People take loan for different reasons and there are usually different conditions attached to the repayment of these loans. Some reasons actually qualify as 'good' to take out a loan, while some reasons are not so good. Basically, it is better to take a loan when you know that you are probably going to use the money to make more money. This one is tricky because some people take loans to invest in foreign exchange. While FX can make you more money, it can also take all your money. So risking it is not even advisable at all, it is important to be use a loan in the most effective ways.
According to my title, you would wonder how my experience was like when I took a business loan. Personally, I think it's okay to take a business loan, although it depends on the kind of business and the risks attached to it.
The first mistake I made was taking the business loan in question for a "brand new" business. A business that I had not explored the way it works for myself. It was in the December I took this loan from a cooperative through my mom who is a teacher and has access to opportunities like that. I assured my mom that I would meet up with the monthly interests, because I was so certain I would make more than the required interest in a month. I took the loan and started my journey in mini importation.
As a person, I hate debts so much and I avoid it as much as I can. So, I knew that I would always find means to pay the interest every month. I started the business and being it being my first trial in a proper business, I made some mistakes that made me have serious hard time paying the money. I remember this particular emoji bags that I ordered then when they were trending. Before buying these bags, I had a lot of people requesting for it. After importing them, there were now giving different excuses and this made the sales low.
I think most mini importers were also facing this kind of problem then and that was how pre-orders became the new trend. We made customers pay down for the goods they wanted or pay part of it before we decide to order those things. I had to stop the business because dollar went up and shipping rates were so high. During all these times, I was still paying the interest each month but at a point, I could barely meet up . I faced so much unforseen difficulties in my business then that I went through depression.
At a point, I picked myself up again and decided to start buying from a big market in Nigeria here. That one also came with its own problems; like buying a shoe size and another will be asked for when one sees a potential customer🥲. I could not even meet up with the interests anymore at this point and the whole money was accumulating. In my desperation for money, I got scammed online. Eiii, I cried like a baby at the back of my hostel where no one would see me😂💔
I was in a bigger trouble because the money I lost would have paid a little part of the loan and reduces it a bit. See, at the end of the day, God just sent this miraculous helper my way in my exact time of need, when I least expected it. The person didn't even really know me like that, it was just God because nothing else can explain it. He sent everything to me and I was super grateful and happy. I sent it straight to my mom and I breathed in a really fresh air in a long time.
A short story of how it happened: This person posts on his status and deletes it like 1 minute later. That day, I just happened to check his status immediately he posted and the WhatsApp status said 'If you are in any debt, swipe up' (not these exact words, but that was the message). After I replied to the status, it disappeared immediately. The few that messaged him were the ones he helped out and I was lucky to be part. His goal then was to help people to enter a new year without any debt. I am still grateful till this day.
That was how I got out of the loan I took and what I learned from the experience is to never take a loan for a business you don't really know about, it's like you are gambling your peace of mind, actually.
Thanks for reading❤️
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That man could be an angel and I hope to reach that level one day, taking away people's financial problems instantly
Babe, only faced all these troubles? I really commend your strength and grace of God in you to w ale through
That's a nice lesson learned from the experience
#dreemerforlife
I hope so for you as well momma.
Thank you ma❤️
Ohhhh
I’m so sorry you had to go through that
I felt it when you said you got scammed and cried at the back of your hostel
For the market problem, Ghanaians would normally form allies with the owner of the shop and then anytime the person wants a shoe of a particular size, they would go to the shop and take it, I don’t know if it makes sense.
I’m glad you got help to come out of that problem
#dreemerforlife
Thank you so much sis.
The market was far from my school (not even in the same city) and my cutomers were in school.
Oh okay
Yes sis
The man is God sent o, because I can't imagine how life would have been for you then.
That's insane! I want to be able to help people in such manner someday—making their problems just, whoosh, vanish.
I really admire the bravery you have with running "buy & sell" businesses. It really isn't easy, especially with dealing with different kinds of people.
The most valuable lesson here for me is to explore the grounds you want to take loans on, if taking the loan is the most viable option available.
Aww, that will be super nice and I pray and hope you get to do that.
Yeahh..business is really not for the weak.
I am glad you learned something, thank you so much for stopping by.
You are right never take a loan for a business you don't really know about, and I know for sure that it's God that sent the man for you.
It was God o😩 I would have been able to pay the loan but it would have taken a longer period and I would have gone through a lot of stress.
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It's so sad you had to go through all these stress and struggle in your business to pay up the loan and even got scammed along the process. That's painful part of it but I'm glad to hear that you got help to clear your loans.
#dreemerforlife
Thank you so much sis, it was really hard, I am also glad that I got the help that I needed. Thanks again for stopping by.
For me, taking business loans tends to be a big risk for me, as there are many factors to consider before going for the loan.
#dreemerforlife