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Better Business Bureau ®
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In Southfield, Serving Eastern Michigan & the U.P.

Educational Consumer Tips

Loan Brokers

Author: Better Business Bureau
Published:

Prospective loan brokers should realize that successful achievement and advancement depend on one's ability to obtain loans for clients. Large earnings cannot be guaranteed, and potential loan brokers should realistically evaluate their own ability to do this type of work before making large investments of time or money. Contact those already in this highly competitive field to learn of their experience. Check with local banks, savings and loan associations and other financial institutions to determine if they will do business with a loan broker. Check local and state requirements relating to the kind of business to be conducted, including business regulation departments and your state securities commission to determine if there are any licensing requirements or restrictions. Some states require licensing if you act as a mortgage broker or if the loan is secured by real estate. Check with newspapers to determine if they will accept loan broker ads.