money lending


T

Terry Newman

I have some cash and I know a few people that would like to make use of it.
The money and the clients are ready and waiting.

The application (bridging finance for property purchases) requires the money
is only loaned out for 24hrs in every case.

If I lend the money by electronic transfer to a solicitor, and get it back +
a fee 24hrs later am I breaking any financial laws?

Do I need a license or certificates or anything?

thanks
 
T

Terry Newman

I have some cash and I know a few people that would like to make use of
it. The money and the clients are ready and waiting.

The application (bridging finance for property purchases) requires the
money is only loaned out for 24hrs in every case.

If I lend the money by electronic transfer to a solicitor, and get it back
+ a fee 24hrs later am I breaking any financial laws?

Do I need a license or certificates or anything?

thanks
Was it a difficult question?
 
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E

Eric Jones

Terry Newman said:
Was it a difficult question?
AFAIK you can lend to anyone wishing to borrow. However no solicitor will
touch you with a bargepole and if you intend charging either a fee or
interest you will need a credit licence.
 
R

Ronald Raygun

You don't need a credit licence if you are lending to relatives or friends.

Not sure where the line would be drawn between friends and so-called
friends who are really just members of the public (e.g. friends of a man
down the pub). Would it boil down to whether you advertised? What if the
would-be borrower advertises and the would-be lender merely responds?

I don't think you need a credit licence if you lend through a brokerage
agency (such as ZOPA), though of course the agency would need one.
 
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