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Ever cornered by a shylock?

Discussion in 'Financing Your Business' started by remnant, Mar 5, 2016.

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  1. remnant

    remnant Member

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    I vividly recall an experience I underwent at the hands of a shylock back in 2010. I had ventured into making handicrafts to supply to big cities but was pressed for capital. I negotiated with a shylock and he gave me a loan with my phone as collateral. The repayment period was too short and the interest high. I tried to renegotiate but they shortly sold my phone. Anyone with similar experiences?
     
  2. Vinaya.Ghimire

    Vinaya.Ghimire Member

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    I have had similar experience. I wanted money for a business startup. I had applied for bank loan but it was taking time for approval. In the mean time, talked to the money lender and he agree to give me some money if I give him gold as collateral. Interestingly when the time to repay came, the interest I was paying for the loan was smaller than the price increment on the gold. He refused to give back my gold.
     
  3. Corazon

    Corazon Member

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    It's not actually a Shylock but a colleague who lent us money for additional capital to our computer retail business. When the big receivables were not paid on time, we were hard pressed for cash so we turned to borrowings. That is a neat lesson to us not to resort to borrowings because the profit only goes to the lender. Looking back, if we had enough capital or maybe surplus of profit perhaps business will not fail and maybe it's gone bigger now. That's why my plan for another business would require an extra money in the bank to assist the cash flow problem just in case.
     

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