oan -Loans are essentially very critical for survival either in business or not. It is very rare to meet someone in business or not who has never taken a loan.
Well, Loans vary and that is why they are divided into two types, long and short term loans. Mostly individuals will take short term loans to use at home; while business owners go for long term type of loans to give them time to invest into their businesses before repaying back.
Golden rule is never take a loan meant for one thing and divert it to the other. This way you risk finding yourself in a catch 22 situation. More importantly, if you are not sure of what you want to use with the loan, avoid it like a plague. There is not luxury in loans. Those who have been auctioned will tell you how this is a dangerous route to follow.
It goes without mentioning that only take loans if you have no one else to turn to. It would be easier and great deal safer to get support from a family member or a friend rather than to rush to a bank for loans. Take note!
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