Loan Broker Network Reviews (2023 Update): Is Phillip Smith’s Program A Scam?

Scam Risk is here to help you protect yourself and fight back

Updated: March 23

By: Scam Risk - Expert Reviewer

loan broker network scam or legit

Are you happy with what you’re seeing in your bank account?

Are you even making a profit?

After all, most businesses take at least a year to get out of the red and into the black, and plenty of companies never even take off altogether.

Every entrepreneur aspires to build a successful business – you know, one of those things where product sales continually flow out, revenue grows, and profits climb sky-high.

However, according to Forbes, 80% of businesses fail. And to make matters worse, small business owners are the ones most likely to be denied critical loans by bankers.

Your business, whether it’s your new main stream of income or a side hobby – it needs all the help it can get.

Loan Broker Network, a loan brokerage business owned by Kevin Harrington and Phillip Smith, is offering to help people avoid another business loan scam and even help you find the right online business.

It’s innovative because it allows you to become a loan or mortgage broker without performing all the heavy lifting.

There’s not even a need to guess what niche you should pursue in your new business, you’re just learning financial loan broker training in order to partake in the booming lending industry – helping others with their initial cost, helping them build their own business.

…at least that’s what Harrington and his loan brokering company claim.

But is any of it true?

Check out this Loan Broker Network review to find out.


This Loan Broker Network review has been thoroughly researched with information and testimonials that are available to anyone in the public. Any conclusions drawn by myself are opinions.

Table of Contents


Run by famous, recognizable entrepreneurs
Lead generation training provided


Costs thousands of dollars to fast-track your success
There are much better lead generation courses available
Some view money-lending as shady

This economy already has people worried for their wallet – whether it’s the price of groceries, used cars skyrocketing in value, or being priced out of homes (with a potential impending collapse), financial uncertainty is aplenty.

This goes double for entrepreneurs.

So what’s the answer?

Sure, we can keep stretching the bubble by increasing people’s debt, but I did stumble onto something the other day that I’m going to let you in on when we’re done talking about Loan Broker Network reviews,

At the end of this review, you’ll see the exact system many others have used to build their own internet marketing business to over $40,000 a month in passive income.

passive residual income

Sounds pretty cool, huh?

But first, let’s dig into these guys and see what their Business Loan Broker academy is all about.

Brokering 101:

Before we go any further, let’s familiarize ourselves first with terminologies to grasp what these service professionals actually do.

What Is A Broker Loan?

A broker loan refers to the loan that needs to be paid by the borrower to the lender within the agreed period of time.

This is also referred to as a call loan or a demand loan that is given to a broker requiring capital for his client’s portfolios.

This is actually risky. Interests may accumulate rapidly and the loan may be required to be paid back to the lender at any moment.

What Is A Loan Broker?

Simply put, a broker refers to an individual or a company that serves as a middleman between two parties: the one borrowing money and the one loaning the money.

A broker gets broker referral fees when the transaction materializes.

These service professionals, business loan brokers, and mortgage brokers have similar responsibilities, the former providing more lending solutions like business loans, equipment financing, etc.

In short, business loan brokers offer one-stop funding solutions for all financing needs of their clients.  All these add up to the clients’ national business capital.

What Are Mortgage Brokers?

Mortgage brokers, like the service professionals business loan brokers, play as the middleman specifically between the mortgage borrowers and mortgage lenders.

The only difference is that mortgage brokers do not use their own funds and resources.

They match borrowers and lenders in terms of the former’s financial situation and interest-rate needs.

Mortgage brokers also collect the necessary documents from the borrower and submit them to the mortgage lender for approval purposes.

Mortgage brokers earn a commission once the transaction is sealed.

What Is A Personal Loan Broker?

A personal loan broker, another service professional, acts as the middleman between the borrowers and the lenders.

The borrower here borrows money for various personal purposes like home renovation, dream wedding, etc., hence the name personal loan – in contrast to what commercial loan brokers negotiate for.

It is his responsibility to find the best financial products that meet the borrower’s requirements.

loan broker network review

Who Will Benefit Working With A Business Loan Broker?

