This is a two-way transaction. It involves the creditor (who gives the loans) and the borrower (who receives the loan).<\/p>\n\n\n\n
The transaction however is governed by terms and conditions. A borrower must agree to the creditor\u2019s terms before receiving the loan.<\/p>\n\n\n\n
Some terms can include the commitment of assets, collateral, guarantors, and many more depends on the creditor\u2019s terms.<\/p>\n\n\n\n
As a two-way transaction, the borrower ought to return the loan with something extra; interest. Interest depends on the rates the borrowers have set.<\/p>\n\n\n\n
In case of default, the creditor has the authority to acquire the assets or collateral and use it to pay for the loan.<\/p>\n\n\n\n
So before borrowing any loan one oughts to be careful and read through all the terms before getting the loan.<\/p>\n\n\n\n
Is the lending business profitable?<\/strong><\/h3>\n\n\n\nYes, it\u2019s the best business to start. Imagine just earning from just giving money; you give you receive with something extra.<\/p>\n\n\n\n
Lenders earn from interests, fines, and collateral. This means that they recover the amount they lend easily. <\/p>\n\n\n\n
Now here is an example:<\/p>\n\n\n\n
Consider borrowing $10,000 from a lender with an interest rate of 18% ![\"\"](\"https:\/\/lh5.googleusercontent.com\/-rog0vZ4UL8GAmrCZENZUaphYS0wtISf21LKPfG4WQB9L44gE3DTCIWp6mgYJWKjETaWAeqn70batXk68D9of0zAgu60hjhPjgha4n5L6-6hT3CgvC1sdJJtRScUAL2zqou6B1bG\" "\\"\\"")
<\/p>\n\n\n\n
How to start a lending business?<\/strong><\/h3>\n\n\n\nThe lending business<\/a> is just like any other business. However, one needs to be careful in this business.<\/p>\n\n\n\nHere is how to:<\/p>\n\n\n\n
- Find a business name<\/a>– this is the name that people will know your business through, the name to sell your business. <\/li>
- Create a business plan- this is the detailed step-by-step action guide that will help you run the business.<\/li>
- Find funding- it\u2019s the money to use to build the business. One can use investors instead to help you start.<\/li><\/ul>\n\n\n\n
Here is a resourceful article<\/a> to help you on starting a lending business.\u00a0<\/p>\n\n\n\nHere is what not to do in the lending business.<\/strong><\/h2>\n\n\n\n1. Starting without an aim<\/strong><\/h4>\n\n\n\nThe aim is what drives you. Without an aim, the business is prone to failure which is a big blow for the business.<\/p>\n\n\n\n
The aim is not just to make money from lending; one also needs great customer services, constant growth as well as employee attraction and retention.<\/p>\n\n\n\n
Ensure you have an aim; in short offer a solution to a current problem which the competition hasn\u2019t been able to solve.<\/p>\n\n\n\n
2. Relying on the normal knowledge<\/strong><\/h4>\n\n\n\nResearch is key; reading books and watching keynote speakers give tips on how to grow the business is very crucial. <\/p>\n\n\n\n
Businesses are evolving; the normal knowledge is not enough. One needs to keep up with the trends.<\/p>\n\n\n\n
Every business needs to change; meaning evolving and be able to accommodate the current market trends<\/a>.<\/p>\n\n\n\n3. Not registering your business<\/strong><\/h4>\n\n\n\nThis is the worst mistake one can make. Registration of the business allows it to be recognized by law.<\/p>\n\n\n\n
Registering means that one can transact freely; the business also needs recognition which also helps in the payment of taxes.<\/p>\n\n\n\n
Taxes are important and every business registered ought to pay taxes. It from taxes that even the market improves.<\/p>\n\n\n\n
Registration keeps the business safe and also protects you as the owner when faced with legal terms; so register and avoid all these troubles.<\/p>\n\n\n\n
4. Launching or expanding too soon<\/strong><\/h4>\n\n\n\nBefore starting or expanding one needs to look at the market, how the business has been performing. One doesn\u2019t just decide on a big decision without facts.<\/p>\n\n\n\n
Research is crucial, one needs to be well informed before making huge decisions. Besides, both startup and expansion require a lump sum to implement.<\/p>\n\n\n\n
Without the right information, you might end up spending and incur losses and debts which will you.<\/p>\n\n\n\n
5. Not keeping track of the books<\/strong><\/h4>\n\n\n\nBookkeeping is crucial. It helps one account for the spending and planning ahead by allocating different resources to different slots.<\/p>\n\n\n\n
However, at times this becomes tiresome and one needs help. Here is the best news for you! You don\u2019t need to get tired anymore.<\/p>\n\n\n\n
How? There is software that will help you manage books and generate reports on all transactions made.<\/p>\n\n\n\n
Software? Yes, Jisort<\/a>; a web-based platform for Microfinance Institutions, SACCOs, Banks, Cooperatives, Credit Unions, Lending Organizations, and other financial institutions.<\/p>\n\n\n\n![\"\"](\"https:\/\/lh3.googleusercontent.com\/UNpyDmH2gI1q0tcwN5SxXkdMT8TAlp0GZT0LzJydLVI6cwzTZNSoodGez5HKLIulopARq04R1uFy71wNL22_dr0810Xnoo1B7i6LnqfjDHQ82PQjTmBvc0y0TtVgBXQ7bpLb7zLQ\" "\\"\\"")
<\/figure>\n\n\n\nJisort is used to manage clients\u2019 information as well as keep track of their transactions and generate reports and business statements.<\/p>\n\n\n\n
