8 Tips For Starting A Successful Money Lending Company

Want to start your own money lending company? Here are 8 tips you should know.
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We've interviewed thousands of successful founders at Starter Story and asked what advice they would give to entrepreneurs who are just getting started.

Here's the best advice we discovered for starting a money lending company:

#1: Steve Pollack, founder of Anchor Loans:

We chatted with with Steve, founder of Anchor Loans ($100M/month). In our interview, Steve says:

Many entrepreneurs don’t take advantage of is learning from people who have done it successfully. Even if they are not in your specific business niche, successful entrepreneurs can offer a wealth of experience and insight.

Additionally:

In 2006 we anticipated the coming downturn and strategically scaled back lending. When the downturn hit in 2008-9, we remained profitable, retained 100% of our staff, and not one of our mortgage pool investors lost money.

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Read the full interview ➜

#2: Curtis Nalley, founder of Lending America LLC:

We chatted with with Curtis, founder of Lending America LLC ($25K/month). In our interview, Curtis says:

The best decision I made was realizing that I understood sales better than I understood marketing. It was easier for me to sell an online influencer to give me leads than it was to get leads.

Additionally:

Profit margins have increased dramatically by doing less volume and having fewer employees.

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Read the full interview ➜

#3: Michael Mikhail, founder of Stratton Equities:

We chatted with with Michael, founder of Stratton Equities ($300K/month). In our interview, Michael says:

Keep your fixed costs and expenses very low, don’t take on excess debt (or borrow money) for no reason, and start a business small with the money you have.

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Read the full interview ➜

#4: Michael Mikhail, founder of Stratton Equities:

We chatted with with Michael, founder of Stratton Equities ($300K/month). In our interview, Michael says:

You're only as strong as your team and as an entrepreneur you need to understand the pain points in every area - and understand how to alleviate them.

Additionally:

The big thing I learned is that everyone is trying to take money from you and if you want to truly protect your business, you need to protect your assets, and your money.

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Read the full interview ➜

#5: Miguel Quintas, founder of Parcela Ja:

We chatted with with Miguel, founder of Parcela Ja ($24K/month). In our interview, Miguel says:

If you’re an entrepreneur make sure you draw the end line before you start, or you might end up losing much more than you could expect.

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Read the full interview ➜

Want to start a money lending company?

See our full guide ➜