From the course: Get Funded to Grow Your Business
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Unfavorable repayment terms
From the course: Get Funded to Grow Your Business
Unfavorable repayment terms
- Have you ever applied for a mortgage? Everything sounds great when you're speaking to the loan officer. They assure you that you will be in your dream home in no time, and then you get the paperwork. What are points? Why do you have to pay all those closing fees? Why does the interest rate jump after the first six months? That's the fine print stuff people tend to gloss over, especially loan officers. You only realize how awful the terms are once you're pretty far down the line and down the path of borrowing, because at that point, you've emotionally committed to buying that dream house. So nine times out of 10, you probably accept those awful terms because you're thinking with your heart and not with your head. Unfavorable repayment terms aren't limited to mortgages and credit card debt. They exist in capital and startup debt too. Not having a solid understanding of what is considered typical and reasonable…
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