There are no guarantees when it comes to applying for a business loan. In these turbulent financial times, banks are being extra cautious. So even if you have extraordinary credit, you may still get rejected.
You may see many sad stories on the news lately about people who have lost it all due to the bad choices that some bank executives have made when it comes to investing. As a result many of these executives have shamefully apologized for their mistakes. This may never be enough however for those that were left hanging to dry.
Are the lenders to blame or the borrowers? Often the blame can be placed on both as it takes two to tango. Bad lending to bad borrowers will more often lead to disaster.
As tempting as it may be, large loans come with a large responsibility to pay it back eventually. Not accounting for this may land you in some serious trouble with your credit, and you may not be able to borrow again.
Today's motto should be borrow responsibly and never speculate for your business. This may have been opposite thinking in the past however in today's economic climate you need to be extra careful with your spending habits. Always be resourceful.
The concept of borrowing sensibly may seem trivial and boring, however it is what will help you to stay in the game long enough to see success in the future. Be sure to always look ahead when it comes to your business decisions.
You need to get out and get real business credit and stop using your personal credit cards as leverage. I can be the first to tell you that there is a lot of business credit available even in this awful economy. If you start leveraging your personal assets for your business though you could end up broke and homeless. Not to mention stressed out and separated from your family. - 29866
You may see many sad stories on the news lately about people who have lost it all due to the bad choices that some bank executives have made when it comes to investing. As a result many of these executives have shamefully apologized for their mistakes. This may never be enough however for those that were left hanging to dry.
Are the lenders to blame or the borrowers? Often the blame can be placed on both as it takes two to tango. Bad lending to bad borrowers will more often lead to disaster.
As tempting as it may be, large loans come with a large responsibility to pay it back eventually. Not accounting for this may land you in some serious trouble with your credit, and you may not be able to borrow again.
Today's motto should be borrow responsibly and never speculate for your business. This may have been opposite thinking in the past however in today's economic climate you need to be extra careful with your spending habits. Always be resourceful.
The concept of borrowing sensibly may seem trivial and boring, however it is what will help you to stay in the game long enough to see success in the future. Be sure to always look ahead when it comes to your business decisions.
You need to get out and get real business credit and stop using your personal credit cards as leverage. I can be the first to tell you that there is a lot of business credit available even in this awful economy. If you start leveraging your personal assets for your business though you could end up broke and homeless. Not to mention stressed out and separated from your family. - 29866
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