Hi, has anyone here owned a company lending money before?
What needs to be done in order to be legit?
What process do you take to ensure yourself of not getting stiffed?
What can you do if you get stiffed?
Any practices/lessons learned?
Why would anyone use me vs a credit card?
I was doing this for a while with friends and family and it worked great, i got stiffed hard one time though but still enough up on the + return.
I would like to retry this, i can advertise relatively cheap and i figure i would give out loans to people based on a $500-$2,000 to start. I will have them back this loan up with a physical asset they own to ensure me getting money. I can use my own cash or get investors to use theirs if it grows fast. I have heard of people charging some pretty high rates, does anyone know the maximum % allowed?
What needs to be done in order to be legit?
What process do you take to ensure yourself of not getting stiffed?
What can you do if you get stiffed?
Any practices/lessons learned?
Why would anyone use me vs a credit card?
I was doing this for a while with friends and family and it worked great, i got stiffed hard one time though but still enough up on the + return.
I would like to retry this, i can advertise relatively cheap and i figure i would give out loans to people based on a $500-$2,000 to start. I will have them back this loan up with a physical asset they own to ensure me getting money. I can use my own cash or get investors to use theirs if it grows fast. I have heard of people charging some pretty high rates, does anyone know the maximum % allowed?
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