Loan Broker Network Review (2024 Update): Is It Actually Legit?

TLDR – What’s The Verdict- Is Loan Broker Network Legit?

If you’re the type of person who prefers a straight-to-the-point answer, here’s my scoop on whether you should invest in the Loan Broker Network program.

Should you invest in the program? My answer is NO. On the other hand – is Loan Broker Legit? Yes, Loan Broker Network is actually a legit program.

Let me give credit where credit is due. The Loan Broker Network business model isn’t oversaturated like the Affiliate marketing programs we’re used to. You’ll be tapping into a billion-dollar infrastructure with little competition. So that’s a good thing.

But, there’s always a “but.” One of the huge reasons I said no to this program is that one of the program’s partners, Kevin Harrington, has been sued for fraud. Loan Broker Network founder Philip F Smith has partnered with Shark Tank OG, Kevin Harrington.

The idea of having a big, shiny name might draw lots of people into the program, but the fact that the shiny name is already tainted with a fraud lawsuit is a Red Flag. Just something to consider.

Now onto the business side of things. As a loan broker, you’ll be expected to pitch SBA loans or business loans to brick-and-mortar business owners. My issue with this is that the number of new businesses opening up in the US has been on a steady decline.

Fewer businesses mean fewer clients, and last time I checked, clients are kind of important for making money. Not exactly a recipe for a successful online business opportunity, right?

Here’s reason number three. Loan Broker Network is like a strange cocktail of loan brokerage and lead generation tactics. It’s like peanut butter and pickles, they might be okay separately, but together? Not so sure. While I get the crossover between both business models, I don’t think it will 100% work to your advantage.

Let me explain why I say this:

With Loan Broker Network, all the heavy lifting is done for you. All you need to take care of is generating leads, and their sales team will take care of the rest. Now, my main issue is that while this program does teach you lead generation, their strategies might not be as detailed as you’d expect. This is something this BBB user can testify to

Lead generation is more than just using Facebook and Google ads; it’s also about the secret sauce. These are strategies like:

• Email marketing
• Organic traffic
• Website building

All these aspects are important if you actually want to do more than generate leads; you’ll also need to convert those leads.

Also, there’s no documentation of whether Philip F Smith is a lead generation guru. So, most of the strategies you’ll learn might be trial and error, which isn’t the right way to do lead generation. Try to think of this program as a mismatched puzzle picture.

They do have the right intentions, but the strategies taught might not fit the end motive perfectly. What if there’s a program that shows you how to do lead generation the right way? That program is Digital Landlord.

Digital Landlord teaches you how to connect all elements of lead generation to create a seamless puzzle. It’s precision over chance with every strategy you learn to create a successful outcome. We both know precise beats chance, any day.

The best part about this program is that you can use what you learn to accomplish success in this course if you choose to sign up.

To find out more about this program, click here.

If you’re still hungry for more of the Loan Broker Network review, buckle up; we’re just getting started!

Who Benefits From This Program?

There are tons of programs online today that claim to be your next big fix to make money. But that couldn’t be further from the truth, as what you need might be different from what a program offers.

So, who is this program for and not for?

Let’s start with who this program is for.

If you fit into the following list, this program might be a good fit for you.

1. You have tens of dollars to spare and aren’t afraid to use it to make an investment.
2. You’re interested in making money online using other people’s ideas
3. You have some experience in the loan brokerage business and are looking to make your skills useful full-time.

Who is this program not fit for?

1. Anyone looking for a program that offers in-depth training on lead generation. While this program does come with some lead generation training, you might have to do much of the heavy lifting in this section yourself.
2. If you’re afraid Kevin’s fraud lawsuit might affect your business down the line
3. You’re looking for an online money-making venture that has a better reputation. According to this BBB user, the program doesn’t teach what they say they do. They were also left in financial hardship after paying for the ads program but not getting anything in return.

Now, let’s dive into the program’s 1,000 FT view.

The Loan Broker Network Program – The 1,000 FT View of This Online Business Opportunity

In this section, we’ll take a deep dive into everything you need to know about the program.

So, let’s start with the basics!

Business Model

As mentioned earlier, the Loan Broker Network primarily focuses on operating a loan brokerage, all while teaching some lead generation strategies. According to Philip, these lead generation strategies are the secret sauce you’ll need to become a successful business loan broker.

Now, at first glance, everything seems pretty straightforward, but the whole business model is a tad complicated. So, let’s start by breaking down some common terms you’ll hear me talk about a lot.

Who is a Loan Broker?

A loan broker is simply a company or a person who acts as a middleman between someone taking a loan and the bank offering it. When that deal is complete, you’ll get a percentage fee or a commission. Sound like a great deal, right?

But that’s largely in theory, as the practical execution isn’t that simple.

What is a Broker Loan?

