Top Advantages of Being a Loan Broker
A loan broker is a financial professional that serves as a middleman between a borrower and a lender. He learns the ins and outs of his profession after undergoing thorough loan broker trainingand his main job is to look for financial institutions that are willing to lend money to his clients. It could also go the other way around wherein the loan broker will find borrowers that will borrow money from the funds made available by his clients-creditor. He could also provide other services such as helping improve one’s credit record or arranging for extension of credit.
Being a Loan Broker is in very high demand. With stricter policies and security reasons, many banks decline thousands of loan applications coming from people or corporations with bad credit history or those who have poor credit ratings. These individuals or companies in turn go to loan brokers who they hope could provide them with contacts that are willing to lend them money.
Being a loan broker, unlike some other type of brokers, require comprehensive training and then, licensing. Though educational attainment has little to do with being a loan broker, it would greatly help if you have good understanding and experience with many of the financial terms and procedures.
Loan broker training is also a must for any would be loan brokers. The usual loan broker training teaches you the basics of being a loan broker, from determining the right loan for your customers, computing rates and interest, to finding lenders and borrowers.
Work experience would not be an issue for a broker license approval. You can be a loan broker even if you came from a different field of expertise granting you pass the State’s personal background check and licensing requirements. Most states require loan broker applicants to submit their resume together with 2 professional references.
After finishing your Loan Broker Training and getting your license, you can go now look and offer your services to potential clients and lenders. You can even start your own company and work at home. Being a loan broker has its advantages. Not only does it provide excellent earning opportunities, loan brokers can also benefit from this profession in many ways such as:
Working at Home
As a loan broker, you can set up your office inside your home. All you need is a small room with a table, chair, computer with internet connection, a phone and fax machine and other office equipments and fixtures. Most of the things you need you probably got in your home already so spending would be very minimal. Working at home can also save you a lot from renting out a small office or on transportation fees.
No Inventory
Starting your own Loan Broker business is easy. There is no inventory involved that needs warehousing or moving out. All you need in this business is a small space to do all you paper work and a network of people that can either lend money or is looking for people who can lend them money.
Work is ideal for both men and women
This job is fair for all genders. Not much physical activity is needed in this line of work. It also has no age limit. Anyone who are of legal age and are physically and mentally fit can go and enroll at any loan broker training schools to learn the basics and after that apply for license in their local State.
No Door to Door Selling
You don’t need to go door to door just to have clients in the field of loan brokerage. Being a loan broker is all about networks, and in order to have a good network of clients you should have a great marketing strategy. The best way to market yourself and your services is by telling people that you have undergone hours and hours of loan broker training and you are aptly trained in handling different kinds of situations. You will gain the trust of lenders this way as well as attracting many potential borrowers.
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