Working As Money Lender

Hate2Wait

Very Familiar

Member

Jun 16, 2022

24,924

2,499

Dex

$0.100

Raw Dex

$1.181

• Nov 6, 2022

• #1

People like to lend money for their different requirements and many times it's not Easier to get that from bank because of so many formalities so they borrow money from private lenders and they charge higher interest.
Do you think it's a good business?

 

cherry123

Popular

Member

Sep 5, 2022

27,471

2,612

Dex

$0.591

Raw Dex

$0.101

• Nov 6, 2022

• #2

I believe it should be a good business apart from the fact that it comes with the risk of losing money when people are not repaying the money.

 

fcbetting

Notable

Member

Jun 16, 2022

4,924

358

Dex

$0.010

Raw Dex

$4.880

• Nov 6, 2022

• #3

How could you be sure somebody will bring you money back? If he/she don't you must sue him/her and this can very long on court.

 

uptrendfinancialsignal

Well Known

Member

Nov 24, 2022

8,905

181

Dex

$0.004

Raw Dex

$0.121

• Jan 11, 2023

• #4

This is another very lucrative business that you can venture into if you have enough capital to lend people and receive interest.

 

Knowledge Quest

Notable

Member

Sep 21, 2022

1,086

60

Dex

$0.000

Raw Dex

$0.000

• Jan 11, 2023

• #5

To become a money lender, you will need to have a basic understanding of finance, accounting and money management. You will also need to be familiar with local and federal laws regarding money lending. Depending on your jurisdiction, you may need to obtain a license or registration to start a money lending business. Additionally, you will need to set up a secure system to manage the loan applications, loan terms and repayment of funds. You may also need to have sufficient capital to cover any loans that you provide.

 

cherry123

Popular

Member

Sep 5, 2022

27,471

2,612

Dex

$0.591

Raw Dex

$0.101

• Jan 11, 2023

• #6

uptrendfinancialsignal said:

This is another very lucrative business that you can venture into if you have enough capital to lend people and receive interest.

Click to expand...

Yesh at the same time it is good to be careful to avoid lending money to people that will not pay

 

misha

Notable

Member

Dec 5, 2022

1,280

126

Dex

$0.000

Raw Dex

$0.000

• Jan 11, 2023

• #7

its a good business must involved risk

 

flower

Notable

Member

Jan 9, 2023

4,978

86

Dex

$0.004

Raw Dex

$0.001

• Feb 2, 2023

• #8

Money lending services is a very good investment at each and everyone could try out.

 

S

Springtime

Well Known

Member

Dec 22, 2022

7,929

294

Dex

$1.340

Raw Dex

$0.105

• Feb 3, 2023

• #9

I noted that there are lots of companies in Hong Kong doing lending business. They are advertising on TV and YouTube. Must be making good money.

 

Shavkat

Very Familiar

Member

Sep 7, 2022

13,631

947

Dex

$0.515

Raw Dex

$0.003

• Feb 11, 2023

• #10

One of my aunts side hustle is letting policemen borrow money from her and she gives interest when asking them to pay. She has been doing this for many years now.

 

Edulady

Notable

Member

Jul 4, 2022

1,752

284

Dex

$0.000

Raw Dex

$0.280

• Feb 11, 2023

• #11

That business is good if you can collect the money you lent to people. There are some very bad payer out here. I have seen a few people fail to collect and end up closing shop.

 

Elendu

Unfamiliar

Member

Jan 27, 2023

377

32

Dex

$0.000

Raw Dex

$0.000

• Feb 11, 2023

• #12

One of the biggest risks I will never like to face again in money lending is having a default borrowers. This can result in the loss of both the loaned amount and any interest or fees associated with the loan.

 

relcap23

Notable

Member

Sep 8, 2022

2,061

337

Dex

$0.000

Raw Dex

$0.000

• Feb 11, 2023

• #13

It's profitable but risky. Most money lenders charge higher interest than what is offered by banks.

 

Magnus2022

Notable

Member

Nov 25, 2022

4,080

333

Dex

$0.000

Raw Dex

$0.080

• Feb 11, 2023

• #14

It is a good business but i cannot be able to do it. It comes with a lot of risk . I don't have the strength to be chasing defaulters from one place to another . One of my friend is working for a loan company and he use to shed tears after a lot of unpleasant experience with defaulters.

 

B

Bisolami

Very Familiar

Member

Sep 19, 2022

17,833

1,539

Dex

$0.000

Raw Dex

$0.078

• Feb 12, 2023

• #15

cherry123 said:

I believe it should be a good business apart from the fact that it comes with the risk of losing money when people are not repaying the money.

Click to expand...

I will not like to engage in that kind of business because it is very risky and some people may run away with your money

 

eldavis

Very Familiar

Member

Sep 4, 2022

15,114

665

Dex

$0.000

Raw Dex

$6.476

• Feb 28, 2023

• #16

I heard this line of business is rather lucrative, there is someone who recently finished building a house in my area, rumors has it that he is into lending of money. Its lucrative but i do not think i have the strength to start drawing people to pay back.

 

Niyi Briggs

Well Known

Member

Nov 27, 2022

7,835

318

Dex

$0.000

Raw Dex

$0.200

• Feb 28, 2023

• #17

Inwoukd only borrow from families and close friends. I can't go to a private lender to borrow money. They are not civil like banks in case of a default in repayment.