This is the type of loan that most people refer to as a demand or call loan. Broker loans are issued to a loan broker on behalf of their client (the borrower) with a stipulated agreement of when to pay it back.

However, the amount of money your clients get depends on their portfolio. But this type of financing option does come with several risks, especially for the borrower. One huge risk is the interest.

Let’s say you take a $1,000,000 loan with a 5% interest. So, you’ll have to pay $50,000 more on top of the $1 million loan you took out. That total of $1,050,000 – divided into 12 months – means you’ll have to pay $87,500 to clear the loan in a year.

If you’re no stranger to loans, that’s not news, but if you are, I get that all this information can be overwhelming. Now imagine having to convince a new business owner to take such a huge risk with a broker loan; there might be some resistance.

This is all the more reason for you to try a program that doesn’t require you to ask people to take huge financial risks. You might want to click here to find out more.

What is a Mortgage Broker?

A mortgage broker acts as a middleman between potential lenders and borrowers. The huge difference is that they actually don’t invest their own money. All they do is collect the necessary documents and submit them for loan approval.

What is a Personal Loan Broker?

This is an individual who serves as a link between lenders and borrowers. Unlike a business loan, a personal loan is for personal expenses. The upside of these types of loans is that they aren’t as expensive as a business loan.

Who Works With a Loan Broker Business Entrepreneur?

Now that you know the specific terms of the loan broker business, it’s time to find out who works with existing loan brokers.

1. Businesses with a bad credit score or haven’t built up their credit
2. Startups that require startup loans regular banks can’t provide
3. Small businesses that require credit equipment financing accounts.

How Do You Make Money with Loan Broker Network?

As a Loan Broker Network student, you’ll make money by recommending alternative financing solutions to small businesses when their bank denies their loan approval.

So, every time a business you recommend agrees to take a broker loan, you get a percentage commission. But Loan Broker Network does guarantee that you’ll still make a commission even if the loan doesn’t go through just for bringing in a business lead by using strategies taught in Social Ad Tribe.

With that out of the way, let’s meet the founder of Loan Broker Network.

About the Guru- Philip F Smith

Philip F Smith has been in the entrepreneurship world for close to two decades. He boasts of a long line of accomplishments, one of them being on the Inc. 5000 list of fastest-growing companies in 2008 to 2010.

Aside from growing small businesses, Philip has also worked with some well-known corporations like HP, Intel, and IBM. It wasn’t until 2018 that he decided to start a brand business that dealt with helping businesses scale up.

He eventually partnered with Kevin Harrington to run the Loan Broker Network program. While having a huge name like Kevin Harrington does help draw some credibility, it does look like he is just a face on Loan Broker Network and not running anything to do with the program.

How Much Does Loan Broker Network Cost

According to the Loan Broker sales page, the program offers two payment options: two payments of $597, totaling $1194, or a one-time fee of $967, followed by 30 payments of $1 over 30 days, totaling $997.

While the training cost is reasonable, aspiring brokers should be prepared to allocate additional funds for online advertising, a key component in lead generation. The cost of that alone adds up to $3,000- $5,000.

Sometimes, according to this BBB user, the cost can go up to $10,000.

Is There a Refund Policy?

No, there’s no refund policy, and it clearly states so on their terms and conditions page.

What Promises and Claims Does this Program Make?

One huge promise this program makes is that you’re getting access to a business in a box. Basically, Loan Broker Network reduces the workload by providing a fully automated system where all the heavy lifting is done for you.

All you need to take care of is the lead generation side of things. Another claim this program makes is that even if you don’t close your deals, you can still make up to $2,000 in commission. That’s an awesome claim and, if it’s true, a win-win for everyone.

But when you truly think about it, at some point after not making money for a long time, that commission does end up drying up.

Another claim this program makes is that you’ll have to generate leads, and they teach you how. Even if they do show you how to leverage Google and Facebook ads, there’s still stuff you might not know. The fact that you’re paying close to $3,000 means you need to be sure that what you’re doing is the right thing.

You can’t just guess your way through, or that will make finding clients even harder.

Personal Opinion on The Loan Broker Network

While Loan Broker Network does have great elements to it, there are several downsides to it. But before we get to talking a little bit about my personal opinion, I’d like us to take a few steps back.

When deciding what online program to choose, I look at several factors. They include:

1. Guru’s track record
2. The in-depth nature of the program’s curriculum
3. A support system and a well-known community.
4. The programs cost

While this program does teach you how to make money in a less saturated industry like the credit sector, unlike the oversaturation of an affiliate marketing business, it does come with several negatives.

Let’s start with the positives:

• Philip F Smith is an expert in the marketing field, so he does know how to market his course.
• They do teach some lead-generation tactics.
• Everyone usually requires a loan at some point, which means loan brokers will never run out of jobs.

