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| − | Therefore, it is important that you have a copy of your business loan agreement, so that you can query any mistakes.
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| − | Consider shopping online for a business loan, if you must take one out. There are numerous websites that offer them. If you need one, you are already tight on money, so why waste gas driving around trying to find one that is open? You do have the option of doing it all from your desk.
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| − | Business loans usually carry very high interest rates, and should only be used for emergencies. Although the interest rates are high, these loans can be a lifesaver, if you find yourself in a bind. These loans are especially beneficial when a car breaks down, or an appliance tears up.
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| − | Understand what a business loan is. A business loan is a high-interest loan for a short time period. These are typically completed with one trip to the business loan office. In exchange for practically instant cash, you need to write out a check to the business lender for the value of the loan, plus the interest expense, and any fees. The lender cashes this check at some agreed-upon future date, usually one, or two weeks.
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| − | Do not allow a lender to talk you into using a new loan to pay off the balance of your previous debt. You will get stuck paying the fees on not just the first loan, but the second as well. They can quickly talk you into doing this time and time again until you pay them more than five times what you had initially borrowed in just fees.
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| − | If you plan to take out a business loan, you should be sure that there is not another option. A business loan comes with extremely high interest rates and can actually make your financial situation first. Only use a business loan when you have no other choice, and it will help instead of hurt you financially.
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| − | If you feel that a business loan company has done you wrong, do not be scared to report them to your state agency. While there are many great business loan companies, there are also many fakes. In order to get rid of these fake companies, the state must be made aware of them.
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| − | If you are in a serious financial bind, try borrowing the money you need from a relative, or one of many options before, you consider getting a business loan. Since the interest on these type of loans are so ridiculously high, they should only be seen as a last resort.
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| − | If you take out a business loan, make sure that you can afford to pay it back within one to two weeks. Business loans should be used only in emergencies, when you truly have no other alternatives. When you take out a business loan, and cannot pay it back right away, two things happen. First, you have to pay a fee to keep re-extending your loan until you can pay it off. Second, you keep getting charged more and more interest.
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| − | When attempting to attain a business loan as with any purchase, it is wise to take your time to shop around. Different places have plans that vary on interest rates, and acceptable forms of collateral.Try to find a loan that works in your best interest.
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| − | Source [http://wiki.utp.edu.co/index.php/Business_Loans business loans]
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