Interest

[fret]

Whenever we borrow money from banks, organization or to any person, interest would always be present.

If you would lend a money to someone, how much interest would you impose?

Do you think this would be a good business?

[bethoven]

For me, I don't think this would be a good idea. The hardest part in this kind of business will be the collection time. What would you do if they wouldn't pay you on the agreed terms? Do you already have the needed capital? I suggest you should open a restaurant.

[Merana]

If you have some money to invest, you can be a money-lender, but I would suggest not to do it by yourself - as bethoven has said, what if people refuse to pay? You'll have all kinds of headache. I'd rather invest with a company that does these things professionally. They would handle the money and all the issues for you.

[creobiz]

Trust me, bethoven is right. I have proven it myself. No, I have never been a money lender LOL. But I ever worked for a leasing company, as a debt collector. That's the worst job I have ever done (I hope ).

[WildblueChld]

I personally would stay away from money lending business all together. In today's economy, people are just barely scraping by and even if they have the required credit score to borrow now, who's to say they will be able to pay it back? I don't know, but I think it's a little iffy nowadays...

[krisskross]

That is a good business for tough person. I would only lend money to people whom I know and I impose no interest. Are you interested with money? Why don't you work in a bank?

[Merana]

If you impose no interest krisskross, then it is not a business because you won't make any money. I mean, you'll lend someone $100 and get the same $100 back, right? What's your profit?

[kimik]

I used to this before, but in lend very minimal amount. And the interest is 5% a month. I usually get their atm cards that is use for payroll, so when payday comes, they won't forget to pay me

[Kart]

Originally Posted by fret

Whenever we borrow money from banks, organization or to any person, interest would always be present.

If you would lend a money to someone, how much interest would you impose?

Do you think this would be a good business?

Ya. surely, It is a good business as for you get back your money. You must be strong and have a group of people to get back the money from the people to whom you have given money. That is very important.

I will collect at least 15% per annum. That would be an ideal amount of interest.