Now, the negatives:

• One of the program’s gurus has some legal issues.
• The course does have several expensive upsells, which is something this BBB user claims.
• The entire program revolves around loan brokerage, which can leave you completely restricted, much like learning a dropshipping business.

Now that we’ve looked at the program’s 1,000 FT view, let’s find out what the course has to offer.

What’s Inside The Loan Broker Network

As this isn’t a full-scale module type of course but a way for students to become loan brokers, let’s look at how that works.

First, the Loan Broker Network claims that it does offer a done-for-you system, where you simply focus on generating leads. Now, if you spending thousands of dollars to join a particular program, wouldn’t be a wise decision to know that industry inside out?

Also, if you’re going to generate leads, wouldn’t it be worth it to invest your money in a program that actually teaches it?

Conclusion- To Buy or Not to Buy According to loanbrokernetwork.com reviews

Well, from some of the loanbrokernetwork.com reviews I’ve read, there’s not much in terms of good reviews to go around for the Loan Broker Network program.

According to this BBB user, the price of the program was too expensive, with upsells of up to $10,000. Also, the fact that the Loan Broker Network program scored an F in its BBB overall rating really does speak volumes of the program’s reputation.

Also, according to this Reddit thread, the program doesn’t look legit.

So, if you’re looking for a genuine way to make money, why not sign up for an in-depth lead generation program?

What Is My #1 Way To Make Money Online In 2024?

Alright, time for me to get real with my lovely readers for a moment:

• I’ve personally tried all of the major online business models:
• I’ve sold fidget spinners through Amazon FBA
• I’ve drop-shipped a toilet-bowl putting green on Shopify
• I’ve sold women’s health supplements via Clickbank affiliate marketing

And I made money with all of them, so trust me when I say: there is no “perfect” business

model.

THAT BEING SAID: I would at least recommend you implement something that is tried and true, because I’ve seen TOO MANY people (including friends and family) get burned by stuff like Loan Broker Network

They come out of left field with some random idea, make it seem attractive, and then make themselves a quick buck by luring in unsuspecting people.

This is a big reason why I only recommend proven, tried, and true business models, like Lead Generation & Ad Agencies.

There are a bunch of programs out there that teach you those skills, but my top choice is the Digital Landlords program.

Why? It has proven leaders with their own 7-figure businesses implementing exactly what they teach you.

I’ve also got over a dozen personal friends in there, so I feel comfortable telling you it works.

Whether you’re a complete newbie or you’ve been around the block before but have never had that “big win” to propel you forward, their program works.

Here’s Why:

1)Time: If you’ve got a spare hour or two each day, you can do this. If you want to drop everything and go all in, you can do this. More time obviously means faster results, but even putting in a few hours per day is enough to see real success.

And because of that flexibility, you don’t need to trade your time for money. Once the income starts, it’s recurring (for the most part).

That means you can take a month off, travel the country, pursue a passion project, chill on the beach, or charter a boat across the world.

But you can only do that once you’ve created an income stream that doesn’t require YOU to be there all day, every day.

While Loan Broker Network does have a hands-free approach, you’ll still need to know how to generate leads. And that will no doubt take up most of your time.

2)Big Margins: With most businesses, you’re often going to have really slim margins. That means you need to hit a serious scale to make serious money.

Being a Digital Landlord, your profit margin is nearly 100%. Watch here to learn how.

Just a reminder: these Digital Rental Properties are worth (at a minimum) $500/mo in semi-passive income. And each time you create another one, your income increases, and the effort put into creating the next property decreases.

Best case scenario, you have properties bringing in over $3,000+/mo on “auto-pilot.”

Loan Brokers only make money from the number of broker loans they sell. While Loan Broker Network does claim that you’ll make money even if you fail to sell a loan, the commission percentage might not be as high as they claim.

3)It’s Effectively Copy-Paste: Here’s my favorite part: once you have your first Digital Rental Property up, you can literally copy-paste another version of it and find another willing “renter” in a few days. DOUBLING your income doesn’t get much easier than that…

If you wanted to double your income with Loan Broker Network, you would need to generate more leads and have more people accept broker loans.

And I can guarantee you that’s a lot harder than a few clicks & a phone call.

4)You’re Helping REAL People: My biggest gripe with [mechanism] is that you’re basically only helping yourself.

But when you’re a Digital Landlord, you’re helping solve REAL problems that people are ASKING for help with:

Small local businesses around the world need one thing: customers. Without them, their business would fall apart. If we can provide those customers, they’re going to be really happy – and they’re going to pay you for it.

You’re helping a struggling mother or father put FOOD on the table for their families, put their kids through college, or simply live life a little bit more comfortably.

Having this type of impact on the world is what will help you sleep soundly at night.

So, the rest is up to you. You could keep looking at other off-the-wall business models like Loan Broker Network and maybe hit it big one day.