nils
Apprentice
Joined: 12 Apr 2007
Posts: 6
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 Posted: 02/21/08 - 11:13 Post subject: |
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| I have recently started a process of building my first business. I have spend a lot of money so far. It seems to me that I will need to spend even more as the process continues and I will probably need to make a loan from the bank. However, I would not like to have any collateral, so if anyone could make a suggestion about how to do this, it would be great. |
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rolando
Apprentice
Joined: 27 Jul 2004
Posts: 5
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| Posted: 03/22/08 - 00:23 Post subject: |
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| Hi! Making a loan is very risky. It is a risk for the one who borrows and for the one who lends. The one who will give you a loan, a bank most probably, usually want an insurance that you will be able to clear your debt when the time comes. Because of that, it will take a collateral, which means you giving them something valuable in your possession as an asset (what it will be depends on the amount of money you want to take). That is secured loan. However, if you have steady, high income source, savings account in that bank, you can be given an unsecured loan, which means there will be no collateral, and that you will not have to give anything yours to the bank. |
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