My friends and I have been planning to put up a business since we were in high school. We thought of putting up a restaurant, a boutique, an internet cafe and even a gasoline station. We wanted to have our own business in preparation for our retirement. We have been too busy the past years that we have forgotten about the plan until recently when one of our friends who now works abroad asked me to research about franchising a restaurant. I thought, why not. If there is one thing that unites us, it is food.
I did a little research on franchising a restaurant business. Like with any business, we need a capital to start with buying a franchise. My other friend suggested we apply for a business loan because we do not have that big amount of money to buy the franchise. So, we thought of having a business loan.
I have heard of unsecured business loans wherein a lender will not be required of a collateral such as property. One of the advantages of an unsecured loan is that there are no late fees since banks and other financial institutions give grace periods. I asked one of our friends to ask about the advantages and disadvantages of secured versus unsecured business loans to banks with clear policies.
I hope this time, we will finally make our plan come true.