myfirstmillion31
New member
just wanted to take notes and really be on some other than the norm. whats it take to start that up we should all think big! lmao
how do you start your own loaning business
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Profwriter
Active member
Starting a loan business can be profitable and risky as well and you must have a lion heart to do so, you must not be an emotional person because their are many who will abuse the process and want you to run at loss. Your debts recovery team must be very proactive and resilient in ensuring that people don't run away with your money.
You also need to secure the necessary insurance cover for every loan you give out and also register your business with relevant government authorities.
proper documentation of every one that seeks loan from you must be done, they also should provide collateral and guarantors.
Alexandoy
VIP Contributor
We used to have a neighbor who has a lending firm. They earn big because they have built a nice house and fancy cars. The only investment is money and the connections to the borrowers. But the neighbor said that once you give out a loan to someone it will spread in the neighborhood so borrowers will come in a natural way.
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