What do you think about having a business that gives out loans to people?

[Fidelia]

One if the services one can provide is emergency financial access in the forms of loans to people. Of course, providing such service is a business and one would have to gain from interests charged on the loan.

What do you think of such a business? What security measures can be put in place to ensure people don't run away with loans?

 

[Starmix]

There are many here in my place operating a business like that. There's a daily collection of payments, weekly or monthly. Proceed if you like this business.

 

[King Belieal]

It is a good business but one that I am not capable of doing. I don't think that I have the heart that people would stress with defaults in loan repayments.

 

[Starmix]

I can't do that business either especially if the interest is high. For me it's a sin charging borrowers 10 or 20 percent.

 

[Kross]

I really appreciate those people that have ran that kind of business for years. They are really trying. It is a very risky business that I can't do.

 

[neku]

Some of the money lenders especially in small towns are very well connected and have the police, politicians on their payroll. If a borrower does not pay back the money, they make the borrowers life hell.

 

[Augusta]

it is a kind of passive business which you can make good money from interest but you are taking a huge risk with humans

 

[neku]

it is a kind of passive business which you can make good money from interest but you are taking a huge risk with humans

To reduce the risk to a great extent it is better to invest in debt funds or fixed deposit, the company has the systems and resources to recover the funds from the borrowers.

 

[King Belieal]

Some of the money lenders especially in small towns are very well connected and have the police, politicians on their payroll. If a borrower does not pay back the money, they make the borrowers life hell.

And I would surely be in support of the lenders taking any length to make sure they get their money from borrowers.

 

[Augusta]

To reduce the risk to a great extent it is better to invest in debt funds or fixed deposit, the company has the systems and resources to recover the funds from the borrowers.

Well if one can have access to a system that can help with debt recovery them that will be fine . one can do the business

 

[Xtynehappy]

That business is really good as it is very profitable and most people are looking for avenues for taking loans.

 

[King Belieal]

That business is really good as it is very profitable and most people are looking for avenues for taking loans.

It is not about them looking for avenues to take loans but being able to payback the loans taken. Some people are just so irresponsible. And I won't tell anyone to do loan business in Africa.

 

[Augusta]

I really appreciate those people that have ran that kind of business for years. They are really trying. It is a very risky business that I can't do.

That's right it is one business that would come with high risk so you just have to be careful when loaning out money