I mean the physical loaning money to people and adding interest
Any tips on how to make it without losing my capital to debtors who may not like to pay back?
Is it a lucrative business?
Who should be the target audience?
Any idea, pls share

Market woman, shop owners

Dainy1:
I mean the physical loaning money to people and adding interest
Any tips on how to make it without losing my capital to debtors who may not like to pay back?
Is it a lucrative business?
Who should be the target audience?
Any idea, pls share

I knew persons who started small then began to grow into multi millions


Go and rent a shop close to a market. Contact me for consultancy in short

Please dont start this business, some people will rather die than pay back loans. The economy doesn't encourage credit facilities so people will borrow to eat rather than to invest, even investments are collapsing.

phorget:
Please dont start this business, some people will rather die than pay back loans. The economy doesn't encourage credit facilities so people will borrow to eat rather than to invest, even investments are collapsing.

This advice is wrong.

If truly what u are saying is true...how come I made close 11million in just three month from this same business.
Jan to March as at yesterday.

U people just keep dishing out lies in form of advice deceiving young minds from doing well.

I have been into this business for the past 12 years and i have consistently made so much from this.

Last year alone,I made 30million and above.

Mention the investment companies that are folding up?

Most of my friends who left banking just as I did are into licenced lending and cooperatives and we are all doing great...so stop painting everything bad.

My father used to say;that Nigeria has never been good but one thing is sure,that Nigeria money can never finish...not even in 100years to come.

Dainy1:
I mean the physical loaning money to people and adding interest
Any tips on how to make it without losing my capital to debtors who may not like to pay back?
Is it a lucrative business?
Who should be the target audience?
Any idea, pls share

Go ahead bros and start it but if u don't have licence,pls apply to get a cooperative licence and start immediately.

I wish u the best and don't listen to all those negative minded souls.

If u need me to guide u I will okay.

Good luck man.

Ibechris2:



Go ahead bros and start it but if u don't have licence,pls apply to get a cooperative licence and start immediately.

I wish u the best and don't listen to all those negative minded souls.

If u need me to guide u I will okay.

Good luck man.

Thanks so much.
Pls how do I get a co-operative licence? What's the cost? Can I start before getting it registered? Who are your target audience?

Dainy1:
Thanks so much.
Pls how do I get a co-operative licence? What's the cost? Can I start before getting it registered? Who are your target audience?

U can start,without first having any licence,but I will advice u to get a licence to start and never look back.

Cooperative licence is better for now pending when u can source for money lending licence and it is very cheap compare to money lending licence.

To get it,go to any federal ministry of Agriculture in ur state of residence and u will be advised better.

But if u are in Abuja, I can give u a contact person that would help u to process and finish this without u going through the entire hurdle.

Ibechris2:



This advice is wrong.

If truly what u are saying is true...how come I made close 11million in just three month from this same business.
Jan to March as at yesterday.

U people just keep dishing out lies in form of advice deceiving young minds from doing well.

I have been into this business for the past 12 years and i have consistently made so much from this.

Last year alone,I made 30million and above.

Mention the investment companies that are folding up?

Most of my friends who left banking just as I did are into licenced lending and cooperatives and we are all doing great...so stop painting everything bad.

My father used to say;that Nigeria has never been good but one thing is sure,that Nigeria money can never finish...not even in 100years to come.

I wont argue with you sir but I hope the OP will bookmark this page and feed us back regarding the developments.

phorget:




I wont argue with you sir but I hope the OP will bookmark this page and feed us back regarding the developments.

Stop this bleak advice.

Let me shock u,from February 2012 that I started this business till date,I have never been owed and no person has ran away with my money.

There is no business in this world that isn't a risk but that does not mean that people should not enter into it because u are afraid.

Simply put it,business isn't for people like u and don't discourage others who want to join.

Ibechris2:



Stop this bleak advice.

Let me shock u,from February 2012 that I started this business till date,I have never been owed and no person has ran away with my money.

There is no business in this world that isn't a risk but that does not mean that people should not enter into it because u are afraid.

Simply put it,business isn't for people like u and don't discourage others who want to join.

Is money lending the only business is this world? Why would you conclude that business isn't for me?

phorget:




Is money lending the only business is this world? Why would you conclude that business isn't for me?

People have dreams and don't spoil their dreams with ur kind of advice.

If I had met u in 2012,I would have been poor due to bad advice people like u give.

Encourage people and stop telling us about businesses that are failing,as far as I am concern,business men and women are making good money than never before. I am close to them.

One of my business partners is building three houses in this economy, two in Abuja and one in Imo state and u are telling me how businesses are failing.

When it comes to money,u are way behind and moreover, we are not from the same background financially.

Keep your advice to ur yourself.
U have a very long way to go in life if u think that,discouraging people is an advice.

Ibechris2:



People have dreams and don't spoil their dreams with ur kind of advice.

If I had met u in 2012,I would have been poor due to bad advice people like u give.

Encourage people and stop telling us about businesses that are failing,as far as I am concern,business men and women are making good money than never before. I am close to them.

One of my business partners is building three houses in this economy, two in Abuja and one in Imo state and u are telling me how businesses are failing.

When it comes to money,u are way behind and moreover, we are not from the same background financially.

Keep your advice to ur yourself.
U have a very long way to go in life if u think that,discouraging people is an advice.

Hello Mr. please what exactly are we dragging here? Did I ever mention that businesses are not good? The OP was seeking our opinion regarding money lending business and NOT BUSINESSES AS A WHOLE, my advice was for him not to venture into MONEY LENDING BUSINESS, did you see me telling him not to do any other BUSINESSES at all? Why are you now making it look like I'm discouraging people from going into businesses? Do you actually know what I'm into?

If money lending business has favored you then that's fine,you can as well mentor him in that line since it's your field, I only gave my humble opinion due to a close ally's experience regarding money lending business. It is my opinion and I've never forced anyone to take it. Take it upon yourself to mentor our brother if that is his interest so he doesn't make loses as a first timer in that business.
I will never be a prophet of doom,I want everyone to succeed please.

Ibechris2:



U can start,without first having any licence,but I will advice u to get a licence to start and never look back.

Cooperative licence is better for now pending when u can source for money lending licence and it is very cheap compare to money lending licence.

To get it,go to any federal ministry of Agriculture in ur state of residence and u will be advised better.

But if u are in Abuja, I can give u a contact person that would help u to process and finish this without u going through the entire process.

Alright. Thanks so much. I appreciate

Ibechris2:



Stop this bleak advice.

Let me shock u,from February 2012 that I started this business till date,I have never been owed and no person has ran away with my money.

There is no business in this world that isn't a risk but that does not mean that people should not enter into it because u are afraid.

Simply put it,business isn't for people like u and don't discourage others who want to join.

Sir, I read where you said, no one have ever owe you since 2012, pls what are your strategy? which particular people do you loan to? I know many people aren't faithful when it comes to loan, do you involve the police or how do you do it? Pls share with us. I just came across this and I really want answers to these questions. Thanks

Co ask...and pls how much will someone need to start the business

Beauty4brain:
Sir, I read where you said, no one have ever owe you since 2012, pls what are your strategy? which particular people do you loan to? I know many people aren't faithful when it comes to loan, do you involve the police or how do you do it? Pls share with us. I just came across this and I really want answers to these questions. Thanks

Co ask...and pls how much will someone need to start the business

Interesting

Holluwahgbenga:


Co ask...and pls how much will someone need to start the business

You can start with as low as 500k.
(Speaking from personal experience)