I OWN A RENT TO OWN BUSINESS, SO CAN I PUT INTO INVENTORY MONEY THEN PUT OUT ON RENT WITH A CUSTOMER LETTING THEM PAYBACK IN PAYMENTS CHARGING THEM A FEE, SOMETHING LIKE A CHECK ADVANCE BUT NOT REQUIRING A CHECK.
2007-01-01 02:15:28 · 3 answers · asked by fullfavorite 1 in Business & Finance ➔ Small Business
I believe the term for this type of business is called loan sharking.
My cousin Vito used to do this all the time. There is a good reason this is not allowed, money laundering etc. Interest rates are a pretty key item in the legality of this. Credit card companies are allowed to steal from us though. Some of their interest is over 20%.
2007-01-01 03:05:17 · answer #1 · answered by Robert D 4 · 0⤊ 0⤋
sure sounds like a one step loan operation to me. I suppose , however i would check your state laws.
2007-01-01 02:24:30 · answer #2 · answered by sylviavnpttn 5 · 0⤊ 0⤋
I think that's called banking.
2007-01-01 02:23:16 · answer #3 · answered by Neebler 5 · 2⤊ 0⤋