Have you ever applied for any kind of Loan? Unless you are still young and living at home with your parents you probably have faced the prospect of getting a loan of one type or another by now, haven’t you?
Lately we’ve been lucky, other than two Personal secured loans and a car loan we haven’t had to go through the process of applying for a loan for some time.
Can you believe that the very first loan that I ever applied for in my life was not a Personal Loan, but a business loan? Talk about nerve racking!
It’s one thing to come up with reasons why you need a personal loan – perhaps to pay off your tuition or to renovate your home, but coming up with a business plan to basically sell the idea of your business to a loan officer is a whole other prospect!
When I was just 20 years old, and already a jeweller working for a private company I decided to open up my own business. I had most of the skills and contacts that I needed to make my business a success and I was going to share office space with my soon to be former boss. All I needed was the funding to buy the very expensive machinery that I needed to get started! The most expensive piece of equiptment was a machine that would make most of my money, but it was also a machine that I had to teach myself how to use and maintain.
Before applying for my loan I was sure to find another trades person in the jewelery trade who could help teach me how to use the diamond cutting machine that I wanted to purchase. See, I thought of everything. I found someone to teach me how to use the machine and I knew how long it would take me to learn how to cut designs into jewelery when I went to the loan officer and applied for my loan.
I must have done a good job of selling myself as I did end up securing my loan. However, as a result of all that prep and the stress of starting my own business I don’t really care for the whole process of applying for loans. Securing a personal loan is much easier – I’ll stick to that type of loan if I ever need money again!
Do you have a harrowing loan story?