Loan Consulting is a promising at home business opportunity to consider. People involved in this business are paid for their expertise in garnering the best possible loan terms. As long as you have a solid business plan, proper contacts and banking knowledge, this opportunity rakes in big cash.
A loan consultant scours the best loan terms in the market for interested applicants. You will connect with various lending establishments to know their loan offers. These establishments will offer you a percent of the sale if you are the one who closed it. Individuals who are interested in getting a loan, but clueless on what finance program to avail, are the probable clients.
This job does not require a college degree. Instead, you must first be knowledgeable in the finance and economics of the area you are planning to offer your consultancy services to. You need to learn and compare current interest rates in the varying lending markets, plus have an expert knowledge on different loan processes
There are consultancy firms that are interested in conducting training services to interested individuals. Training can be done at a remote learning institution or at home via phone, Internet and/or manuals.
According to job search website Indeed.com, a loan consultant earns an annual salary of $64,000.00 as of October 2009.
The advertising strategies and costs are dependent on the loan consultant. A specific marketing strategy for this at home business is newspaper advertising. Other known techniques are cold calling for leads, giving of business cards or flyers, distributing posters, creating a business website and organizing free finance consulting seminars.
Loan Consulting is a lucrative job, but it also calls for aggressive marketing measures. More often, expert loan consultants start finding clients within their own acquaintances. There is always a great possibility of potential clients among relatives, friends, fellow club members or church members. If these people like the services, they will be the one to recommend the consultancy services to their own acquaintances.
Since loan consultancy is a work-at-home business opportunity, you can find and start the job in an area where there are plenty of potential clients who need to get a loan. You can have it stationed at your own home, or you can rent an office space. This job is prone to competition, but if you are confident that you know the tricks and trades of loans and financing, that should not be a problem.
Pros and Cons
On the plus side, this opportunity is financially rewarding. You do not earn a fixed amount of income per month as you get more money with more successful referrals. Another advantage is flexible time management where you own your time and can decide work hours and work frequency yourself.
The down side of this business is the fierce competition among rival loan consultants. If you do not have the desired business knowledge and ample marketing strategies to strive in this business, you might end up in bankruptcy. This job will eat your efforts at first especially if you don't start with a list of leads and contacts.
If you have what it takes to become an at-home loan consultant, follow the above tips and start your business off with a bang!