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Starting Moneylender Business

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    Starting Moneylender Business

    I want to start money lender business, i don't know the right name to use or the name this type of business is called.
    I want to have a store or office or shop where people will come and loan money for short period of time by using their phone, TV, electronics devices as collataral.

    Guys is this Business capital intensive? your ideas will really help.
    Last edited by Fecoms; 12-12-2017, 12:57 AM.

    #2
    Originally posted by Guest View Post
    I want to start money lender business, i don't know the right name to use or the name this type of business is called.
    I want to have a store or office or shop where people will come and loan money for short period of time by using their phone, TV, electronics devices as collataral.

    Guys is this Business capital intensive? your ideas will really help.
    Money lender business is a good idea/business. However, consider your funds, is it enough to cover how much your borrowers' needs will be? Not to be biased but think also about your goals on why you wanted to set up a money lending business. Is it only for profit? or you wanted to help other people by lending them money with the right interest? Regarding the name of business, try thinking/creating a unique banner/name so that people/costumers will remember it.

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      #3
      What you should consider first is the total amount of funds that will be used for the lending money business. Second, would be how to formulate the criteria for lending a person money. A balance criteria for lending money would be beneficial not only to your business but to the lender as well. Fund management and how the mone y will flow is one of the keys to success for this type of business. Goodluck mate!

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