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manolo
Apprentice
Joined: 09 Jun 2005
Posts: 3
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 Posted: 09/09/07 - 06:56 Post subject: |
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| I have recently been considering taking a loan. I have a small business I would like to develop even further and additional amount of money wold be incredibly useful to me. However, since I have not been taking any loans, I would like to know how long should be a good loan repayment periods. Thanks in advance for any help. |
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danny
Apprentice
Joined: 23 Sep 2004
Posts: 4
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| Posted: 10/18/07 - 01:12 Post subject: |
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| Taking a loan is always a risky business. It seems to me that only if you really have to you should take a loan. When considering a deal that should work out for you, the most important thing is to see what kind of time you have for repayment. Generally that depends on the amount of the loan and your projection of mid-term financial capabilities. If you are having some relatively small loan (couple of thousands of dollars) and think you will have no financial difficulties, do not oblige yourself to more than 5 year, preferably 2 or 3. However, if you are considering taking somewhat higher amount on loan, and are not sure about your capabilities to repay in relatively short time, I suggest you take a 10-year repayment period. I hope you will find this information useful. |
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