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    To save or to take up a loan?
    Hi.
    I have been debating about this with friends for long. Is it better to save up to start a business or to take up a loan?

    Saving up is time inefficient, though you avoid the interest rates. Loans on the other hand let you start your project now, though you now have to pay up the interest rates.

    What tipping point works for you to decide of either?


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    You almost always need to do both. Unless you start really small, then saving is enough. You need to have about 30-50% of what you want to own as a total capital if you want to loan some money.


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    i think you should do both, half from your savings then half from loan, at least you wouldn't have to pay too much interest..


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    If you know how to run your business and confident enough that you could make it through, it is best to apply for loan and leverage. Use the borrowed capital for (an investment), and work to increase your profits and make it to be greater than the interest payable. From the profit, pay your loan as much as possible and as quick as you can, and so you can enjoy the reward of having a sustainable business started and run from a borrowed capital. Good luck to you.


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    Get a loan then use the savings as a safety net? I think this could work fairly well if you are applicable for a loan but really you should do both as said so many times on this thread ; there is no way your savings could cover all the overheads of starting a business which is where the loan comes in but personal savings are definitely a good start short term but long term finance you need a loan to be able to retain any profit.


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    I would get a loan and try to invest the least amount of money you can into your own business. This is so that the business does not bankrupt you individually.


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    Loans are much better, in my opinion, given that the plan is solid enough to have the proper exit strategies and more importantly - end goals and realistic timelines. If the plan is good enough, then loans aren't as risky, and in the meantime you can just use the savings for other more minor investments or even to just stay afloat in a personal financial way. It's much better to utilize these advantages where it's available, in my opinion, but only if it's used with respect for the gravity of it all.


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    hi, dear nice idea of making your own business if you want to take loan go for good loan providers and you also go for both .
    for further information about taking loans and your own business you can check this source:
    https://fidelitybankofflorida.com/Bu.../SBALoans.aspx


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    You nearly continually need to do both. except you start absolutely small, then saving is enough. You need to have about 30-50% of what you need to personal as a complete capital in case you need to mortgage a few money.
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    Satisfying a portion advance early will probably not hurt your score, but rather abandoning it open and overseeing it through the term of the advance demonstrates that you can oversee and keep up the record mindfully over some stretch of time — which is useful for your FICO assessment


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