Whats good Wealthbuilderz its yah boy DeVaughn back again with another video. Today we are talking about How To Start a Money Lending Business
so lets go!
So you want to start a money lending business? Okay there is a simple way of going about this and it allows you to start really small. You don’t even have to invest money in a llc or anything like that.
You can actually start with three different sites. Thats prosper, lending club and a newer way and thats called Solofunds. The difference between prosper and lending club is not that big. There loans are A. harder to get and B. have higher limit.
Solofunds has the biggest difference between the three. Its much more of a financially freindly platform in my opinion. The reason is the loan amounts on Solofunds are much lower then prosper and lending club.
You can easily become a lender and help a peer in financial distress while still making a return on your money. Solofunds has a thing called solo score that determines a borrower’s worthieness of credit.
If a borrower doesn’t payback a loan you can forward their information to collections but they can actually extend the loan for another two weeks for $5 or %5 which ever one is greater.
You can’t be a provider of the loan and a borrower in the solofund platform. I personally think apps like solofund are really good but the thing is make sure if you do take a loan don’t request for more then you can pay back.
All in all the Solofunds app is a pretty good idea and can work if you have an financial situation. If you want to find out more about Solofunds check out the link below.
If your looking to start you money lending business this can be a great way to get started without putting out too much risk to get started.
To be honest having a Loan Business is one of the most passive income business models there is in my opinion.
After watching this video and you think that having a loan business is not for you then check out how you can start a online marketing business for $7 and build a automated business online check out the wealthbuilderzsystem.com
Thanks for watching my video It’s yah boy DeVaughn signing off
for How To Start A Money Lending Business.
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