Jisort has been up and running for over 6 years. It has thousands of clients both local and international. It has been able to integrate with:<\/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
Why use Jisort?<\/strong><\/h3>\n\n\n\n- It is affordable<\/a>– with just $20 one can manage all their clients under one place. Besides one also gets transaction reports and business statements.<\/li>
- User-friendly- the system is an all-in-one platform in that it\u2019s easy to use and managing all clients is fast and easy.<\/li>
- Time saver- well it\u2019s online searching for a client\u2019s history is easy unlike the traditional filing system<\/li><\/ol>\n\n\n\n
Of course, there are many other reasons to consider Jisort. Here is a good read as to why Jisort is the best<\/a>.<\/p>\n\n\n\n6. Lacking online presence<\/strong><\/h4>\n\n\n\nA website is vital to help you post updates about the lending business, the terms, and conditions and many more.<\/p>\n\n\n\n
Nowadays you don\u2019t need money to start a website. At OLITT<\/a> creating a website is free and fast, go live in less than 10 minutes.<\/p>\n\n\n\n![\"What](\"https:\/\/lh5.googleusercontent.com\/o-fXxItlAVqlVpbHXlspSgL9iEkvsVMspLNgI65wSGG40wN_Fz8y51TU6DTK4RqT3v_iGe-xr0ptWn5xeagMuq6VVqol1UwhpcoQAleZP244n1H37yBs_hxYw9I6luE-xWyHRe6A\" "\\"\\"")
<\/figure>\n\n\n\nFeatures of OLITT:<\/strong><\/h3>\n\n\n\n- SSL Certificates- provides a free certificate for all landing pages and websites created on OLITT to keep your site safe.<\/li>
- SEO Tools- perform search engine optimization for your website with the OLITT tools provided.<\/li>
- Domains- OLITT provides a free domain, discounted domain extensions and it also gives you a chance to connect a custom domain for FREE!<\/li>
- DNS Management -it provides a secure DNS Management Platform for free, to help manage your domain name records. It also supports DNSSEC plus many more. <\/li><\/ol>\n\n\n\n
Why OLITT<\/strong><\/h3>\n\n\n\n- Affordable- it has a free option and a lifetime option of $59; meaning that no more payments once subscribed. <\/li>
- No design or coding skills needed- anyone can create a website with OLITT; no designing or coding needed to have a website.<\/li>
- Easy-to-use- it is responsive, besides it has a drag and drop feature to help one create any website.<\/li>
- Secure- OLITT offers security for all your websites. Whether on paid or free subscription one gets a free SSL certificate.<\/li><\/ul>\n\n\n\n
Get your free website now for free. Get to reach out to as many people as you need share your business and watch it grow.<\/p>\n\n\n\n
Well, now you know what not to do in the lending business. Make sure to consider the above 6 resolutions to better your business.<\/p>\n\n\n\n
Having a lending business<\/a> is another way to earn. However, one ought to put in place a good plan and financial management software<\/a> to help run the business.<\/p>\n\n\n\nIt\u2019s not too late or too early to start earning an extra dime. <\/p>\n","protected":false},"excerpt":{"rendered":"
Everyone needs an extra dime, whether they earn a little or more. Money is a scarce resource that is never enough. Knowing what not to do in the lending business will save you a lot. Starting any business has become easy; unlike traditional days where one had to go through a lot of offices. Nowadays […]<\/p>\n","protected":false},"author":15,"featured_media":3924,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[214],"tags":[],"class_list":["post-3922","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lending-business"],"blocksy_meta":[],"acf":[],"_links":{"self":[{"href":"https:\/\/jisort.com\/blog\/wp-json\/wp\/v2\/posts\/3922","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jisort.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jisort.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jisort.com\/blog\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/jisort.com\/blog\/wp-json\/wp\/v2\/comments?post=3922"}],"version-history":[{"count":0,"href":"https:\/\/jisort.com\/blog\/wp-json\/wp\/v2\/posts\/3922\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/jisort.com\/blog\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/jisort.com\/blog\/wp-json\/wp\/v2\/media?parent=3922"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jisort.com\/blog\/wp-json\/wp\/v2\/categories?post=3922"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jisort.com\/blog\/wp-json\/wp\/v2\/tags?post=3922"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
