How to make money by lending loans

[Setfragil]

There are new businesses springing up this year. Many of them are also looking for ways they can generate capital for the business to grow.

This makes it possible for one that is creative to setup up a loan scheme where you get to lend money to these businesses while you make interest on loans given at the completion of the loan. Have you thought about this method of making money?

You have a very good business idea. As good as the idea is, one need to be very careful and operate it smartly and professionally by making sure that every borrower sign an agreement backed by an attorney.

 

[Tolumi]

There are new businesses springing up this year. Many of them are also looking for ways they can generate capital for the business to grow.

This makes it possible for one that is creative to setup up a loan scheme where you get to lend money to these businesses while you make interest on loans given at the completion of the loan. Have you thought about this method of making money?

You should have a solid loan recovery process on the ground if you want to be successful in this business. If you are able to successfully recover up to 70% of your loans then be sure you will succeed.

 

[Oliver4smile]

It's actually a very nice idea, in my own part of the world however, I mean in my country, this idea only work for people with great connection, big companies, if someone with low or no connection should start this kind of business, people will only borrow from you and fail to repay back whereas there's nothing much you can do about it.

 

[Josephjossy]

You can make good amount of money by loaning money to people but you have to be careful with the kind of people you load money to, you can make money from loading people money, they will pay you back with interest

 

[Bousine123]

There are new businesses springing up this year. Many of them are also looking for ways they can generate capital for the business to grow.

This makes it possible for one that is creative to setup up a loan scheme where you get to lend money to these businesses while you make interest on loans given at the completion of the loan. Have you thought about this method of making money?

Yeah, this is very possible my Friend. You can start by creating an app and uploading it on playstore. Then you should focus on marketing next.

 

[gammarays]

Giving loans is one of the best ways to make money online. However, giving out loans come with a very big risk because a lot of people won't want to pay at some point

Yes,that's my fear about giving out loans. You need to have a solid structure to help you recover loans easily or your capital will be stuck. I think that's why loan companies use guarantors and collateral.

 

[Richard92]

There's a solution for it too. You need to take some security for providing the loan. Some sort of ornaments having equal value will do. Otherwise it will be hard to differentiate between a good borrower and culprits.

The best way one can be able to make money by lending loan is by giving people assistance or loan and adding interest to it also collecting collateral from them in case the default to pay

 

[Kane]

There are a lot of peer to peer lending sites, I recommend lending club. Instead of fiat currency, if you want to use crypto currency, you can try money markets. I recommend AAVE, the blockchain based burrowing and lending platform.

 

[Senator]

Even if I am a creative person, I won't go into setting up such schemes. I am not and have never been a fan of the loan business or anything of such semblance though

 

[Kingstone]

This is a good business idea but it's kinda risky. Virtually all businesses are risky anyway. The problem of depending on others to pay back will be the major challenge. Some of these apps like carbon pay later, branch, and the likes spend weeks and months tracking their borrowers up to the point of reporting them to the Credit Bureau.

 

[Abigael]

This is a good business to make money if you have a good amount that you can lend out. But you should be really careful as most people may not pay back the loan after you give it to them. This business requires a good form of security measures.

 

[Alexandoy]

We have a neighbor whose livelihood is lending money to vendors. She collects payment every day. The rate of interest is usurious which is against morality. I couldn't engage in that kind of business.

 

[jeff87]

You can make good amount of money by loaning money to people but you have to be careful with the kind of people you load money to, you can make money from loading people money, they will pay you back with interest

That is right. Everyday there are Indians who are going to every house that has grocery stores and getting the payment plus interests to the loans they have given to businesses. They charge I think 20 percent interest to your loan. Our government is running after them but our country men resort to this loan because it's so easy to get. You just have to build your home store.

 

[Kingstone]

Granting loans to people for business purposes seems very good, especially If they can get to pay on time to keep the business running. Still, one has to be careful. It's risky and it must not be a contract by out mouth.

 

[Grandeur]

Providing loans at an interest is becoming lucrative recently and one way to provide this loan is to build up an application that anyone anywhere can have access to

 

[Heatman]

Personally as far as I'm concerned I'm definitely not going to be open to lending money to people for some percentage of profits from the money when they are going to pay me back because I'm not ready to fight to get my money back.

 

[Solutionav]

There are new businesses springing up this year. Many of them are also looking for ways they can generate capital for the business to grow.

This makes it possible for one that is creative to setup up a loan scheme where you get to lend money to these businesses while you make interest on loans given at the completion of the loan. Have you thought about this method of making money?

Starting sure business is a very good idea but you know is not going to be easy in some place because your location is very important when starting sure business, because some person will get loan from you and disappear

 

[Setfragil]

As good as giving out loan in business is, it is also one of the easiest ways to record debts. Anytime you wants to give out loans, make sure that there is a legal documents signed by both parties to make the recovery of the loan easy in case the borrower default in his payments.

 

[Mayox25]

It is equally a business which requires huge fund to start if you want to target a wide reach.
However you have to put in place measures that will enable you to get your money back which will make defaulting not to be an option to whomever has taken such loan facility from you.

 

[eenya001]

Giving loans is one of the best ways to make money online. However, giving out loans come with a very big risk because a lot of people won't want to pay at some point

Definitely, that is one of the disadvantage of giving out loan, getting back your money is a very serious issue, as most time it's is hard for most people to repay back a loan, especially one that comes with interest.