Will I need a moneylender's licence for my business?

Question

Accepted Answer

Under section 3 of the Moneylenders Act 2008, any person other than an excluded moneylender who lends a sum of money in consideration of a larger sum being repaid shall be presumed, until the contrary is proved, to be a moneylender. If you are unsure, you should obtain legal advice from your solicitor as to whether your intended business activity amounts to moneylending for which a licence is required.

Will I need a moneylender's licence for my business?

Topics:

Related questions

How do I apply for a moneylender's licence?

How do I know if my business qualifies as an excluded moneylender under the Moneylenders Act 2008?

When do I need to secure a place of business for my moneylending business?

Can I rely on the content of an advertisement to take up a loan from a moneylender?

Need more help?