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Question for Marketers in the Financial Niche

Discussion in 'Making Money' started by mkstromin, Dec 5, 2014.

  1. mkstromin

    mkstromin Power Member

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    Hey guys! I was thinking to get into the: "Help Biz Onwers get a Loan" thingy! Anyone doing this?

    This is not PayDay Loans. This is about Small Business Loans! Legit stuff!

    Thanks
     
  2. BassTrackerBoats

    BassTrackerBoats Moderator Staff Member Moderator Jr. VIP

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    That is a very competitive niche; it pays well but be prepared to work farmer's hours.
     
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  3. abhi007

    abhi007 Jr. VIP Jr. VIP

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    are you talking about the loans with no personal guarantee or what?
     
  4. mkstromin

    mkstromin Power Member

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    Non Traditional personal guarantee + they need to have about $200k/ year in sales and be a business older than 3 years for max approval rate.
     
  5. BassTrackerBoats

    BassTrackerBoats Moderator Staff Member Moderator Jr. VIP

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    No doubt there is money there... what were you thinking as to marketing it?
     
  6. mkstromin

    mkstromin Power Member

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    Get a site related to loans - and then create an affiliate platform and let aff promote it for me. Show them how best to do it and how best to promote it. US citizen would be perfect for this. Also to have upsells for SMB owners that dont get approved.
     
  7. abhi007

    abhi007 Jr. VIP Jr. VIP

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    I know the person behind this but it's not that easy to get those loans approved.....there is actually more to it than you have mentioned :)
     
  8. BassTrackerBoats

    BassTrackerBoats Moderator Staff Member Moderator Jr. VIP

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    Merchant cash advances would probably be a good fit for that aspect.

    There is a lot of money in that industry but the work is hard and long. There are no real short cuts so you would have to lay out a nice effective business plan, implement it, clean out the bugs and have something for your affiliates to use as a base to build their client base for you.

    I was in that industry a bunch of years back (largest loan closed was 31.2 million) but the work involved and the stress associated with that world is something that I do not miss at all.
     
  9. mkstromin

    mkstromin Power Member

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    31 Mill - that's a whole'nother level!
     
  10. mkstromin

    mkstromin Power Member

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    Well yes, but those are the most important, i think. Obviously there are other requirements.
     
  11. BassTrackerBoats

    BassTrackerBoats Moderator Staff Member Moderator Jr. VIP

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    Yeah, commission on that is a few million dollars... I didn't just wake up and launch my ship in those waters though. I did a lot of little stuff, loans in the hundreds of thousands, lower millions and one at about 20 million before I as able to land a client of that size and provide the kind of quality service that would be in his best interest and get the kind of financing that fit his plans.

    I remember getting a line of credit for a company in the amount of 50K and thought that was the pinnacle in my early days.

    Believe me when I tell you though, the stress is on the edge of off the charts so if you decide to go that route be prepared.
     
  12. mkstromin

    mkstromin Power Member

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    I understand about the stress and beginnings.

    I'm also going to start small and then maybe go up. Honestly i dont know much at the moment but i am a very quick learner!

    --
    SO i get that this is in fact a lucrative thing for me to dive into!
     
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    Last edited: Dec 5, 2014
  13. mkstromin

    mkstromin Power Member

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    One more thing...i am almost certain that my domain would need privacy...right?
     
  14. BassTrackerBoats

    BassTrackerBoats Moderator Staff Member Moderator Jr. VIP

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    I would not do business with a financial services product with someone that was hiding their domain ownership.
     
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  15. mkstromin

    mkstromin Power Member

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    Just wanted to say that i got the domain + installed appropriate WP theme and plugins and all!

    I'm excited to start working on this!

    Thx BTB for your input!
     
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  16. contentguy429

    contentguy429 Newbie

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    Has anyone heard of LeadsGate? They specialize in the PayDay niche and are new to the U.S. market. They claim they pay for all Payday loan applications even the ones that are rejected. I can't seem to find much info on them online. Any additional info anyone could provide would be helpful. Thanks!