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First 4 Commercial > Commercial mortgages > 5 Reasons NOT to Apply for a Business Loan

Reason One – You are Not Ready Think hard before you commit yourself financially because many new business ideas are based on current trends and by the time you have your funds in place, the next fad will already have come and gone. Reason Two – You Owe Too Much Money Already If your cash flow is already run down due to being maxed out, taking on more debt really is the last thing your business needs right now. Try to clean up your credit issues first because you are probably going to outreach your resources before too long. Reason Three – Impulse Buying Okay, that flashy new product may look absolutely fabulous in your office or showroom but do you really need it? If all of your assets are tied up in repaying the loan, how can you make the most of your opportunities when they finally arrive? Reason Four – Read the Small Print When you come across a business loan rate that looks too good to be true, it probably is. Reason Five – Consolidation is Not Always the Answer Taking out a loan to repay smaller debts may seem like an astute idea but if you are struggling with these repayments, how will you cope with a larger one in the long run? Try to look at these 5 examples before you decide to take out a commercial loan next time; you will be glad that you did!]]>