The number of people applying to get a quick loan cash is increasing daily. This call for urgent attention to educate people on the best time to get a loan.
So many people borrow money and end up in huge debts because they can’t afford to pay back their loans and accrued interest.
I want to believe people need to get the required education needed for loan collection and pay-back strategies.
A huge population around the world is already socked in indebtedness because of an uncontrolled habit of borrowing.
Their are many apps to borrow money today, as such people can now borrow money from their bedrooms and get approved.
In this article, you will know the best time to borrow money so you don’t run into a bad debt.
If you don’t want to get a loan but seek other sources of getting money, here are 12 Fantastic Ways of Getting Money to Start Up a Business.
Table of Contents
What is a loan?
A loan is any amount of money or capital borrowed to promote a certain course. It could be borrowed for projects, businesses, housing, rentals, and pleasure purposes.
However, loans should never be taken for pleasure purposes so as not to create bad debts.
According to Wikipedia; a loan is an amount of money or capital in which an individual, organisation or entity lends to another individual or organisation for a particular purpose.
The borrower who is usually the receiver incurs a debt and is entitled to pay back the initial amount received with an agreed interest rate over a specified period of time.
The problem today is that most people borrow money for the wrong purposes and end up getting tied down by bad debts.
Many people borrow shamelessly from individuals, organisations, banks and even from families and friends.
Before borrowing money from a friend, decide which you need most, the friend or the money.AMERICAN PROVERBS on loan and borrowing
Later in this article, we will also talk about good debts and bad debts and why you must avoid bad debts.
8 Best time to get a quick loan cash:
Don’t take a loan if you don’t fall into any of the categories listed here, okay let’s get started.
1. Take a loan when you have zero pressures and can do without it:
One of the best times to get a loan is when you can do without it. This might sound crazy, but this works well for loan takers.
I know you must be wondering, hey man, what do you mean? If i can do without it why should i go for a loan?.
Okay relax lets get started, i will show you why?
Great men make plans, check your business plan and projects for the next 12 months, which one would require a huge capital funding.
Loans should not be taken when you’re under pressure, pressure is a productivity killer, avoid pressure at all cost.
Oh yes, the best time to take a loan should be when you are relaxed and can possibly do without it.
This will give you the opportunity to fully utilize the loan capital for maximum productivity.
Most people in our world today take loans only when they get pressure by a financial situation.
Your brain needs to be relaxed before it can fully utilize the ideas, strategies and methods into profitable channels.
2. Get a quick cash loan only when you have an existing business:
Most people make the mistake of getting a loan to start up a business. In my own opinion i wouldn’t support this.
Getting a loan to start up a business is a very big and uncertain risk, what if the business fails?, this is one reason so many people are indebted today.
Its better and wiser to take a quick loan to promote an existing business with potential for growth than start up a new one.
Do you have an existing business facing financial challenges?, then this is another best time to get a loan for your business.
If a loan will help out in bringing success to the business, then go for it.
3. A good product idea might require funding:
Do you have a very good and unique product idea?, have you made some feasibility test on how the market will react to your new product?
If your answer is yes and backed with positive results then this is another best time to apply for a loan.
It’s also advisable to fund that product idea with any available capital so as to boost it to more success when you get a quick loan cash.
Testing a product to get public attention could also help you get the required funding.
4. When your business is about to crash because of zero capital:
Borrowing money to save a dying business is not always advisable except the business will likely crash if cash is not invested.
Also ensure that the business was not about crashing because of mismanagement of funds so you don’t leave frying pan to fire.
However, i would suggest you get cash by talking to investors.
According to Jeff Bezos, founder of Amazon, he had to raise $1 million from 22 investors by taking 60 meetings in Amazon early days.
However, if such fund raising strategy doesn’t work for you then consider getting a quick loan cash to save your business.
5. Get a loan when a buyout asset shows up:
Robert Kiyosaki author of rich-dad poor-dad suggests that people should only borrow money to buy assets.
Bad loans create liabilities, whereas good loans can be used to buy assets such as real estate properties.
It possible for a buy out to show out, if you know the property would be a good investment, why not buy them out.
