Money Lending Company

14 Tips For Starting A Successful Money Lending Company (2024)

Pat Walls

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Updated: January 19th, 2023

Want to start your own money lending company? Here are some tips you should know:

Learn more about starting a money lending company:

Where to start?

-> How much does it cost to start a money lending company?
-> Pros and cons of a money lending company

Need inspiration?

-> Other money lending company success stories
-> Marketing ideas for a money lending company
-> Money lending company slogans
-> Money lending company names

Other resources

-> Profitability of a money lending company

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: Michael Mikhail, founder of Stratton Equities:

We chatted with with Michael, founder of Stratton Equities ($1M/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.

Read the full interview ➜

#2: Michael Mikhail, founder of Stratton Equities:

We chatted with with Michael, founder of Stratton Equities ($1M/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.

Read the full interview ➜

#3: Eugene Nilus, founder of Y2 Lending:

We chatted with with Eugene, founder of Y2 Lending ($7K/month). In our interview, Eugene says:

Go out and meet people. Whatever you want in your life, it’s not going to be in your room or on a couch.

Additionally:

I surrounded myself with people that have done much bigger things than I have and it helped me to borrow their beliefs.

Read the full interview ➜

#4: 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.

Read the full interview ➜

#5: 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.

Read the full interview ➜

#6: 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.

Read the full interview ➜

#7: Michael Mikhail, founder of Stratton Equities:

We chatted with with Michael, founder of Stratton Equities ($1M/month). In our interview, Michael says:

Investing in yourself and your business to achieve success and not letting others distract you from that is important.

Read the full interview ➜

#8: Miguel Quintas, founder of Parcela Ja:

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

Our vision is always to be ranked in the top 3 solutions in a market. In that sense, we can only step in if we see that opportunity.

Additionally:

You need a team to discuss with you day-to-day life. An advisor. A board of advisors. They will tell you things you tend to forget.

Read the full interview ➜

#9: Michael Mikhail, founder of Stratton Equities:

We chatted with with Michael, founder of Stratton Equities ($1M/month). In our interview, Michael says:

We consistently grow, adapt, and evolve with the ever-changing world of technology, so updating and providing the latest software programs and training to my team is vital for their day-to-day operations.