What would happen and possible consequences if I just pulled the trigger?

[Carlo D.]

I previously posted questions on this channel about lending money on the paperstac platform. Decided getting the licenses to be a lender in different states wasn't worth it. 

However, my question is, what would/could happen if I just went ahead and did one small deal? Will it go through? Will any of the parties to the transaction inquire if I have the licenses to conduct this business?  If the lender defaults, will the fact that I purchased the loan as an individual with no licenses compromise my capability to collect/foreclose? 

Thank you in advance.

[Carlo D.]

Quote from @Ned Carey:

@Carlo D.  The reality is if you just do one deal, I suspect you are not likely to be "caught".  However if you do It might mean both a loss due to the note being uncollectible or even go to jail for not haeing the apropriate license. Both of these are unlikely but do you want to take that risk?

It also greatly epends on state laws. Yoiu said "Out of state". Well which state? some have strict laws, my guess is some may even have no laws. 

My guess is no one will question you when you buy a note. The problem becomes when you try to collect and someone challenges it. 

I am not an attorney just my experienced investor's guess. 

 Thank you @Ned Carey That's all I needed to hear to put the final nail in the coffin. Thank you very. much for your insights. Much appreciated.