Private lending-Best way to collect money

[Raj G.]

Hi,

Just wondering what is best way to collect and track monthly payment for private lending.

Like mortgage payments to banks, if we get late then it may affect our credit history, is there any way for private lender also to charge automatically late fee and link they payments with credit history.

Thanks

[Rick Pozos]

There are servicing companies who collect payments. Usually the borrower is the one who pays the monthly fee for the servicing company. It is about $25 per month. Some of the servicing companies will report to the credit agencies. You would have to ask them if they report.