1. Gather your startup funds for your signature loan company. If needed, apply for a business loan through a financial institution like a credit union to help with raising funds for your signature loan company. Establish a business account at a bank so you can deposit your funds.
Go to your city or county’s clerk’s office to apply for your business license. You will need your driver’s license, two contact number to apply for your business license. File your signature loan company’s business name. You will need the business license and your current address to file your signature loan company’s business license. Visit the IRS website to file your Employer Identification Number. To file your IRS-Form SS-4, you will need your social security number and the signature loan company’s business name. Fill out the application electronically and submit the form. You will then get your EIN immediately.
2. Decide on loan limits for your signature loan company. Ideal signature loans range from $100 to $1,500. Decide what the maximum amount a customer can withdraw from your signature loan company. For research, visit your local signature loan company to see what your competitors are charging their customers. Make sure your loan increments have a comparative advantage.
3. Set your interest rates on your loans for your signature loan company. Arrange your interest rates so they’re competitive with your competitors, but are lower. For research, go to your local signature loan companies and ask to see their interest rate charges. Compare and contrast what would be a median for your signature loan company,
4. Create a website for curious prospects. Design your website with a secure software that has secure socket layer, or SSL, capability. The SSL software keeps all information translated online secure and confidential from spam and other prospects.
5. Register with a database that will prospect’s personal and contact information like Chex systems. This system checks information such as history of payments to other signature loan companies and if the prospect has any current signature loans open.
6. Arrange disclaimers and disclosure statement that are required by your local state lending regulation. The disclaimers and disclosures are designed to inform customers that any signature loans are for short term relief and are to be paid with various assigned interest loans. You’re required to provide to consumers when you show an itemized list of the total amount of the loan, the repayment schedule with the loan payoff interest. They need to sign stating they understand the disclaimers and disclosure statements and the loan must be paid off.
7. Upload the disclaimers and disclosure statements to your website. Buy a digital signature program to help save any information customer’s place on your website and any signatures for loans from the signature loan company. Encrypt all information so that its enabled for a customer left the provided information.
8. Promote your signature loan company through your website, social networking like Craigslist. Post flyers on bulletin boards in your local area. Design business cards that include your signature loan company’s business name, location of the establishment, the contact information and the website.