Debt reduces the tax charge on individuals income, hence you can get a quick loan cash to buy big assets and increase your income column.
6. Avoid bad debt when taking a quick loan:
According to Robert Kiyosaki, there are two kinds of debts, good debts and bad debts.
Bad debts create liabilities, where as good debts could be used to create assets and increase the income column of an individual.
However, care must be taken when picking up a loan to avoid the consequences of bad loans.
Don’t take a loan if it wouldn’t be utilize to create assets. Small loans could become a debt, where as big loans could become an enemy.
A SMALL LOAN MAKES A DEBT; A BIG ONE AN ENEMYPUBLILIUS SYRUS “picturequotes.com”
7. When a loan presents itself with low interest rates:
Interest rates could be a major headache to consider when taking a loan and so is pay-back time very important.
Before getting a loan check for the interest rates, on an average, an interest rate of less than 10% would be considered fair for picking up a loan.
On the other hand, a bad interest rate irrespective of the loan amount offered could be a trap and a bad debt according to Robert Kiyosaki.
Loans with high interest rates can cripple your financial freedom and lead you to huge indebtedness.
Therefore, be careful not to loose your financial freedom
Financial freedom is available to those who learn about it and work for it.Robert Kiyosaki Best Selling Author of Rich Dad Poor Dad
8. Cut down your expenses before getting a quick loan cash:
Financial experts are always suggesting that one of the best ways to save money is to cut down your expenses.
This also works in knowing the best time to get a quick loan for any purpose.
Don’t get a loan until you have succeeded in cutting down your expenses as far as possible.
You stand the risk of blowing the received cash away if you haven’t dropped your expenses or developed the ability to cut your spending.
There are lots of borrow money app that gives easy and quick loan today, however the best time to apply for a loan is when you have succeeded in cutting down your expense.
ALSO READ THESE ARTICLES:
List of loan companies in USA
Today people can easily borrow money by simply typing keywords like “quick loan near me” on google search bar and get list of loan companies offering loans without collateral.
Here is a list of 20 loan companies in U.S.A
- SUN LOAN COMPANY
- AMERICA’S LOAN COMPANY
- SHELBY FINANCE COMPANY
- HARRISON FINANCE COMPANY
- DIRECT PAYDAY LENDERS U.S.A
- U.S.A MONEY TODAY
- U.S.A PAYDAY LOANS
- GREAT AMERICAN LOANS
- FINANCE USA CORPORATION
- ONEMAIN FINANCIAL
- SECURITY FINANCE
- FIRST AMERICAN CASH ADVANCE INSTALLMENT LOANS
- CASH EXPRESS USA
- CREDIT LOANS INC
- MISSISSIPPI TITLE LOANS INC
- LOANS U.S.A
- INHERITANCE LOANS U.S.A
- OUTDOOR FINANCE COMPANY
- ARROW LOAN
- CASH FINANCE – TULSA
List of loan companies in U.K
Here is a list of 20 loan companies in U.K
- EASY LOANS COMPANY
- BAD CREDIT LOANS TENDER U.K
- BRITISH LENDERS LTD
- BRANTWOOD FINANCE COMPANY
- QUIDMARKET LOANS U.K
- LOAN.CO.UK – BOURNEMOUTH OFFICE
- CASHASAP – SHORT TERMS LOAN
- QUICK LOANS
- DOORSTEP LOANS IN U.K
- STREET UK LOANS
- EVERYDAY LOANS HULL
- EVERYDAY LOANS BIRMINGHAM
- FAST LOAN U.K
- EVERYDAY LOANS COVENTRY
- EVERYDAY LOANS BELFAST
- U.K CREDIT
- NORTON FINANCE
- FERRATUM U.K
Its not always advisable to get a quick loan except the reason for taking the loan is worth is profitable enough.
Avoiding loans might be necessary to avoid bad debts which aren’t good for any business executive or anybody at all.
Am sure you now know the best time to get a quick loan so you don’t get yourself into a huge debt. It’s now over to you, make good decisions.
Did i miss anything?, do you have something to add or share with us at business finger?, feel free about it, let us know at the comment section.
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