When do I need a Money Lender’s License?

When do I need a Money Lender’s License?

October 29, 2020

A Money Lenders License is given to an individual or a corporate body to lend money.

A Money Lenders License is important because it gives you the right legal standing. It is trite law that any individual or corporate body that seeks to lend money with an interest must be licensed to do so. This means that getting a money Lenders License gives a Lender the Legal backing to lend Money hence he would be able to institute an action to reclaim his principal loan and interest where necessary. An unlicensed Lender would not be able to do so in Law. An individual seeking to lend money without a license can only do so as a “friendly loan“without any interest.

A money Lender’s License is state based therefore it means that the license is given from state to state.

 

 

618 Bees can help you quickly and easily obtain a Money Lender’s License. Log on to our website www.618bees.comor email hello@618bees.com, or give us a call on +2349017190079. 618 Bees will complete your application with the state authorities.

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer. This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached

 

 

 

 

 

 

 

 

 

 

 

 

618 Bees can help you quickly and easily obtain a Business Permit License. Log on to our website www.618bees.comor email hello@618bees.com, or give us a call on +2349017190079. 618 Bees will complete your copyright registration with the Nigerian Copyright Commission.

More Articles

Search

Connect With Us

Got any questions?

If you are having any questions, please feel free to ask.

Send us an email

Frequently Asked

  • What additional documents do I require to file my Annual Returns?
  • Do I need a Company Secretary?

    A limited liability company (LLC) must not have a company secretary.
  • What are the terms of a contract?
    • an offer and an acceptance.
    • competent parties
    • Consideration
    • Legal subject matter
    • Mutual agreement/ Assent
    • Conesus ad idem
    • Obligation
  • Is there a penalty for late renewal of registration of products with NAFDAC?

    Yes, there is a late renewal fee, which is dependent on the category of the product.
  • What is personal data?

    This is any information that can be used to identify an identifiable human person such passport photograph.
  • Who benefits from copyright in Nigeria?

    The creator of the original copyright work (the Author) is the one who benefits but he can transfer his right to a third party.
  • Can I process/register multiple products at NAFDAC at the same time?

    Yes, you can process/register multiple products at the same time
  • What is share capital?

    The share capital in a private limited company is the amount of money invested by its owners in exchange for shares of ownership.
  • Will my trademark registration in Nigeria protect me worldwide?

    No, all intellectual property (IP) rights which includes trademarks are territorial, which means you are protected in the countries in which you register them.
All FAQs
Call Us Now on +234 901 719 0079 Chat on WhatsApp