Freelancing has been an increasingly popular way of earning a living for the last couple of years, offering flexibility, autonomy, and independence that traditional office jobs do not offer. However, freelancers may often struggle to find a steady stream of clients or consistently earn a certain amount every month. This is where working as a loan agent may fill in the gaps for working freelancers.
A loan agent is an individual who connects borrowers to lenders. In other words, they sell products or services on behalf of their lending firms and earn commission fees in exchange for their services. Since freelancers are accustomed to looking for their own clients and managing their workload, working as a loan agent is an ideal career opportunity for them.
Why should freelancers try working as loan agents in Andromeda?
Here is a look at why freelancers may excel in their role as loan agents.
- Ownership: The primary reason why freelancers will excel as loan partners is that they are natural self-starters. As a freelancer, you must have become accustomed to managing your time, reaching out to prospects, and closing deals. Working as a loan agent would also be quite similar. You have to manage your schedule, identify prospects, and promote your lender’s products. These tasks require a high level of self-motivation and discipline, which freelancers already possess.
- Communication skills: Typically, freelancers work with clients all over the world and are used to selling their services. Both as a freelancer and as a loan agent, you need to present your ideas or products in front of an audience in such a way that they are inspired to choose you. You must know how to communicate effectively and ensure that your project deliverables are completed on time and to the highest standard. As a loan agent, you must also have a calm demeanor to answer customer queries, explain any questions that they may have, and guide them through the loan application process.
- Adaptable: Additionally, freelancers are flexible and adaptable. Since they tend to work with a number of clients, they can adapt to different working styles more easily. As a loan agent, you must be able to tweak your marketing approach to meet the needs and demands of each potential customer. It means you have to understand their financial goals and offer personalized guidance to alleviate their concerns. Freelancers are well-equipped to take on this role since they are used to adapting their approach to suit every individual client’s requirements.
Benefits of working as a loan agent
Here are a couple of reasons why freelancers would love to work as loan agents.
- Steady source of income: As a freelancer, it can be challenging to constantly be on the lookout for new clients and new opportunities. Working as a loan agent can provide freelancers with a somewhat steady source of income. There is no limit to the amount of money you can earn in a month as a loan partner. You would earn a commission from every sale that you make, which means if you put in consistent efforts, you would earn a handsome stipend monthly. Freelancers can also give inputs to their lending firms on pricing strategies and marketing techniques to generate more leads.
- Sense of security: Another benefit of working as a direct selling agent (DSA) is that it can provide freelancers with a sense of security. As a freelancer, you are responsible for finding new clients and ensuring that you have enough work to sustain your business. This can be stressful and unpredictable, particularly during times of economic uncertainty. By working as a DSA, you would have the support of a financial institution behind you, providing you with a sense of security and stability.
- Valuable networking opportunities: Working as a loan partner can prove to be very beneficial for freelancers in terms of networking opportunities. Freelancers tend to work from home or in co-working spaces, where the chances of meeting like-minded individuals are low. As an Andromeda DSA partner, you can attend industry events, promotional launches, and workshops to connect with other experienced agents. You can also find potential customers and new business opportunities at these events.
- Independent work while being part of a team: Most freelancers work from their houses or a co-working space. While they have the freedom to set their working hours, choose projects that interest them, and work from anywhere in the world, it can still be an isolating experience. Working as a loan agent is perfect for those freelancers who enjoy their independence but miss the sense of collaboration and community that comes from working in an office. As a DSA, you have to maintain regular contact with your lending firm and you would also be working towards common sales targets with your fellow loan agents.
- High level of accountability: The working culture of freelancers revolves around a high degree of accountability. As a freelancer, you may not get paid in full if you do not manage to submit your project deliverables on time. Working as an Andromeda loan partner requires a similar level of dedication. As a DSA, you are responsible for meeting sales targets and providing excellent customer service. This requires a high level of discipline and commitment, which most freelancers possess.
Eligibility criteria to work as a loan agent
- Age: You must be above 18 years of age to work as an Andromeda loan agent.
- Citizenship: If you are not an Indian citizen, you cannot work as a loan agent anywhere in the country.
- Qualification: One of the best advantages of working as a loan agent is that you do not require a professional degree in banking, accounting, or finance to begin your career. However, you must go through all of Andromeda’s on-the-job training modules to have detailed knowledge of their products. You must be able to come up with innovative marketing campaigns to promote Andromeda’s products to their target demographic.
- Credit score: Although not a mandatory requirement, you must have an excellent credit history to work as a loan agent. If you have poor CIBIL scores, lending firms may not trust you to offer loan recommendations to others.
- Additional requirements: Cultivating a healthy communication channel is the key to retaining clients in the long run. If you know the local language of your operating area, you may have an edge in winning over prospects, for sharing a language and cultural nuances establishes a sense of ease and familiarity.
Documents required to work as a loan agent
- Proof of identity: Aadhar card, Voter ID, PAN card
- Address proof: Passport, driving license, and utility bills
- Proof of income: Payment invoices and financial statements for self-employed individuals like freelancers
- Tax documents: Form 16 and other tax details
- Bank statements: Your most recent three-months’ bank account transactions
- Registration form: Andromeda DSA registration form with all your basic and professional details like name, contact number, address, educational qualification, occupation, and so on
Andromeda Loans is one of the best lending institutions in the country to begin your career as a loan agent. They have a wide range of financial products, including home loans, personal loans, business loans, and credit cards. You can learn about their products and understand how to pitch through their on-job training modules. If you choose to work with Andromeda Loans, you can enjoy other perks like generous stipends, flexible working hours, and excellent networking opportunities.