Mine Loan was successful came through this morning. Managed to get 20k in total. For now going into a low interest savings account, and it will be my backup money incase the world goes even more to Sh｣｣$$&###.
Nobody knows for sure how long this virus will affect "life" until there is a Vaccine. So for that reason alone i am happy having a good chunk of money incase everything goes t1ts up atleast i have some backup funds.
If everything goes t1ts up how will you repay the loan?
I知 getting the feeling that some (not aimed at you Josh) seem to think they will be paying just the interest back. Remember, if you want to keep the whole ｣10k you will need to pay back ｣40 a week approx over 5 years but 6 years in total. Just putting it out there 👍
It depends what your definition of T1ts up is. My version of that is, some sort of major disaster where my business is no longer profitable. In that situation i would have to use the money to pay my bills and staff until either business returns to be profitable or worst case scenario i have to sell the business pay debts off and declare bankruptcy. If things really went T1ts up, i would probably declare for bankruptcy and then i wouldn't be paying back the loan anyway.
This is all end of the world type stuff, like really bad disaster. Our businesses seem to be pretty well bomb proof.
I get what you are saying though, and some people are not very good at budgeting or saving money, so they will treat this loan like a payday. These are the same people who get a credit card for "emergencies" and then before you know it, they've maxed it out on some holiday or something for the house. I spend my money wisely, and save save save thankfully!
I hit a point where i nearly didn't have enough to pay my staff back in 2018 because my finances totally reversed for first time in 6 years, but now im getting back on track. My goal in life is to always have enough savings to life for 6 months if you couldn't work. I just think it's a good safety net, but this loan helps too!
