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[Reznov]

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 ?

 

[Ewogboka]

Correct the amount shouldn't exceed that range because when it excess it, there could be some form of bribery and corruption in the deal

Not bribery and corruption but when the amount exceeds and the person is unable to pay back the lender will spend more to file legal action

Trust is truly very important in giving out a loan. I wouldn't give you a loan anymore if you failed to pay back previously. That is why even big companies check your credit rating before giving you a loan.

Good move or strategy but did also know that most of the defaulters don't bother to reapply they look for other places .

 

[a_jerobon]

Good move or strategy but did also know that most of the defaulters don't bother to reapply they look for other places .

Yeah, right. People can be so cunning with money when they know that they cannot be caught physically. Many mobile app lending companies have lost so much money that way.

 

[Binita100]

Trust is truly very important in giving out a loan. I wouldn't give you a loan anymore if you failed to pay back previously. That is why even big companies check your credit rating before giving you a loan.

They will check if its a kind of person with too many bad reputation or the person with many good reputation , before giving out the loan , its something to check fot

 

[tray59]

They will check if its a kind of person with too many bad reputation or the person with many good reputation , before giving out the loan , its something to check fot

what matters the most reputation if you maintain a good reputation I think that many loans establishment will grant you access to their loan,loan is a good way which you can get money to improved the quality of your business.

 

[Binita100]

what matters the most reputation if you maintain a good reputation I think that many loans establishment will grant you access to their loan,loan is a good way which you can get money to improved the quality of your business.

Once you have completed so many loan without faults your reputation would increase and when the bank sees that they would love to give you loan

 

[a_jerobon]

what matters the most reputation if you maintain a good reputation I think that many loans establishment will grant you access to their loan,loan is a good way which you can get money to improved the quality of your business.

Yeah, a loan can save you alot from time to time. Especially when you are expanding your business and need more money. That is why taking care of your reputation in most loan lending companies is very important.

 

[tray59]

You are right mate its risky but go into a legal agreement with a legal person ,so that the legal agreement wont be compromised at the end

Yes you must go into legal agreement with the person involve this is just to ensure that the person wont run away with your money,its one of those business that has high tendency of risk,so someone need to be careful when giving out loans.

 

[mildredtabitha]

I believe people should set boundaries. No giving loans to new people.

When someone is old and you trust the customer, only give them loans after they establish their credit worthiness.

Another way you could lend to new people is by taking a physical item in exchange for the loan like they do in real estate. This means taking their watch, necklace or phone so Incase they don't pay the loan, the item will be used to replace the money. This is great if the item has the same value as the loan taken.

 

[Ewogboka]

I believe people should set boundaries. No giving loans to new people.

When someone is old and you trust the customer, only give them loans after they establish their credit worthiness.

Another way you could lend to new people is by taking a physical item in exchange for the loan like they do in real estate. This means taking their watch, necklace or phone so Incase they don't pay the loan, the item will be used to replace the money. This is great if the item has the same value as the loan taken.

It is the same as collateral before giving out loan so that if they default you will sell of their property as agreed in the document signed .

 

[chemicalcat]

I can only recommend you to use cool crypto lending services, such as CoinRabbit!

 

[Manish200]

You must have the skills to identify loyal and potential longterm customers. If you can manage to do that and you possess good people skills, I think granting credits can definitely help your business. Its totally depends upon your judgement. You can't give credits to every customer from nearby also but there are some of those you can't deny too.

 

[infinitytech]

I giving out loans is truly a profitable side business but you should always know your clients properly before giving any loan to them.

 

[Ofonime]

I giving out loans is truly a profitable side business but you should always know your clients properly before giving any loan to them.

before giving out a loan you must know the person and what he is doing to ensure that he can pay the loan,you cant just give the loan to anybody that come your way you must know what he is doing for a living

 

[Hashay]

Bad debt is always included in the financial statement of a company for a reason, one cannot do without giving loan so one best prepares for it.

 

[kaycee001]

Yes because with the world dwindling economies people need loan support to boost their dying businesses n also to keep staying in business.so loan companies can give out soft loans to support n encourage the growth of businesses

 

[Ofonime]

Yes because with the world dwindling economies people need loan support to boost their dying businesses n also to keep staying in business.so loan companies can give out soft loans to support n encourage the growth of businesses

]That is very correct I know giving loan is one of the way you can use to expand your business,its the loan that many people uses to open and build a business but before you chose to give out a loan you must know the person very well and the occupation he is doing so he can pay back the loan easyly

 

[Damismiling]

Loans is not always advisable for business, as it a great enemy of the business, in no time it can cause the business bankrupt and stop the business from running

 

[anil02]

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 ?

Giving loan and selling goods is must in business. We can't avoid it. So it is better to give loan or allow credit to peoples who are well known and good in paying. It is possible that some one don't pay

 

[ELSA-ELI]

Its really a hurdle but its just something you cannot avoid in a business to ensure you attract some more clients to your market base but you just have to ensure that you put up a very good recovery plan and only budget a percentage that you arte willing to risk as compared to risking everything.

 

[mildredtabitha]

You must have the skills to identify loyal and potential longterm customers. If you can manage to do that and you possess good people skills, I think granting credits can definitely help your business. Its totally depends upon your judgement. You can't give credits to every customer from nearby also but there are some of those you can't deny too.

I agree with your point but I don't think it is a skill because some have tried to be careful in lending and still never got back their money. I think people should set boundaries and customers should know that they have to prove their credit worthiness for them to receive a loan.