BORROWING IS NOT NECESSARILY A BAD THING
Have you met people who told you they could never borrow 50 pounds in their lives, even if it meant losing a golden opportunity? I can assure you that they couldn’t possibly maximize their potential. Why do I think so? It’s because I know they will never be willing to take any risk. Such people operate under the premise of fear and fear is a major setback to any kind of progress. If you interview the really successful business men, they will tell you that at one point or the other in their businesses, they had to engage in on kind of borrowing or the other in order to tie down a time sensitive business opportunity.
Take for instance, a man who borrows 50 pounds to start a small business in his neighbourhood, in truth he does not possess the financial capacity to activate that beautiful business idea he has buried in his mind, but the moment he borrowed the 50 pounds, he had simply carried out a leverage. Now he has both the idea as well as the means to turn that idea into a much-required product or service and who knows, that move may have successfully made him the next CEO of another multi-million-pound company.
However, before you even think of borrowing, you must first sit down and be sure you can pay back, because borrowing is only a good idea “if and only if” you can pay back what you borrowed, even if you only borrow 50 pounds.
Borrowing
There are different reasons for borrowing and there are different sources of borrowing. You may need to borrow in order to tie down a business deal, or to pay an urgent utility bill, to purchase some necessities and so on. You may borrow from friends, family, banks or other corporate bodies or financial institutions.
Generally, if you’re looking to borrow 50 pounds for example, it’s best to borrow from family and friends. This is because they generally will not require an interest or any form of extra payment. Also, family and friends can be very understanding and even willing to indulge you when you seem to be having a hard time paying back. If your need is however for larger figures and you’re sure that your family and friends cannot help out, then you can approach low-interest financial institutions.
Paying Back
Never attempt to borrow if you have no means of paying back, even if it’s from family and friends. Integrity is a very fragile thing and once it’s broken, fixing it can be a very tough job to do and this is particularly why some people decide never to borrow. However, borrowing doesn’t have to result in a broken integrity, all you need is proper planning.
Before you decide to borrow, analyze the situation properly and ensure that even with a “worst case scenario,” you can still pay back. If it’s for a business, draw out a business plan and a feasibility study to ensure that everything is in place for the business to work out.
Conclusion
Borrowing can be a really well timed spring board, all you need is proper assessment of the situation and a sound pay-back plan.
Overall we know a direct lender is good, but we always recommend going through a compare site as this will ensure you will get the best deal as they are always competing against each other. We have put together all the top lenders in the UK, in a simple free application form so you will always get the best and up-to-date deals from all the direct lenders.