How do I start a loan company?


A loan company offers money to customers and they return the money with interest. To start a loan company you first decide on the leading limits and then make a business plan which contains start-up and operating budget, market analysis, profit and loss projections and a systematic marketing approach to attract and keep a regular book of business. Complete all the paper work needed and get a licence. Next get a location and obtain the money to lead. They are different ways of getting the money. Set your profitability goals and interest rates and ensure that you follow all the laws while running the business.
2 Additional Answers Answer for: how do i start a loan company
How to Start a Loan Company
Those looking to start an installment loan, payday loan or mortgage company can earn favorable returns. However, would-be lenders must observe specific government regulations and lending standards if they’re going to succeed over the long run.... More »
Difficulty: Easy
To start a loan company you need a stable capital base, premises where to operate and legal certification. You then advertise your company in the media in order to attract borrowers. Loan companies make profit by charging their customer's interest on borrowed money.
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