Consumer credit license for affiliate

[dharmy]

Hi all

Am about to launch a website or 2 for the payday loan niche. I understand that a CCL greatly enhances my credibility, however I noticed that there's such a big difference in pricing.

If I apply as a sole trader, it's about £575. If I apply using a limited company I just registered, its over £1000! My original intention was to use the limited company for everything, and that it would be more tax efficient in the long run. But now, if I go the sole trader way, my limited company has no use...

Is it possible for me to buy someone else's license or is there another way?

 

[Geoff T]

IMO - you can't buy someone else's CCL... nor should you be able to!

However, it might be possible to reach an agreement with an organization that had a CCL to handle your needs in this area...

Personally - having gone to the time, trouble, and expense of having got one... you'd be needing to jump through as many hoops as they want before I'd be prepared to risk my CCL licence, so it'd be the same cost as getting your own!

"easy options" are like "get rich quick" schemes in my book - and if you're wanting to get into finance (especially an area like pay day loans - which is under such intense scrutiny right now) then I'd advise not doing it if you weren't prepared to do it properly...