Start up with loan

Discuss your views about Singapore business & economy, current policies & issues, starting a business in Singapore.
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Joined: Thu, 30 Jul 2020 2:24 pm

Start up with loan

Post by rcsg » Thu, 30 Jul 2020 2:52 pm

Hi, I quit my job end last year and when I was in the middle of planning for a small group of tuition start up,it comes the COVID :cry: Wonder is it advisable for me to continue my plan to take up a loan at this period to go for it ? I know the possibility to get the loan approval is really low :-|

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Joined: Wed, 13 Jan 2021 4:56 pm

Re: Start up with loan

Post by JohnPearson » Wed, 13 Jan 2021 4:58 pm

I really don't advise you to take out a loan, it could end badly for you. Given the fact that you currently do not have a job, the bank can take into account a very large percentage and as a result, your debt will grow exponentially. One of my friends found himself in a similar situation and as a result, he had huge problems with spammy link removed, which he reschalated for a very long time. The most ideal solution to your problem would be an interest-free loan for an indefinite period of time (sounds like a fairy tale, doesn't it?) or find a job and earn some money there, and postpone the opening of a startup for a short period of time. I'm sure you can do it, good luck!

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