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What Are the Different Types of Loan Affiliate Programs?

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  • Written By: N. Madison
  • Edited By: Jenn Walker
  • Last Modified Date: 12 September 2016
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There are many types of loan affiliate programs a person may use to earn income. For example, a person may choose to join a program that involves encouraging people to apply for personal or payday loans. Other options involve seeking applicants for credit cards. Mortgage programs are also among the common types of loan affiliate programs.

One type of loan affiliate program involves personal loans. With this type of program, an affiliate marketer works to get people to apply for personal loans through a company with which he has a contract. He may receive a commission in one of several ways. In some cases, an affiliate marketer receives a commission when someone he refers applies for and is approved for a loan. In others, however, the affiliate marketer receives a commission for every lead he generates or every application that is completed, even if the person who applies is not granted a loan.

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Payday loans are another type of loan affiliate program. A payday loan is a short-term loan a person takes to manage his monetary needs until his next paycheck. Unlike other types of loans, full payment on this type is usually due within a couple of weeks, based on the borrower’s payroll schedule. The borrower is usually permitted to delay payment until he receives a subsequent paycheck, but he typically has to pay interest and a finance charge on the loan. An affiliate marketer might earn commissions from a payday loan affiliate program in conjunction with submitted or approved applications or even by generating leads.

Sometimes loan affiliate programs focus on credit cards. Often, people don’t think of credit card accounts as lending situations, but the money a person spends on a credit card is a type of loan. As such, some loan affiliate programs allow a marketer to refer people who are interested in applying for a credit card. In this case, the marketer usually earns money based on credit card application approvals. Some of these affiliate programs may, however, pay marketers based on applications alone, without regard to whether or not the person is approved.

An affiliate marketer may also sign up for a loan affiliate program that involves finding individuals who are interested in buying homes and need mortgages. Sometimes these programs involve referring individuals to mortgage lenders who can grant their loans while others might involve referrals to middleman companies that work with a variety of lenders. Such a company screens people who are interested in applying for mortgages and then refers them to the lenders that are most likely to help. The affiliate marketer may then receive payment based on the generation of leads or application approvals.

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