How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 115462
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
Type Your Business Law Question Here...
Law Educator, Esq. is online now
A new question is answered every 9 seconds

How do you form a lending company that gives personal loans

Customer Question

How do you form a lending company that gives personal loans of over $25,000 and business loans of over $50,000 in new york?
Submitted: 1 year ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
As in South Dakota, you have to form a corporation, which is your company for lending. Under NY law, you have to register and be approved with the NY Department of Financial Services and it requires a background check as well which includes any past lawsuits against you, bankruptcy, credit reports and criminal/misdemeanor charges against you. NY forms can be found here:
You would also need to prove at least a line of credit of $100,000 and liquid assets of $50,000 and net worth of a minimum of $100,000. All of these lengthy requirements are on the NY Financial Services website in detail.