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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 ?
 

anil02

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Never give loans , it is a loss as you said , who guarantee you that all people feel responsability and will pay back their loans , and if they want but they failed to pay who will be loser ?
You
I am not agree with you but if some one have spare money than what is wrong in lending others to earn some money. But before lending we must be take proper security from the lone. In this way can safe our money
 

Pousinha

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I am not agree with you but if some one have spare money than what is wrong in lending others to earn some money. But before lending we must be take proper security from the lone. In this way can safe our money
I think it's to consider the legal matters our specific country faces. I agree with user Salimo, because among countries like Africans ones and Latin Americans, often it doesn't matter how many proper security measures we take: when the standard is the laws being
and ignored, is very better to avoid to get in trouble. We must remember we unfortunately don't live in the USA or in a northern European country.
 

Salimo1

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My mother once had a similar experience some time back. She just had to drop the case and let go cause she felt it was not worth it damaging her image just cause she wants to take her money back.

My mother once had a similar experience some time back. She just had to drop the case and let go cause she felt it was not worth it damaging her image just cause she wants to take her money back.
Yes you cannot expect how much people love money and want to be rich even with illegal manners by stealing others people , just be aware of this category of people .
 

Mikesax

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My advice is rat you should not give loan to any body that you can not trust or know very well.
Giving loan to any body must involve a concrete agreement that can save one if there is any default in future.
 

Dav1d

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Yes you cannot expect how much people love money and want to be rich even with illegal manners by stealing others people , just be aware of this category of people .
It's the love of money that has made so many persons go into various illegal activities. Especially our young ones, they are so eager to make it that they are willing to do anything without being patient.
 

Salimo1

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It's the love of money that has made so many persons go into various illegal activities. Especially our young ones, they are so eager to make it that they are willing to do anything without being patient.
Yes right they have many dreams in life they want to achieve them even by exploiting others people , they just don't care about you , they just want your money .
 

Dav1d

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Yes right they have many dreams in life they want to achieve them even by exploiting others people , they just don't care about you , they just want your money .
Exactly, as long as they get the money, that's what matters. They do not care about how much they hurt others or what does persons are going through, they just want to please themselves on the expense of others.
 

anil02

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I think it's to consider the legal matters our specific country faces. I agree with user Salimo, because among countries like Africans ones and Latin Americans, often it doesn't matter how many proper security measures we take: when the standard is the laws being
and ignored, is very better to avoid to get in trouble. We must remember we unfortunately don't live in the USA or in a northern European country.
Here in my country many peoples are doing lending business. some are legal and most are illegal means they have not lisence of lending business. Here most of peoples lending money against gold.
 

Salimo1

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My advice is rat you should not give loan to any body that you can not trust or know very well.
Giving loan to any body must involve a concrete agreement that can save one if there is any default in future.
It is better to not give loans though , only you can give it to your brothers or sisters if they are in need otherwise I think you will more likely to lose your money .
 

Salimo1

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Honestly, I do not recommend it because I had a bad experience from it in 2019. When I started my poultry farm I actually sold my chickens on credit to customers just so I will not lose them and at the end of the day it backfired and that's how my business collapsed and I didn't even see the customers to get my money. It was such a terrible experience!
Oops that's really terrible , never give something to customers for free , may be some of them give the money back but be sure the majority wouldn't give any importance to your trust , I'll never give loans or something for free to others people , I don't want to risk my money anymore .
 

ashim kate

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Giving out loans to people especially around here can come with a lot of headache. If you have enough money then given out to people to start their own business might be ideal but you might suffer in order to get your money back. This is why I recommend having legalities where the person is going to States how he is going to pay the money within a particular amount of time.
 

AudraMiller

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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 ?
I think that it is a very bad idea because there is a lot of risk that is involed with this as well. there is always the chance that the person will not be able to pay you back and whilst you may have something listed as collateral the risk to your finance is very high in this repsect.
 

Kubiat-Abasi

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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
Giving out loans is actually a big NO for me, this is because I have encountered so many setups and blackmail because I offered to give a loan to a supposeth friend or to a colleague. Personally, I would not advise giving out loan unless it is an illegal agreement between two parties which would be officially signed and even with that, I don't think presently I can give out loan to anybody, I would rather advise you to go to financial institution or better still get from loan apps.
 

dorcasy

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If you are not happy in the line of business just avoid it,it's easy to collect loan than to repay back.
I know what I have passed through just because of my act of kindness with people at the end you end up losing all.
Only give what you can afford to lose or better still, there should be an undertaking.
 

ashim kate

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It is true but it is quite unfortunate that some people actually do not have money to be instantly. I am just leaving and going to put my business from a hold because somebody is owing me money and this is what I'm going to do. I will only lend out clothes two people on credit if they are going to bring a guarantor who is a salary earner.
 

ashim kate

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I understand that the ultimate aim of every business is to make profit at the end of the day and as such that is exactly what everybody should be chasing after. A lot of people who are going to be collecting loans from your business or taking your products on credit do not really have the intention of paying back at a healthy time and I will advise that you should only learnt hours to people that are going to allow you to withdraw the money automatically from their bank account when the time comes.
 

Ridorz

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I can not recommend a giving loan to anyone, because I had have a experience on it. Especially it's not good for a new business to give loan out, even old business, except if it's a regular customer that you know that he/she can not run away with your money. Because some people stubborn to the extend that they will be feel like there is nothing you can do for them.
 

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