Pay off your business loan with these tips

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Every successful entrepreneur has had a very difficult life. To make business loan or SME loan from various agencies or banks. Their patience and hard work prove that they are able to escape the burden of debt and live a happy life. Because success doesn’t come easily. It should be accompanied by the highest effort and self-esteem. But many still fail to pay their debts. This may be due to some internal factors of the creditor itself. They failed to change their lives and did not dare to take on the challenge.

There are many ways and techniques that many people take to pay off their business loan. However, these methods and techniques would not work without the creditor’s own knowledge. If we look to pay our debts, our lives will be filled with unhappiness and life will always be filled with frustration. Once all the business debt has been settled, we have the potential to continue growing our business as we don’t have to pay back our debts.

The advantage we get is the net profit. Our name will also be clean and no one else will try to stab us in the back for unpaid debts. In addition, we have no enemies, since unpaid debt is the reason we are hated by others. Agencies that once provided us with financing once had the courage to give us loans again because old debts were settled. We will also increase the number of friends and many investors who dare to invest because of our record-breaking debt. Let’s learn some techniques for solving business loan.

sme loan rhb

Be positive, self-motivate and discipline

These values ​​have a great potential in helping us pay off debt. Let’s say we borrow from MARA, Majlis Amanah Rakyat for RM 5000.00 to start a small business by buying an industrial sewing machine that we use to receive home sewing orders. We can save money on small amounts of clothes sewing orders to pay off debt.

Motivation in itself greatly influences the payment of debt. Positive thinking and motivation need to be disciplined as well. If we are not disciplined, the debt made will fail. Be disciplined by stipulating that your debt must be paid every month until your payday.

Work harder

In addition, we must work harder to pay off the debt. Business debt has a repayment period. But, the sooner we pay it, the better. If not, we can only work harder to pay the debt. For example, by having a sewing machine provided, we can receive more sewing orders. Satisfying work results in customers coming to us again.

Let’s say we only start this field part-time, after coming home from work we can continue sewing clothes when we get home. Everyone has their own commitments, whether they want to cook for family, take care of kids, or pack a house. But in order to succeed we must strive to get it. High ambition does not make any excuse to be successful. Make your interest in the field fun and exciting so we don’t feel tired of doing it.

Pay off the debt even in small amounts

The next technique is to pay off the debt even in small amounts. Everyone is aware that early involvement in the business world does not promise good returns. It’s only worth investing for the next round of capital. Because of this, the money received must be kept and refunded. We must specify the amount of debt we can repay at the beginning of the loan term. Maybe in the first month we pay only $ 100.00.

As demand increases, money gets more and more, it’s not our fault we pay in large quantities. If not, the debt made is slow to pay off. Pay little by little, over time the money will drop and expire.

The smallest debt must be paid first

With this technique, the sum of all debts needs to be computed as a large count. Then start paying off debt starting with the smallest value. Let’s say all debt is RM 20,000.00. RM 15,000.00 was just loaned to open a sewing shop. The remaining RM5,000.00 is the initial loan to buy an industrial sewing machine.

After a year of sewing at home, there is a desire to open a shop and want to make it a full-time income. The first thing you need to pay is a loan of RM 5,000.00. Once the debt has been successfully repaid, a loan of RM 20,000.00 will be repaid. So, we will see the impact of paying off this debt even if it starts out small.

Repayment agreements need to be complied with, for example when making this field a full time job we have to pay up to RM 450.00 a month. This amount is the amount that was agreed upon when applying for financing.

Don’t get involved with Ahlong

Can you see your own family suffering from being hunted by landlords? As such, the debt you owe must be paid twice. Your own misery will float. Mortgage loans are very easy to approve even in large numbers. Landlords are not just hunting for the angler, they are trying to do something for their immediate family. Contacting landlords is the only way to invite problems. Only the smartest will make loans from debtors to pay off debt. In the shortest sentence, do not have any contact with the landlord. Later, hard on yourself

Conclusion

All the problems will be resolved as soon as we finish paying off the debt. After that, we can breathe a sigh of relief and be able to live comfortably. We can also be successful entrepreneurs. Small businesses are already expanding and are able to hire workers. But this technique should be followed if you do not want to be overwhelmed by debt.

If we want to expand our existing business, we can apply for financing again as our old debts are paid and our records are clean. We are also able to buy some assets such as cars and houses. As a result, these business loan debt relief techniques start from within us. Physical and mental strength are needed to realize this dream.

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