Plus, it doesn’t require you to do stringent credit history checking and debtor screening. You don’t need to be legally and financially proficient to succeed with this business model. While being a business loan broker gives you big commissions, local lead generation offers a simpler, more stable, and more profitable way to make money online in 2024. These values declined from a higher rate back in 2019. Only 23% apply for loans from alternative online lenders. In fact, in the Federal Reserve Banks' 2021 Small Business Credit Survey, 43% of small business owners still borrow money from large banks and 36% from small banks. It can offer a positive cash flow without using your own money. The alternative lending business model can make you sizable monthly revenue. And forwarding these leads to local business owners can make you 5 to 6 figures in passive income with this online business model. By creating local service sites that are organically ranked high on Google, you drive a sizable volume of leads. You don’t need to search for interested individuals to make significant monthly income because your target audience is ready to buy. Unlike the lending business industry, local lead generation is easy to set up and scale. However, this industry entails a meticulous startup process, financial proficiency, and in-depth knowledge of local laws and regulations. But because banks are getting stricter with the loan application process, many business owners are switching to alternative financing options like peer-to-peer lending and crowdfunding. This means that the industry will continue to grow as most small businesses recover from the COVID-19 pandemic. It focuses on the core components of a lending business, such as loan application, credit history checking, business funding, alternative lending options, and projected interest rates.Īccording to the Forbes Advisor April 2024 Survey, 42.4% of business loan applications in the U.S. This comprehensive business training system aims to help you scale your monthly revenue to 6-7 figures while working part-time or full-time. Business Lending Blueprint is a 6-module online course by Oz (Oguz) Konar that teaches entrepreneurs and business loan brokers effective ways to start and grow their lending businesses.
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