I’m considering getting a loan from a bank for my startup because of the following facts: - I have no time to go chasing investors. - I have no traction. - I’m in the product development phase and I only have time to develop/code. I need 1 more month to finish. - I’m quitting my job and I only have saved money to survive for 4 months. - I would like to concentrate myself in this venture 100% If I decide to do freelance jobs part-time in order to have money to live, I will lose focus. Because I invested $6,000 from my money into the startup (I have only burned through half) and I have a good credit score, a friend of mine told me I can get loan very fast. What should I do? What are the disadvantages of getting a bank loan? Would you recommend it?
Never.
Read my comment on this topic on the question Camille posted.
Answered 8 years ago
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