When you think about enterpreneur and choose to be an enterpreneur, things that will come up on your mind is all about financial or money. How can you get the first money to develop your business? Small or big financial it’s depend on what kind of business you will start. Use a money loan from bank is the best way to cover your financial.
Bank is a place for all of the people who want to open their business. Bank will give you some loan. As a bail, you must prepare your property or your vehicle that you have. The tire tread usually between 9%-12% with period of time 5 up to 20 years.
To manage your money loan from bank so it didn’t blend with your own money is knowing the characteristic of debt itself. Nowadays, a lot of people take a debt/loan from the bank but they didn’t think how to manage and how to pay month by month so the consequence is they lost their property or their vehicle. So this is important for you to analyze sorce of the income now and future.
Second is think about the characteristic of the debt it self. In user, debt divided into two types, the first is productive debt and the second is consumptive debt. Productive debt is debt that used for buy a productive equipment. And for consumptive debt is debt that used for credit or shopping. So, how to manage your loan? Here i have a tips, spouse around 10% from your salary to pay the money you have loan from the banks.
Lend a money is not only in a banks, you can also lend from your family or friend that have more money. Family Loans are useful tools for family trust and estate planning transactions. Loans can be used to help transfer assets to family members by documenting transfers and extending credit. Gifting can be used to pay off debt between lenders and borrowers and between other family members. Trust departments routinely manage similar transactions for families. Alternatively, using online software providers like www.ZimpleMoney.com puts the payment and financial accounting tools in your hands or the hands of your family office team. This can save thousands of dollars annually on trust management fees.
Now that I made the decision to move forward with a loan, what do I do next?
1. Fairness and Transparency are your guide
Make certain the loan agreement fair to the borrower and lender. If you are the borrower, provide your financial information to your lender and periodically update them on your personal and financial progress.
2. Use a legal agreement or handshake?
A legally binding agreement can be written or oral. If you are lending money, I highly recommend a written and signed note that clearly describes the loan’s terms. Even written agreements are subject to interpretation, so before making or receiving a loan, get it in writing.
3. Loan Agreements
Some loans use loan agreements to describe certain terms and conditions that supplement the note. Complex business loans often have terms and conditions that define a loan default, valuation of collateral, and audit requirements.
4. Loan Payment Types
Loan payments can be calculated in a variety of ways, here are some examples:
A “fully amortized loan” – is a loan with a fixed monthly payment for the life of the loan.
An “interest only loan” – is a loan that only the interest is due each month and at the end of the loan term the entire principal plus any outstanding interest is due.
A “partially amortized loan” – is a loan in which the monthly payment is not high enough to pay the loan off in full at the end of the loan term, and at the end of the loan term there is some principal due plus any outstanding interest. A “principal and interest due at maturity loan” – is a loan used for projects, construction and farming. The loan principal plus all the accumulated interest are paid in full at the end of the loan term.
5. Sharing the Risk
Sharing the risk and minimizing concentrated investments is a fundamental principal of lending and investing. If you are considering a loan to friends or family members, you might ask the borrower who else might be able to participate in the loan. If there is consistent encouragement from family or a peer group, there will be a higher likelihood of the loan being paid off.