Boston, MA asked in Banking, Contracts and Small Claims for New York

Q: I want to start a very small lending company. $1000-$5000 max no more then 14% what exactly do I need to do this?

I read that 25000 and under and over 16%

But I would be charging less in interest so would I need any license ?

2 Lawyer Answers
Michael David Siegel
Michael David Siegel
Answered
  • Business Law Lawyer
  • New York, NY
  • Licensed in New York

A: If you are lending to the public you need a banking license.

Bruce Alexander Minnick agrees with this answer

Bruce Alexander Minnick
Bruce Alexander Minnick
Answered
  • Business Law Lawyer
  • Tallahassee, FL

A: Before you get too deep in the weeds to find your way out, I strongly advise hiring a lawyer experienced in helping non-lawyers create small businesses that will require some degree of state (and perhaps federal) licensing to operate the new business lawfully.

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