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No more business loans for me!

June 18, 2007 by Tricia

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?





Filed Under: Finance, Home and Lifestyle, Services Tagged With: apply for loan, business loans, car loan, Finance, jeweller, Jewelry, loan, loan officer, loans, machine, money, personal loan, secure loan, secured loan



About Tricia

Tricia has been creating websites since 1995 and blogging since 2006. She writes on a variety of topics on several sites and has had articles published in a few popular magazines. She's also a Nurse, avid gardener, photographer and pet lover.

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