Is it legal to loan money as an individual?
>Contractual security
>Interest
>Late Fees
I want to do this as an independent for small sums like 2k and let collections handle any issues
>>1289255
Just do P2P lending but you'll get raped on taxes.
Yes it's doable to loan someone money and write up a contract for the loan.
>>1289257 wait explain this tax rape
>>1289255
>when your boss is asking everyone for money
>when everyone gives her money
>when she asks you to give her money so she can buy groceries for her kids and she'll pay back as soon as possible
>"Okay, but only if you sign above the dotted line."
>"N-no thanks."
>when no one got their money back
I've done it a couple of times now for a buddy's business. Worked out well because everything was spelled out in the promissory note. I would never do this for randoms off the street though.
