A Money Lending License in Nigeria can be granted to an individual or a corporate body. However, obtaining the moneylender license through a corporate body is more advisable, therefore that will be the focus of this article.
The Money Lending Law of the various states in Nigeria regulates money lending business operations. The step for how to get a money lenders license in Lagos State commences by making a prescribed application to the Chief Magistrate.
For a company to become a legitimate moneylender, it must obtain the Money Lending License. One of the benefits of being a licensed moneylender is that a moneylender can exercise its right in instituting an action in court to recover the principal loan and accrued interest from a defaulting borrower.