Google Answers: License-permit needed for loaning money

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Q: License-permit needed for loaning money ( No Answer, 0 Comments )

Question

Subject: License-permit needed for loaning money
Category: Business and Money > Finance
Asked by: heka-ga
List Price: $30.00

Posted: 06 Jun 2006 19:03 PDT
Expires: 06 Jul 2006 19:03 PDT
Question ID: 735931

I inherited a small amount of money.  I live in California. I often
help people by lending them small amounts of money.  I don't think I
need a permit to loan, say, $500,000 to somebody.  But what if I
originate a $200 loan to 2,500 people? What if I incorporate this
activity for liability reasons (somebody buys a gun with my money
etc), and now my Loan Inc originates out 2,500 loans, each $200. It is
all my money, I don't take any deposits.

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