Muthiah (Engineer) 05 May 2013

Money lending - securities needed

Good Evening,

I have planned to start money lending bussiness with my hardworking money, due to my health problem(athrities) i can't do any outside work, but i am fear about lenders after receiving money, if they do not give the interest or capital, i may be fully affected and no way to live . hence Kindly help me to give answer to my Question.

1. What are the Legal securities to be collected from money borrower?

2. If any problem in money lending, how i approch to court, what type of lawer i have to conduct?

Thanking You.

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2 Replies

prakharved (Medical officer) 12 June 2013

@muthiah

For securities you can have gold and other immovable property so that if the borrowed amount is not paid on time, you would still have some securities. You should make yourself familiar of the legal formalities involved before undertaking such a business and also have all agreements in place.

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