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Good day sir, I am finding it difficult to borrow money from micro finance bank because of the interest rate of 3.5% for a million Naira, which expected to pay the interest every day

I want to embark on iron decor, bar stools, welded furniture, tanks and tank stand, iron doors, iron gates, iron staircase and handrail, general steel works

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Osadebe hi. Some sources of loans are family members, friends, partners, government entities, banks, credit unions, individual lenders, online crowdfunding, financiers in business incubators ("angel" investors), mortgages, savings, and some combinations of the above. Important preliminary elements to consider, when looking for financing a business, are to explain and demonstrate: a) personal financial situation, b) credit history, c) belongings and possible collateral (to leave "in pledge") , d) loan amount (well justified), e) business plan (where previous market evaluation and finance sub-plan are keys), etc. Before signing a contract be sure to read the terms and conditions very well, without skipping "the fine print". If in doubt, do not sign and consult a lawyer. Beware of the practice of usury, that is excessive charges on a loan. Success in your endeavor.

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