A loan is simply any money you borrow from a lender with the intention to solve a problem and payback at a later date.

Loans have existed from time immemorial and have been the major reason for the existence of many businesses as they have been used by entrepreneurs to start business and at times keep them from going bankrupt.


Here are 4 benefits of taking a loan for your business and why you should consider a loan instead of risking your business folding.

1. Cash flow for your business
Most business are started with loans, personal savings or a combination of the two. Sometimes you might have a great business idea but no money to get it started, having access to a loan might be your best bet.

Using loans to get started ensure you don't have to wait until you save the money yourself risking your idea getting cold or getting implemented by a competitor.

History has shown time and time again that striking while the iron is hot is the best way to start a business. Money as we love to say, loves speed.

Instead of waiting to save money for your business, why not get a loan from NewCredit and get started? Might be your best decision yet.

2. Growth and expansion of your business
Similar to point one above, loans could save your business from bankruptcy (closing because of no operational capital to pay staff, buy equipment & other necessities) or help you expand your business into more fruitful grounds.

Taking a loan to expand your business means you don't have to wait till you get all the funds. It also means you don't have to squeeze your business dry to expand, which sometimes might result to bankruptcy.

Expansion is usually a tactical move and should only be done after careful consideration and calculations to ensure it doesn't hurt your original business.


3. Solving pressing needs
The major reason of taking a loan is to solve pressing needs. This is true for personal or business loans. Instant loans provide the ability to meet and cater for emergencies that arise without warning and help you Wade the tide in trying times.

However you should only take loans for important emergencies and situations as it can lead you into debt and increase chances of poverty.

4. Avoiding Brokenness & Depression
One last benefit of taking loans is avoiding depression due to Brokenness. One leading form of depression is a lack of money.

It's common to feel sad and depressed when you don't have money and have bills to pay or needs to fulfil. Taking loans can help you bridge that gap.

However only take loans you can afford to pay and use them wisely on what matters.

Now you've got 4 amazing benefits of taking loans.

Ready to get started on your business and you need a loan? Download the NewCredit app and get a loan of up to ₦300,000 in just 3 minutes with just 3 steps. No collateral required.

Download the NewCredit app today.

Yes o! I did wit new credit but una interest to much and d duration is only 14 days which is too short, dey gave me 8k to pay 10, 070 in 14 days, instead of begging I collected it because I Don tire to beg both friends and enemies

dollytino4real:
Yes o! I did wit new credit but una interest to much and d duration is only 14 days which is too short, dey gave me 8k to pay 10, 070 in 14 days, instead of begging I collected it because I Don tire to beg both friends and enemies

We sincerely apologize for your inconvenience.

Kindly note that interest rates is calculated based on duration of Loan

Newcreditng:


We sincerely apologize for your inconvenience.

Kindly note that interest rates is calculated based on duration of Loan

ok thanks

dollytino4real:
ok thanks

Stop taking loans from loan sharks. These companies are illegal and unregulated. To be forewarned is to be forearmed

Hi. Once a person has fully secured a mortgage, companies like LoanCare take over the management of that loan to make the process easier for both the borrower and the lender. Committed to customer satisfaction, LoanCare provides unparalleled support to borrowers by quickly and efficiently resolving their mortgage-related questions and concerns. Therefore, when a borrower encounters any difficulties, he just needs to contact loancare inform them about it, and they will immediately begin to resolve them.