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❓ASK Do you recommend giving loans?

Reznov

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As my parents own a clothes store, sometimes people have to get clothes and pay you later (only if you know, and if they live in the nearby), but not all of pay back in time or even payback, which is a kind of loss if you calculate it, but sometimes giving loan to people makes you gain clients that keep coming a lot of time, so that's like a 50/50, do you recommend giving loans or not and why ?
 
Loans are very risky to give mostly for the people you dont know anything about,some of them may run away with your money except you chose to go into legal agreement with the people involved
 
you can give loans to people that have a verified source of steady income and your interest rate must be a single digit with a flexible repayment plan, most of them will find it easy to payback, but never treat your business as a loan, only sell to those that has the capacity to pay instantly after purchase or else you will run out of business and go bankrupt
 
As my parents own a clothes store, sometimes people have to get clothes and pay you later (only if you know, and if they live in the nearby), but not all of pay back in time or even payback, which is a kind of loss if you calculate it, but sometimes giving loan to people makes you gain clients that keep coming a lot of time, so that's like a 50/50, do you recommend giving loans or not and why ?
I do recommend giving loans but with collateral , irrespective of who ever is receiving the loan .
This is because , people can't be trusted anymore , they can easily fail us , and so the collateral serves a reminder to them .
 
One good thing about giving loan is that , it offers an opportunity to earn while the capital is still intact , the capital can be list if it was secured with a collateral , and you will be certain that money comes in as interest every month .
 
it's good and bad at the same time:
it's good because you will help your citizens (My father in the past couldn't build a house due to the money so they give him loans to do that) but they must follow them to payback that money especially in my country ??
 
Giving loan is fine. But there has to be a strong rules and regulations guiding it. People can be so stubborn paying back. That is why you see some loan site sending thugs message to their clients after their loan date offer has expired
 
Giving loan to customers is a very good idea, but it's a must to have a legal document binding it so that the loans can easily be recovered.
well, sometimes the amount is kind of low that it requires no documents, but i believe people should have self dignity and pay their loan back so they can keep their reputation
 
well, sometimes the amount is kind of low that it requires no documents, but i believe people should have self dignity and pay their loan back so they can keep their reputation
In case of a low amount of money that may not require collateral , you have to know the person very well , see the feasibility of what he wants to do with the money , before giving out the money .
 
In case of a low amount of money that may not require collateral , you have to know the person very well , see the feasibility of what he wants to do with the money , before giving out the money .
Yeah that's what i exactly wanted to say, but in some occasions like this pandemic, a lot of people didn't pay their loans, but i believe they will do
 
Yeah. But that is not the best way. Following people to pay back money is not convenient at all. This is what makes the ideology of collecting loans skewered. The system of collecting and payment of loans need to be improved,
yeah exactly, there are many businessmen in my country who got many loans to make a project (like building hotels...) but they didn't anything at final
 
Yeah that's what i exactly wanted to say, but in some occasions like this pandemic, a lot of people didn't pay their loans, but i believe they will do
The fact is that , I won't give out loans now , because of the effect of the pandemic .
Most people may not be able to meet up with paying the loans due the pandemic , so is better not to give it out in the first place .
 
The fact is that , I won't give out loans now , because of the effect of the pandemic .
Most people may not be able to meet up with paying the loans due the pandemic , so is better not to give it out in the first place .
Well, we can't give loans as well, because people aren't willing to buy clothes and giving priorities to important things like food
 
I would rather not giving a loan to a stranger, it's way too risky. I'm not sure if having a lot of clients that can't even pay cash at the moment they purchase something can be considered good.
 
The truth if the whole matter is that , right now , people have less cash , and businesses aren't moving very well , so most people are not even sure that what they have will be enough for them .
No one can easily give out loan now
 
It is advisable to give loans to people with traceable identity and are financially secure, regardless the amount of loan to be given out ensure proper documentation of agreement don't trust people when it comes to money.
 
It is advisable to give loans to people with traceable identity and are financially secure, regardless the amount of loan to be given out ensure proper documentation of agreement don't trust people when it comes to money.
As you rightly said, it's good to only give loans to people who can be easily traced, and proper legal documentation should be done no matter the amount of money involved because people can't be trusted especially when it concerns money.
 
If you want to be giving out loans to people , first you need to get your venture registered in order to get strong legal backing then follow other legal documention as suggested by others here.
 
Money intoxicate people's brain so don't every body value their dignity as you think you do. Even if it your friend ensure a written agreement exist. I have seen cases where some micro finance banks give out soft loans and the repayment became an issue because the loan was not use for business purpose.
 
Money intoxicate people's brain so don't every body value their dignity as you think you do. Even if it your friend ensure a written agreement exist. I have seen cases where some micro finance banks give out soft loans and the repayment became an issue because the loan was not use for business purpose.
Not only that, but nobody else will dare giving that exact person a loan because he's known for not paying loans back, which is a serious issue
 

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