3 years, 1 month ago
I am trying to start a club for lending purposes at my school. Will I run across any legal issues?
I am starting this club because our school always has food sales to benefit multiple different charitable causes, but some don't sell out because some people just simply forget their money. I have all of the issues that one would first think of, figured out, so now, I just have to find out if there are any legal issues. All of the profits from charging interest (1 dollar a day until the amount of money that was originally borrowed is doubled) are going to the micro-lending club at our school, a club that lends to kiva.org, a link between people who need money and can borrow it from others without interest.
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Your talking about a college right? Our college has a local bank that rents space from one of the colleges' main buildings. I imagine that you'll need to clear it with the college and get a banking license before you can start lending money- even if it is just a club, there are certain rules that have to be followed when it comes to money and loaning out money. Plus you'll want to be a legitimate business if you want people to actually pay you back.
GOOD LUCK!!
GOOD LUCK!!
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