a local small bank. The advantage of my brothers' loan is that I do not have to pay fee and rate and I can use that loan in the long time. I think this kind of loan is the best, woderfull ! About the local small bank's loan, it is easy to get a loan. But the disadvantage is high rate. Because I could not get from the big bank and I was eager, hurry to build my business so I decided to get a loan from that local small bank.
How much can I get
I got 9/30 total project form my brothers and got 10/30 form the local small bank. My brothers are very kind, they was happy lent me their saving money with no condition. They wished me would be success with my business project. The small local bank is quite easy but they only agreed to give a loan equivalent to 1/3 project value. After 1.5 years I paid them all my loan, but the interest was about 1/4 loan. I felt painful when I paid :( of course! And after 3 year running I also paid the loan from my brothers. Woa, the interest I paid them was a big party, we were very happy.
The total loan I got is 9/30 add 10/30 add 1/10 (my own saving) = 20/30 total project value. Where is the rest 10/30? This is my secret. I bought some equipments and goods deferred. I negotiate suppliers and they agreed to get payment in 2 - 4 weeks later. And I tried my best to run my business to make profit and I kept my promise :)
A loan is good or bad for me
As you see and my real business, I confirm that A loan is good for me. If I did not get a loan I would not have my good own business. But you should notice that the way we use the loan is very inportant. Unless you use for right decision with careful thinking, you will fail.
What I learn from getting a loan
Firstly, I can get a loan from my family's members with no fee, no cost, long time. They believe me.
Secondly, avoid the bank with a high rate. I have to go to several banks and compare the interest rate before deciding to get a loan. Don't hurry!
Lastly, use my loan for right invest, right expense decision.
For all reason above, I started this blog. I hope to share some good idea to get a right loan, and discover some sites and tools that can help you and me get more useful loan to make our life better. Thank you so much for reading me. Tell me if you have experience how to get a loan.
Best wishes,
Your friend, Armstrong
How can I get a Loan and You can too!
