Can i lend money to customers in Nashville Tennessee with just a business license?

-I'm starting a business and i want to have more than one service available like tax, personal loans,etc available to keep the business going. I have a state business license for my consulting services, and I want to be able to lend money from $50 dollars to $500. short term of course and client can pay me back with interest. I also want to hold collateral such as tv, cell phones, to secure the loan kinda like a pawn but that not my intention. what legal documents besides a business license which i already have do i need to do that? thank you.Yes, you need other licenses. The first person you should talk with is an attorney who can not only advise you on what licenses, but also draw up a contract for such loans. You can't just take someone's TV and hand them some money without a contract.



There are many regulations about such types of services, and you need to have a good handle on them before you end up breaking the law.If Lending money is going to be your business you'll need to check with your states dept of financial regulation to see exactly what papers and licensing you'll need. Once you go across state lines you'll need to be licensed in that state as well.



Loaning money is a business that if not done correctly can land you in serious trouble with the state legal authorities.
No, you need other licenses as well.