Iona Minton gives a couple of tips to be a successful micro-lender. They are as follows:
1. Do not lend more than R10 000 as amount more than R10 000 can be paid only by registered lenders.
2. Be prepared to face the credit unworthiness of a couple of borrowers.
3. You software should update you with the latest calculations on lendings and lending rates.
4. Micro Finance Regulatory council will charge a heavy penalty if you overcharge the borrower.
To know more about the legal bindings of this lending business visit: MFRC. Mind you it can be a risky job so watch where you are heading in the lending market.
Tips to become a micro-lender
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