Phoenix - Your AI AssistantLegal Advice
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- Proposals: 0
- On-site in London, GB
- #140958
- Archived
Description
Experience Level: Intermediate
I would like some legal advice as to what legal and regulatory requirements a proposed online business of social lending and borrowing between family and friends apply. In particluar as to whether:
1.a credit license is required from the OFT
2. Whether the credit act 1974 needs to be adhered to
3. Whether an affordability assessment needs to be made eventhough the lender and borrower know each other personally
The proposed business is providing a platform for family and friends to connect and lend money (and the business is not a party to any of the unsecured loan agreements: available on the website).
Other information on what full legal requirements are needed shall be appreciated.
1.a credit license is required from the OFT
2. Whether the credit act 1974 needs to be adhered to
3. Whether an affordability assessment needs to be made eventhough the lender and borrower know each other personally
The proposed business is providing a platform for family and friends to connect and lend money (and the business is not a party to any of the unsecured loan agreements: available on the website).
Other information on what full legal requirements are needed shall be appreciated.
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