10 Ways to Let Your Money Work for You
5. Personal Loans (secured)
While the laws may be different depending on your state, personal loans are similar to business loans in that they provide others with the cash they need and you a return on your investment. Many people have too few assets to go to a bank and get anywhere from a few thousand to a few million dollars whenever they need to do so but are not desperate enough to turn to payday lenders, who often charge exorbitant interest rates that can be compounded by huge late fees. By offering fair terms, you can provide people who live in between these two extremes the solutions that they need. Again, though, be sure to do your homework in advance to comply with local and state laws and always make sure that the loan is secured by something that you can easily sell for more than the amount of the loan.
