When do I need a Money Lender’s License?
A Money Lenders License is given to an individual or a corporate body to lend money.
A Money Lenders License is important because it gives you the right legal standing. It is trite law that any individual or corporate body that seeks to lend money with an interest must be licensed to do so. This means that getting a money Lenders License gives a Lender the Legal backing to lend Money hence he would be able to institute an action to reclaim his principal loan and interest where necessary. An unlicensed Lender would not be able to do so in Law. An individual seeking to lend money without a license can only do so as a “friendly loan“without any interest.
A money Lender’s License is state based therefore it means that the license is given from state to state.
618 Bees can help you quickly and easily obtain a Money Lender’s License. Log on to our website www.618bees.comor email email@example.com, or give us a call on +2349017190079. 618 Bees will complete your application with the state authorities.
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