Is it advisable to get a loan to start a business?

[cooldude]

Whether or not it's advisable to get a loan to start a business depends on a number of factors that you need to put into consideration first. You’ll need to consider your personal financial situation and credit score. Then you'll need to assess the potential risks and rewards of starting a business with borrowed money. Also, you'll need to create a detailed business plan that outlines how you plan to use the loan and how you'll repay it.
It is a decision you will have to make yourself in the long run.

 

[jonaville]

No I do not think it is advisable to start off a business with a loan, because the business is new you never know how it will fare, if it will be profitable or not. Should things go south you will be left with big regret.
I will advise that you source for funds from other means like your personal savings, support from family and friends, government grants and the likes. Don't tow the loan lane now, most people who go for it do so the scale up their businesses, not start from scratch.

 

[olagold1]

In my own opinion, I will say it depends on the type of business you want to run. If it is a buying and selling type of business, then it is not advisable but if it is a type of business where you render services then you are good to go. An example of such business is commercial driving or riding or barbing saloon etc.

 

[DeLight]

For a startup, the best loans to take are interest free loans and these can be gotten from family, friends and well-wishers. This is because, the pressure to service loans with interest might make things difficult in the beginning. Down the line, other loans could be considered when the business has found its footing and already generating enough income to sustain it.