These are the different groups who will benefit from working with business loan brokers:

  • Small business owners who do not have the time to search for the best SBA loans, equipment financing, and other business lines.
  • Businesses whose business loans were declined by traditional lenders.
  • Startup companies would benefit from business lines not offered by traditional lenders. 
  • Companies with poor credit as brokers can find lenders who are willing to grant them loans for wide business lines despite their bad credit record.

What Is The LoanBrokerNetwork?

brokering 101 scam or legitMany small businesses look for alternative lending sources when their loan approval gets declined by the bank.

The business Loan Broker Network is the matchmaker to those alternative lending sources.  It can provide a wide range of business lines that will benefit its clients.

Loan Broker Network is a program that provides its lending partners with the “best loan brokering course” so they can be successful business loan brokers and help others avoid business loan scams.

They boast that their exclusive online training is the best in the mortgage biz.

How much does Loan Broker Network cost? Rumor has it there’s a $500 startup fee, followed by roughly $5000 in upsell charges afterword.

With Shark Tank’s Kevin Harrington and Philip F. Smith leading the way, there certainly appears to be potential here.

Who Is Philip F. Smith?

He partnered with a Shark – Mr. Kevin Harrington from the Shark Tank – to run Loan Broker Network. This is a wise move, as Smith remains a bit of a lesser-known commodity.

Yet in reality, Philip F. Smith has been a successful entrepreneur for more than 2 decades.

He boasts of being on the Inc. 5000 list of fastest-growing private companies from 2018-2020.  Besides working for local businesses, he has done consulting jobs for huge corporations like IBM, Intel, and HP.

In 2018, Philip F. Smith started building on his personal brand as well as working on his passion for helping businesses scale up.

He shares his expertise in entrepreneurship as a speaker in various speaking engagements as well as a contributor to Forbes and

Would You Recommend Loan Broker Network?

recommend scaling with systems

This company raises a lot of red flags, in my opinion.

Because of these red flags, I can’t really recommend this online course to anyone.

That said, it’s worth mentioning that Harrington and Smith have already demonstrated some legitimacy, with numerous credentials. They are not con artists. And with this course, they are demonstrating that they’re experts in their field.

However, the first reason I do not recommend this course is, of course, the cost.

According to some comments on other websites, Loan Broker Network is overpriced for the value it provides. And, for the most part, I concur.

The course’s content is the next thing you should be aware of. Despite its name, this training course appears to lack transparency on how the program actually functions.

Most of the tools recommended by this system for loan brokering are also overpriced. To be honest, there are some cheaper alternatives available on the internet. All you have to do is look for them in the right places.

It is entirely possible to build a profitable, successful loan brokerage…but there are simply better ways to build a business other than putting people further in debt.

Our #1 pick proves this.

Loan Broker Network Online Reviews

reddit modern millionaires

Let’s check out what the people are saying:

“Philip F Smith and Shark Tank OG Kevin Harrington have partnered up to bring you Loan Broker Network. “If you were able to partner with a shark from Shark Tank, a four hundred million dollar brand, do you think that your chances of success would skyrocket?” Philip asks. “Probably. On top of that, the business lending industry is booming. Right now we are seeing total average commission, on our real estate backed deals, of roughly seven thousand dollars.” Read on for my Loan Broker Network review.

Is this legitimate? Philip says Kevin Harrington wouldn’t risk his fortune by partnering with a fraud. Together their goal is to build the largest community of loan brokers in the country. In the business lending industry, you can make massive commissions on funded deals. What’s unique about working with them, though, is that you can also make good commissions on declines. That’s huge, Philip explains, because that’s the majority of the market: companies that don’t qualify for funding.

Other than money, why get into lending? Well, you can work as much or as little as you want, and from anywhere. It’s low competition since there are millions of businesses who need loans. You don’t need a license or any prior experience. You can plug into Loan Broker Network’s proven system. You get to learn from a shark. Philip has a proven track record in this industry: he’s personally generated over a million business loan leads himself. They do the heavy lifting, close deals on your behalf.

You’re tapping into their billion dollar infrastructure. They have the manpower, the resources, the systems, the technology in place, and you get to piggyback off of all of it. Jason, who joined a while ago, made twenty-four grand on his first deal. Another guy, Justin, was able to quit his job and get not one, not two, but four new vehicles. Rob was able to buy a new home for his family after teetering on homelessness just a year or two prior. And there are dozens of other success stories.

