Taking a loan to expand your web business

[britishbulldog]

well if i can borrow 25k and turn into 100k i will take a loan all day and night...especially as i feel better using other peoples money rather than my own;-)

 

[theinvestor]

Michael 9% is actually high. Mine is at 6.25% and i don't see how you can go wrong.

If you know what you're doing in this business and you have an income to pay the loans then there is nothing to worry about. I know that if it wasn't for a few loans i took i wouldn't have made some of the sales i did.

I try to use a loan for large transactions but i also have low rates on my credit cards that sometimes beats the loans. For example 4.9% on my credit card. I used to have 1.9% as well. As long as you need the money short term i would go with balance transfers on credit cards that can range anywhere from 1-5% if you shop around and have good credit.

 

[DomainMagnate]

Michael 9% is actually high. Mine is at 6.25% and i don't see how you can go wrong.

If you know what you're doing in this business and you have an income to pay the loans then there is nothing to worry about. I know that if it wasn't for a few loans i took i wouldn't have made some of the sales i did.

I try to use a loan for large transactions but i also have low rates on my credit cards that sometimes beats the loans. For example 4.9% on my credit card. I used to have 1.9% as well. As long as you need the money short term i would go with balance transfers on credit cards that can range anywhere from 1-5% if you shop around and have good credit.

Nice rates. Well, I don't have a job and never took a loan before, so I'm probably considered a higher risk for my bank
The ~9% loans are usually for 2-3 years. What time did you take loans for?

 

[theinvestor]

I took it last year. It's just an unsecured loan. The rate changes based on prime.

I only use it for large purchases. Like i said, if you have good purchasing power on your credit cards. You can lock in low rates for up to 1 year sometimes. Usually for 6 months at under 5%.

 

[DomainMagnate]

I see, that explains the lower rates then.. 6 months usually wouldn't be enough to get the revenues back.