Working As Money Lender

[Hate2Wait]

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]

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]

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]

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

 

[Knowledge Quest]

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]

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

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

 

[misha]

its a good business must involved risk

 

[flower]

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

 

[Springtime]

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]

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]

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]

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]

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

 

[Magnus2022]

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.

 

[Bisolami]

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.

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]

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]

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.