- They deal with urgency fast unlike banks that take time to process cash.<\/li>
- Unlike banks that ask for collateral, microlenders don\u2019t ask for such.<\/li>
- It\u2019s difficult acquiring small loans from banks.<\/li><\/ol>\n\n\n\n
Is the lending business profitable?<\/strong><\/h2>\n\n\n\n
Yes, consider this saying: \u201cInterest on debts grows without rain\u201d, merely meaning whenever you lend money there is always an interest you receive on payment. <\/p>\n\n\n\n
How does the lending business work?<\/strong><\/h2>\n\n\n\n
This business involves cash and clients, besides you also have to register it by a country\u2019s laws and regulations. You just can\u2019t begin lending money<\/a> out of thin air.<\/p>\n\n\n\n
What to consider first?<\/strong><\/h3>\n\n\n\n
- Comply with registration regulations of the Securities and Exchange Commission.<\/li>
- Know current legal requirements of microlending business.<\/li>
- Study your target audience, <\/li>
- Hire the right employees<\/li>
- Know clients, who to avoid, and how to screen them.<\/li><\/ul>\n\n\n\n
Where to register money lending business?<\/strong><\/h2>\n\n\n\n
Before registering under the Securities and Exchange Commission. your company name should contain; \u201cLending Company\u201d or \u201cLending Investor\u201d or any other word describing the giving of loans to the public.<\/p>\n\n\n\n
Exclude words common to the identification of financing companies’ trade names.<\/p>\n\n\n\n
What other requirements?<\/strong><\/h2>\n\n\n\n
- Capital requirements: Minimum of 1,000,000 Pesos- Additional capital is for each branch, extension, satellite office, or unit established<\/li>
- Information; about your lending:<\/li><\/ol>\n\n\n\n
- The principal amount of loan;<\/li>
- Rate of interest of the loan;<\/li>
- Service or processing fee, if any;<\/li>
- Amortization schedule;<\/li>
- Any penalty charge for late amortization payment.<\/li><\/ul>\n\n\n\n
- Clearance from the Bureau of Immigration- especially the foreigners trying to register and start crediting people.<\/li>
- Securities and Exchange Commission Licensing Fees.<\/li><\/ol>\n\n\n\n
Having learned about the Philippines here is software that will help you in the lending business<\/a>. Microlending can be a ticket to riches, but before getting there, you need to know how to operate the business.<\/p>\n\n\n\n
You need not worry much because Jisort<\/a> got you.<\/p>\n\n\n\n
What is Jisort?<\/strong><\/h2>\n\n\n\n
Is a credit management software that helps Banks, Saccos, Microfinance, Lenders, Cooperatives, Credit Unions, and other MFIs. It\u2019s fully integrated with Mobile Money and Banks.<\/p>\n\n\n\n
Jisort has been up and running for 6 years and offers to provide the following full integrations:<\/p>\n\n\n\n
- Banks<\/li>
- Mpesa<\/li>
- PesaLink<\/li>
- Credit Reference Bureaus (CRBs)<\/li>
- Vodacom<\/li>
- Tigo<\/li>
- Among others<\/li><\/ul>\n\n\n\n
<\/figure>\n\n\n\n
How does Jisort Work?<\/strong><\/h2>\n\n\n\n
Since it\u2019s fully integrated with mobile money and banks it works as a record keeper for all the transactions done.<\/p>\n\n\n\n
Whenever you are registered to this software all your client\u2019s information is safely backed up and all their transactions are always recorded.<\/p>\n\n\n\n
Why use Jisort?<\/strong><\/h2>\n\n\n\n
- Ease to keep records- anyone who you credit all records of transactions are saved.<\/li>
- Ease to approve loans- choose whom to offer loans and who not to.<\/li>
- Affordable- manage all your loans<\/a> and transactions from one place easily and cheaply.<\/li>
- Wide range of other services- besides being a credit management software Jisort<\/a> also offers services like Loan books, Bulk SMS, Mobile Apps, and many others.<\/li><\/ul>\n\n\n\n
<\/figure>\n\n\n\n
The simple dashboard of the Jisort platform, where you manage your loans and your client\u2019s data. <\/p>\n\n\n\n
Here is the dashboard of loan approvement:<\/p>\n\n\n\n
<\/figure>\n\n\n\n
Besides you can also generate reports about a certain client, in a simple and easy way.<\/p>\n\n\n\n
The software payment models are two:<\/p>\n\n\n\n
<\/figure>\n\n\n\n
The per-user model and bulk users that each have different offers.<\/p>\n\n\n\n
Wrapping up lending business in Philippines<\/h2>\n\n\n\n
Jisort uses the latest technology and security to develop the software and has been developing software for both local and international markets.<\/p>\n\n\n\n
Well, for those who want to get started click here<\/a>. <\/p>\n\n\n\n
Money lending in a foreign country is a bit difficult but once you put commitment and learn about the market it becomes easy.<\/p>\n\n\n\n
Also, learn all about their regulations and make considerations to where you want to land with your idea.<\/p>\n\n\n\n
- Wide range of other services- besides being a credit management software Jisort<\/a> also offers services like Loan books, Bulk SMS, Mobile Apps, and many others.<\/li><\/ul>\n\n\n\n