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They usually get commission as a percentage of the loan amount paid by the lender. Business loan brokers usually purchase qualified leads through various sources. To minimize CAC, loan brokers are incentivized to push loans to a high percentage of business owners to maximize the conversion rate. But if such a startup loan product exists, loan brokers will most likely recommend it to business owners because that helps them make a sale. Due to the transactional nature of business loans, most loan brokers treat the commission from the current transaction as their LTV.
To minimize LTV, loan brokers would push for loan products that are most profitable to them rather than products that are best for business owners. I would be skeptical of loan brokers who claim that without any clear proof. It can cost thousands to acquire a business owner and a loan broker probably only gets a handful of deals done per month.
They have to make enough money to support themselves. They are not going to starve themselves for the interest of business owners.
We aim to help business owners understand the business financing landscape and do due diligence on individual lenders. Obtaining a business loan is a big decision and the lifetime cost for a loan is usually tens of thousands of dollars. Even if you decide to go with a loan broker after all, make sure you do the due diligence to avoid suboptimal recommendations from a broker.
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The responses below are not provided or commissioned by the credit card, financing and service companies that appear on this site. Yeah, the author is misguided. Good luck with that. Most lenders put up a website and let an algorithm approve or deny you. Why go through that when you can call an expert in business finance and let them assess the strengths and weaknesses of your business credit profile and then determine which lenders will work with you.
Yes, business loan brokers get paid. But in most cases this payment is in line with what the sales reps that work at direct lenders make. Business loan financing is an area of commerce where the need and subsequent value of an expert far outweighs the cost of doing business. Another potential business model is to collect contact information from business owners who are looking for funding and to sell the leads to loan brokers.
Rate This Article This article currently has 15 ratings with an average of 2 stars. What qualifications does the author have to make the claims in this article? Get tips from our small business experts delivered to your inbox each week.