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Damien Bosco
Damien Bosco, Attorney
Category: Business Law
Satisfied Customers: 2353
Experience:  Helping you with your legal questions.
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I will to know how I could start a company in offering

Customer Question

I will to know how I could start a company in offering credit for people who want to do cosmetic procedures.
How do i start getting substantive info, not a useless website like SBA.
Submitted: 1 month ago.
Category: Business Law
Expert:  Damien Bosco replied 1 month ago.

Hello. My name is***** am an attorney. I will review your question. I may need to clarify facts first. I will answer & we can discuss issues.

Expert:  Damien Bosco replied 1 month ago.

Massachusetts requires a small loan company license to lend money. This license is required of any company or sole proprietorship that directly or indirectly engages in the business of negotiating, arranging, aiding or assisting a borrower or lender in procuring or making loans for personal, family or household purpose of $6,000 or less and 12% or greater APR, regardless of whether such loans are actually made by that company/ sole proprietorship or by another party. Here is a link to the state's info on it:

http://mortgage.nationwidelicensingsystem.org/slr/PublishedStateDocuments/MA-Small-Loan-Company-License-Description.pdf

If you need further assistance, let me know.

Customer: replied 1 month ago.
I saw that, but the qualification requirements are less than $6000 AND over 12% interest. What abot over $6000 and less than 12% ?
Expert:  Damien Bosco replied 1 month ago.

I have attempted to search for you extensively, and I cannot find something for a type of lender like you want to be. I only find information on banking or financial companies, which would be probably a much higher burden. I will opt out because some other expert may know more than me.

Customer: replied 1 month ago.
Thanks for puting me in the right direction.