I have never taken a loan before when it came to business because the nature of my work can manage to grow itself from nothing. Unlike others who don’t offer service of my nature, you need to have a certain amount of cash to start with and if you don’t have it, this is where a loan comes in.
When a loan is taken, it requires discipline to see that it is paid back on time to avoid law related issues as well as being black listed. As I said, I’m not the type of a man who takes loans so advice about it will not be so wide, but with the good experience I have when it comes to discipline, I am in a good position to give a tip or two.
I have found myself in arrears many times and the only key to keep you on track is COMMUNICATION. It is the worst thing when someone owes you money and the next thing you don’t hear from them. Keep in touch by letting them know that you will be late to pay, reasons why and when you will be able to. Making arrangements of how it will be paid off instead of what you both agreed on is very important and all that keeps trust between you and the recipient.