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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 ?
 

Wisdom01

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Lol, you talked right dear, friends can be even difficult to get a loan back from them, especially when they are closer, if we force them it will be like ruining the friendship. So the best it's borrow when you know your friend can afford it and pay at the right time.
The best is just to grant them money if they are in need of the loan and forget about it , because it's definitely going to take time trying to collect the loan back
 

Mariappa45

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The best is just to grant them money if they are in need of the loan and forget about it , because it's definitely going to take time trying to collect the loan back
Yes, you're right, give them funds when they're in need and never bother to worry about the money being paid on time provided that such a person is a friend indeed.
 

ahsan510

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Giving loan is not bad unless you give it to stranger or a person who cant pay you back. But it is risky and you have to take risks tk grow your business. Some business run on credit basis but they know how to recover there money..
 

Wisdom01

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Giving loan is not bad unless you give it to stranger or a person who cant pay you back. But it is risky and you have to take risks tk grow your business. Some business run on credit basis but they know how to recover there money..
Its even very risky giving someone loan compared to giving the stranger ,the person is not even sure of if he or she is definitely going to collect the loan since the person personal information is unknown
 

amgad100100

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Giving a loan is bad idea , but sometimes and in some cases or situation the loan get you more benefit than any other direct way , like giving loan and get 20 % or any average more .
 

Wisdom01

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Giving a loan is bad idea , but sometimes and in some cases or situation the loan get you more benefit than any other direct way , like giving loan and get 20 % or any average more .
It depends on how you are giving the loan too ,most time the person that is borrowing the loan would have agreed on 20% interest but still refuse to pay a dime
 

amgad100100

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It depends on how you are giving the loan too ,most time the person that is borrowing the loan would have agreed on 20% interest but still refuse to pay a dime
That is why you should not give a loan to everyone , you just need trusted people and you know them or very close to them , in that case you can judge .
 

Wisdom01

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That is why you should not give a loan to everyone , you just need trusted people and you know them or very close to them , in that case you can judge .
Exactly trust I the ideal thing there and also collect the necessary collateral the person is bringing make that very important ,so that the person would be eager to repay the loan
 

a_jerobon

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Personally, I wouldn't even entertain the idea of giving out loan to anyone, much less a stranger. You are taking a big gamble. It doesn't matter how well I know the person, if it will have a negative effect on my business at that particular time, I wouldn't do it. There are very rare exceptions though.
Yeah, giving loans to strangers online is a high risk thing that I can never do too. There was a time that someone messaged me here on BMF asking for a loan. I wouldn't just give it to him and we met online.
 

sammyblaq

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It is good to give loans because even you yourself don't know when you too might need it too,but when giving loan it has to be a trusted person. Someone is worthy enough not to abscond with your money and mind the amount your loaning to people.
It is good to give but when it comes to loan you have to stay tight to the collateral option as a person once trusted can surprise you tomorrow by failing you when you least expected it.
 

sammyblaq

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Yeah, giving loans to strangers online is a high risk thing that I can never do too. There was a time that someone messaged me here on BMF asking for a loan. I wouldn't just give it to him and we met online.
It is out of option. You might be moved to give freely but not on a Loaning level. A brother/friend that you see everyday will go scarce to you when you loan to them talkless of an online person that might come back to tell you that his account was hacked.
 

Dav1d

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Personally I don't think I would ever go into the business of giving out loans to others, I have not made enough for my self not to mention loaning it out to others, I don't even have the power to start fighting or forcing people to pay back later on
 

ahsan510

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Giving loan to those who can repay you in future is a good deed. But giving loans to strangers or giving loan to those who cant repay you. Try to give loan as much as you can bear the loss of it. Every penny matters nowadays.
 

sammyblaq

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Personally I don't think I would ever go into the business of giving out loans to others, I have not made enough for my self not to mention loaning it out to others, I don't even have the power to start fighting or forcing people to pay back later on
Very funny. They won't understand it that way when you tell them. Like some investment will tag it "invest with your spare". If you are to loan out, loan out what you can forfeit.
Some can get you collateral and they won't come for it again.
 

ahsan510

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Im not in favor of giving loans untill you have ful surety that it will be repaid. Don't give loans to strangers only give loans to those who you know better and try to give loans according to law so it can be demanded as law says.
 

sammyblaq

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Something giving out loan maybe risky sometimes because you don't know the mind of your customers maybe is good or Bad.
Even the banks watch it closely about loan giving, before they let out money to any some criteria's must be met because you cannot come from any angle and get a loan. There must be track.
 

ahsan510

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Loans should be given to those who can repay it otherwise im against giving loans to those who are strangers or those cannot pay you back. Some soft heart individual give loan and then they face problems in its recovery.
 

Chibson

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The truth is that there is nothing wrong in giving loans for businesses but it is much more important to have knowledge about the business you are venturing into. A lot of people take loans to go into businesses and fail which will definitely plunge them into bad debt.
 

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