Today we’re gonna talk about business loan broker scams, what to expect and what to avoid. I want to give you exactly the reality of what it takes to become a successful business loan broker, and how much you can actually earn in this industry. Here’s our Business Loan Broker Scam ALERT – Read Before Joining Review. Is being a Business Loan Broker Legit?
Business Loan Broker Scam ALERT – Read Before Joining!
Now, it’s very exciting and can be a very lucrative industry. The average business loan broker can make anywhere from 150,000 a year to 200,000 a year, as far as the indeed jobs definition of loan broker jobs.
Now, I know you can make a lot more online as a business loan broker, but this is what you need to watch out for. So the first thing is, you do not have to pay to become a business loan broker.
There’s several different programs out there where they want you to spend $1,000 to $5,000 just to get in to do their education, their training program, and then maybe if you’re lucky they reward you the the title of business loan broker.
So you do not have to pay money to learn how to be a business loan broker. Alright, that’s the first scam you have to be cautious of. And you know our opportunity, our opportunity is completely free. I’ll leave a link HERE.
Is being a Business Loan Broker Legit?
The second scam alert is the income statements agents claim. Now in our opportunity, we can get up to 9% on business funding. And since we have a business cash advance that goes all the way up to $2 million that means the potential commission is $180,000.
Now the reality is the average loan amount in our opportunity is only about $10,000, and you start out with 3% on business funding. So, every $10,000 at 3%, you’re only making about $300. You’re making $3,000 for a $100,000 business advance. Now that’s just our business loan broker opportunity.
Now, if you work your way up the ranks, you can get up to 7.8% in a very short period of time like I did. Now I get 7.8% or points as they’re called in the business loan broker industry.
So if I got $100,000 Business Funding, I could get a $7,800 commission. Now I’m going to be very transparent here. Now first of all, my biggest funding was for $20k and I’ve done this for two years.
The thing is, I’ve done this all online 100%. We have the underwriters that close your leads and everything can be hands off, if that’s what you want, but with that, you are not building any relationship with the business client.
You’re not building any trust. They don’t know you. They never met you. They never even talked to you. You just give them your opportunity link. They fill out the application and it goes to the underwriters in our company.
Hands Off Equals Less Commissions
So the point is, if you are hands off, you’re not going to make that much money. You’re not going to get the big loans, the big advances because people are like, I don’t even know if this company is legit. I haven’t talked to the broker.
So my average funding is $5,000 to $20,000. Now if you’re hands on, if you are literally doing the paperwork between the client and the lenders, you’re doing the underwriting, you’re faxing or you’re talking on the phone or you’re talking to the business owner in person. Yeah, you can make good money.
You could you could make $50,000 commission or $100,000 commissions, because your hands on or you’re working for a firm as a business loan broker firm, like you can find on Indeed, but usually they’re gonna want you to have a two to four year degree in lending in business finance.
You have to work 14 hour days. You’re doing constant paperwork all day long if you want that. That’s great.
You’re gonna make, you know, 100,000 $200,000 a year, maybe more, but you’re hustling, you’re shuffling papers all day long. You’re on the phone, you’re faxing and you’re building relationships with clients. You have to match them with the right lender and so forth.
I’m an internet marketer. I want this to be hands off. But lo and behold, when you’re hands off, and you’re not talking, you’re not building relationships, you’re not doing any of that. You will get funding, all right. I mean, if you just get enough traffic to your application, you’ll get funding but they’re going to be small and they’re going to be far and few between.
Alright, so the biggest scam out there is yeah, you can make $100,000 commissions. But truthfully, out of the two and a half years I’ve been in our company, the biggest funding I have ever heard that got funded was $800,000.
And let’s say that agent got 8% or eight points on that $800,000 funding. That means that they probably made $64- $62,000 Commission. That’s the biggest I have heard in our opportunity. $800,000 funding for $64,000 commissions.
Most people can get like $5,000 Commissions, that’s what can happen. My sponsor actually got a $12,000 commission, but she worked with the client for over a year. He finally pulled the trigger and got the guy, I don’t know $130,000 business advance and my sponsor got a $12,000 commission, but she worked on that client for a year.
That’s just, I’m being honest. Okay, so if you want to do this on the internet, that’s great, but you’re gonna need a ton of traffic for your opportunity. I’m getting at least, you know, I average 10 to 30 applications a day. And it can still take me two months to get a funding because I’m hands off. I’m like, you know, I haven’t talked to the clients. They found me through a Tiktok video or a YouTube video.
The people that do make it in our business who are doing it 100% online have YouTube channels with 50,000 subscribers. They’re getting 1000s of views to their application every single day, or they have 20,000 followers on Instagram.
They have a huge social media presence. Because you’re gonna have to get 1000 clicks a day on your application if you want to do this as an internet marketer.
Now the good news is you can become a business loan broker and know everything about our products by just watching about four hours of training. You are ready to go.
You get your own replicated website, you get an email follow up notification system. So you know when your clients have signed the contracts, you know, when the underwriting team is looking at the contract and so forth, we get all the email follow ups, it’s all done for you.
That’s great if you want to improve your conversion rate. Talk to business owners in person, walk down your main street and go into businesses, talk to them. Drop off a card, you know that has all the requirements and your user name on it.
But it’s a numbers game, you’re gonna have to talk to dozens of businesses every day, that way, you’re gonna have to pound the pavement or hit the phones. You know, if you’re a cold caller, you’re gonna have to call 100 to 300 businesses a day. If you’re a blogger, you’re gonna have to have a huge blog with hundreds of articles and hundreds of views a day to get anything.
So it is a relationship business. But yes, the potential is there, life changing income over $100,000 commissions, but if you’re hands off it’s gonna be very, very, very rare. If you’re hands on, you’ll have a better chance. So those are the two scam alerts that I’m talking about today, and we’ll talk to you soon!
Erik Christian Johnson