<\/p>\n\n\n\nThe lending business<\/a> is just like any other business. However, one needs to be careful in this business.<\/p>\n\n\n\n Here is how to:<\/p>\n\n\n\n Here is a resourceful article<\/a> to help you on starting a lending business.\u00a0<\/p>\n\n\n\n The aim is what drives you. Without an aim, the business is prone to failure which is a big blow for the business.<\/p>\n\n\n\n The aim is not just to make money from lending; one also needs great customer services, constant growth as well as employee attraction and retention.<\/p>\n\n\n\n Ensure you have an aim; in short offer a solution to a current problem which the competition hasn\u2019t been able to solve.<\/p>\n\n\n\n Research is key; reading books and watching keynote speakers give tips on how to grow the business is very crucial. <\/p>\n\n\n\n Businesses are evolving; the normal knowledge is not enough. One needs to keep up with the trends.<\/p>\n\n\n\n Every business needs to change; meaning evolving and be able to accommodate the current market trends<\/a>.<\/p>\n\n\n\n This is the worst mistake one can make. Registration of the business allows it to be recognized by law.<\/p>\n\n\n\n Registering means that one can transact freely; the business also needs recognition which also helps in the payment of taxes.<\/p>\n\n\n\n Taxes are important and every business registered ought to pay taxes. It from taxes that even the market improves.<\/p>\n\n\n\n Registration keeps the business safe and also protects you as the owner when faced with legal terms; so register and avoid all these troubles.<\/p>\n\n\n\n Before starting or expanding one needs to look at the market, how the business has been performing. One doesn\u2019t just decide on a big decision without facts.<\/p>\n\n\n\n Research is crucial, one needs to be well informed before making huge decisions. Besides, both startup and expansion require a lump sum to implement.<\/p>\n\n\n\n Without the right information, you might end up spending and incur losses and debts which will you.<\/p>\n\n\n\n Bookkeeping is crucial. It helps one account for the spending and planning ahead by allocating different resources to different slots.<\/p>\n\n\n\n However, at times this becomes tiresome and one needs help. Here is the best news for you! You don\u2019t need to get tired anymore.<\/p>\n\n\n\n How? There is software that will help you manage books and generate reports on all transactions made.<\/p>\n\n\n\n Software? Yes, Jisort<\/a>; a web-based platform for Microfinance Institutions, SACCOs, Banks, Cooperatives, Credit Unions, Lending Organizations, and other financial institutions.<\/p>\n\n\n\n Jisort is used to manage clients\u2019 information as well as keep track of their transactions and generate reports and business statements.<\/p>\n\n\n\n Jisort has been up and running for over 6 years. It has thousands of clients both local and international. It has been able to integrate with:<\/p>\n\n\n\n Of course, there are many other reasons to consider Jisort. Here is a good read as to why Jisort is the best<\/a>.<\/p>\n\n\n\n A website is vital to help you post updates about the lending business, the terms, and conditions and many more.<\/p>\n\n\n\n Nowadays you don\u2019t need money to start a website. At OLITT<\/a> creating a website is free and fast, go live in less than 10 minutes.<\/p>\n\n\n\n Get your free website now for free. Get to reach out to as many people as you need share your business and watch it grow.<\/p>\n\n\n\n Well, now you know what not to do in the lending business. Make sure to consider the above 6 resolutions to better your business.<\/p>\n\n\n\n Having a lending business<\/a> is another way to earn. However, one ought to put in place a good plan and financial management software<\/a> to help run the business.<\/p>\n\n\n\n It\u2019s not too late or too early to start earning an extra dime. <\/p>\n","protected":false},"excerpt":{"rendered":" Everyone needs an extra dime, whether they earn a little or more. Money is a scarce resource that is never enough. Knowing what not to do in the lending business will save you a lot. Starting any business has become easy; unlike traditional days where one had to go through a lot of offices. Nowadays […]<\/p>\n","protected":false},"author":15,"featured_media":3924,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[214],"tags":[],"class_list":["post-3922","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lending-business"],"blocksy_meta":[],"acf":[],"_links":{"self":[{"href":"https:\/\/jisort.com\/blog\/wp-json\/wp\/v2\/posts\/3922","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jisort.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jisort.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jisort.com\/blog\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/jisort.com\/blog\/wp-json\/wp\/v2\/comments?post=3922"}],"version-history":[{"count":0,"href":"https:\/\/jisort.com\/blog\/wp-json\/wp\/v2\/posts\/3922\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/jisort.com\/blog\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/jisort.com\/blog\/wp-json\/wp\/v2\/media?parent=3922"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jisort.com\/blog\/wp-json\/wp\/v2\/categories?post=3922"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jisort.com\/blog\/wp-json\/wp\/v2\/tags?post=3922"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Here is what not to do in the lending business.<\/strong><\/h2>\n\n\n\n
1. Starting without an aim<\/strong><\/h4>\n\n\n\n
2. Relying on the normal knowledge<\/strong><\/h4>\n\n\n\n
3. Not registering your business<\/strong><\/h4>\n\n\n\n
4. Launching or expanding too soon<\/strong><\/h4>\n\n\n\n
5. Not keeping track of the books<\/strong><\/h4>\n\n\n\n
Why use Jisort?<\/strong><\/h3>\n\n\n\n
6. Lacking online presence<\/strong><\/h4>\n\n\n\n
Features of OLITT:<\/strong><\/h3>\n\n\n\n
Why OLITT<\/strong><\/h3>\n\n\n\n