I was thinking about doing small loans for people and was wondering if some one could help me understand the process of making and submitting a contract on the forums here.
Hi LRP85 Doing a loan through a contract is a good idea since it makes the agreements and responsibilities of both parties clear which comes in handy should any problem arise in the future. The first thing you would need to do is come to an agreement with the user receiving the loan on the amount of loan, interest, due date, late fees (if you're going to allow an extended period of time before filing a complaint for breach of contract) etc. It is very important to make each term as clear as possible in order to prevent loopholes or possible conflicts in the future. Next, one of the parties will have to create a thread on our contract forum following the format and the other party will have to agree to the terms with the correct format. The contract will then be reviewed and, if deemed appropriate, will be approved by the staff members. After the contract has been approved, both parties must follow through with their end of the contract and I assume, for your business, this will begin with you giving a loan to the other party. It should be noted that both parties should take timestamped screenshots (hit F2 twice for each screenshot) of the entire transaction. This is very important and I can't stress this enough. I recommend sifting through our contract forum to get an idea of what a contract looks like and what it entails. Feel free to let me know if you have any further questions and good luck on your business!
A contract is a good thing, but loans are risky. If you accept the risk and are careful, they can be workable as income. Sent from my LG-VM701 using Tapatalk 2
