Cash is king. It’s also queen, rook, bishop, and all the other conceivable chess pieces. A lot of people feel a bit pinched for cash at one time or another.
Maybe you’ve got an upcoming wedding, a trip to Fiji in your future, or some other sort of expense that leaves you wanting for greenbacks.
If you are looking for some extra money, you may have considered taking out a loan from a traditional bank or lending service. But what if we told you there’s a way you can not only get the money you need, but actually build a business out of it.
Cue loan affiliate marketing programs.
What Is Loan Affiliate Marketing?
Loan Affiliate Marketing is a type of performance-based marketing where loan brokers connect with affiliates to promote their company and get people to apply for their loan. Affiliates earn a commission based on the number of people they refer and the amount of money those people apply for.
Loan Affiliate Marketing is one of the fastest growing verticals in internet marketing, and for good reason. The industry is expected to be worth over $5 billion, and there are thousands of loan brokers you can choose from.
But just because there are different loan affiliates out there doesn’t mean it’s easy to earn a good income from the affiliate marketing side of things. You need to understand what loan affiliate marketing is and how it works.
How Does Loan Affiliate Marketing Work?
As an affiliate, you’ll promote a lender’s website and get people to apply for their loan. Some common tactics to promote a lender’s services include publishing blog posts, building email lists, creating YouTube videos, and publishing social media posts.
Affiliates usually earn a percentage of the loan amount approved for the clients the affiilates have roped in. The lenders usually pay affiliates by direct deposit once the loan application is approved and the borrower starts making payments. This means that you’ll earn commission without having to touch the money; it’s all about getting people to apply for the loan.
Why and How To Become a Loan Affiliate?
As highlighted earlier, the loan affiliate industry is projected to be worth billions. This is important because it makes affiliate marketing a low-barrier-to-entry way to make money online!
This extra income can be critical at a time where people are losing jobs and are simply not happy with their current financial situation. This also means you can be a sort of refuge for these people by being a payday loan affiliate for instance.
With that said, to become a loan affiliate, you have to sign up with a lender and be approved. Most lenders require you to have an established website, social media presence, and a mailing list to qualify. You will also need to demonstrate your expertise in money management and risk assessment, and have a professional online presence and loan content.
Additionally, you will need to provide a valid government-issued ID and a proof of identity and residence. You also need to have a working bank account or other accepted payment method. The last step would be to provide your payment details and agree to the terms and conditions of the loan affiliate program.
The Bottom Line
As technology becomes more advanced, so too do opportunities for monetizing one’s social media presence and connections. Becoming a loan affiliate is one such opportunity. All you need to do is sign up, promote your lender, and earn a percentage of the loan amount approved from the business you bring them.