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Lending as a side hustle: What I need to know

So, you want to branch out and earn some extra cash on the side. Becoming a small-scale lender might not have been the first idea on your list. It might not have even been the tenth. Maybe you’re on this page out of curiosity. You might even have clicked on that link just so you can roll your eyes and shake your head with indignation while reading. You might even have landed on this page by mistake. Whatever your story is, the important thing is that you’re here, so we might as well get down to business.


Why should you become a Lender?

What does it take to become a Lender?

  • Available funds (of course!).
  • A Money Lender’s License (for full-time lenders).
  • A platform on which to run your Lending business.
  • Good reporting and record-keeping capabilities.

Obtaining a Lender’s License

Platform, Record-keeping, and Reporting

  • You will need a loan management App to organize your business. This will help you with creating loan products, managing loan applications from borrowers, approving and modifying loans, verifying applicants, etc.
  • You need to be able to keep track of your money (yes please!), who you’ve lent to, who still owes you and how much, etc.
  • You need good bookkeeping to know how much profit you’re making and how the business is doing.

References

  1. Money lending: 8 things you need to know. (2015). Retrieved from here
  2. The law and practice of money lending in Nigeria. (2017). Retrieved from here.
  3. The Moneylenders Law, SLS 1990, c. M7, s. 4. Retrieved from here

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