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Questions to Answer Before Applying for a Business Loan


How Will You Use The Funds? You should never borrow money without first having a clear idea of how you will use the funds. Maybe you want to borrow money to buy new equipment. Or maybe you need additional funds to carry out your marketing plan.It doesn’t matter how you plan on using the loan, as long as you have a solid plan in place.


Which Lender Is Right For You?

With hundreds upon hundreds of lenders offering a variety of business loan products, there’s no shortage of places to turn when you need funding. It’s good to know that you have choices, but this can actually make it more difficult to decide where to start.


How Much Money Do You Want To Borrow? More is not necessarily better when it comes to borrowing money. Once you know how you’ll use the funds, it’s easier to determine exactly how much you need. You don’t want to borrow less than you require, but at the same time you should never bite off more than you can chew.


Do You Have A Plan For Repaying The Loan? Although it may be easy to secure a loan, it’s not always as simple to pay the money back. You should have a repayment strategy in mind, all with the idea of knocking out your loan as quickly as possible.

If you don’t take this approach, you could end up with a monthly payment you can’t afford.

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Questions to Answer Before Applying for a Business Loan  

At PersaLoan, we understand there are times when a personal loan is the best answer to your financial problems. That’s why it’s our mission...

Questions to Answer Before Applying for a Business Loan  

At PersaLoan, we understand there are times when a personal loan is the best answer to your financial problems. That’s why it’s our mission...

Profile for persaloan
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