What types of loans can you assist with? All kinds. Purchase order financing, startup loans, lines of credit, equipment financing, accounts receivable financing, SBA loans, credit card stacking, business acquisition loans, merchant cash advance, and more. The industry is booming and demand is only gonna go up, especially during difficult times. And you get to feel good about what you’re doing. You’re helping Mom and Pop shops, in many cases, after the banks have let them down.

Other business lending opportunities cost upwards of twenty-five grand. For a fraction of that, Philip says Loan Broker Network is a superior offer. Again, they do all the heavy lifting. They close your deals for you. You get your own closing manager. A free onboarding call. Access to their private Facebook support group. Philip will teach you his ninja Facebook advertising strategy, along with his secret sauce for getting qualified leads for free. You’ll be on your way to massive commissions in no time.

If you join within an hour of going through their funnel, you can get in for a one time fee of nine hundred and ninety-seven dollars. That’s two grand off the regular price. You can also do two payments of five hundred and ninety-seven dollars. You get both the done-for-you loan broker service and the partner with a shark (business credit services) program. Do I think there’s money to be made matching borrowers with alternative financing solutions? Absolutely. But I wouldn’t go in thinking Kevin Harrington’s going to have much, if anything, to do with this.”

Can I Make Money Online In Loan Brokerage?

Sure, I guess.


…there’s a lot that comes along with loan brokering that many people struggle with.

Now, don’t get the wrong idea…

…it’s not impossible to make money by taking this course, but if you’re gonna put in the amount of grueling work to do this (which, trust us, isn’t easy), you might as well bring in some REAL money while you’re learning the ropes.

The program that helped skyrocket many online businesses to over $40,000+ per month is so simple that making money really does become second nature.

Is The Loan Broker Network Legit Or A Scam?

scam or legit scamrisk

So, is Loan Broker Network a scam?

Not technically – even if people online are saying otherwise.

You can make money with this program, but being a successful business loan broker is definitely not as easy as they make it sound.

Now, there’s nothing wrong with front-loading the work and making the money later.

But if you’re grinding it out for 3 months, and then your reward is being forced to grind it out for another 9 months before seeing any “real money,” well…that’s not a great deal, is it?

Reminds me of those God-forsaken MLMs many of us have experienced…all hype and no substance.

What if, instead, you could do that same 3 months of work (in your spare time), and your reward was a $500 to $2,000 payment that came in every single month?

And what if you actually didn’t need to wait 3 months? What if you could get started today and have your first payment in a week?

And what if you could double it next week?

Well, that’s the power of Digital Real Estate

And you can legitimately do this from anywhere. It’s a true lifestyle business.

Your laptop and an internet connection are all you need.

Some of the most successful students in this program run their entire 6-figure businesses from:

·         A camper in the middle of the woods

·         A beach chair laid out on gorgeous white sands

·         A small villa in the Mediterranean

quit your job

These people are able to travel around, living their lives first, and focusing on their income second.

Because even if they stop working for an extended period of time, the money keeps coming in – so adventure, memories, and experience are the top priority.

And they never have to worry about how to pay for the next trip, or consider asking for time off.

If this sounds more like the type of life you want to leadjust click here to find out more about Digital Real Estate.

Closing Thoughts

On the website of the Loan Broker Network, this is what they say:

“Tap into our existing infrastructure… We will also do the heavy lifting and CLOSE YOUR DEALS FOR YOU, so you can make MASSIVE COMMISSIONS.  All we ask you to do is generate a lead, and we will teach you how to do that via free and paid marketing.” 

If you join the Loan Broker Network, you get trained on how to be a successful business loan broker especially in lead generation, work with celebrity entrepreneurs with proven track records, and utilize their efficient and proven infrastructure.

The catch?  You need to invest heavily initially.  If you have $5,000, no deadline to reach your national business capital, and a strong determination to win, then joining the Loan Broker Network might work for you.

If not, then you can always search for better alternatives.  And there are always better alternatives.  You just have to search for them.

Are There Alternatives To Loan Broker Network?

alternatives scam legit scamrisk

Yes, there are plenty of other business models to choose from if you want to pursue a path that frees your time and expands your wallet.  Here are just a few:

·         Local Lead Generation

·         Digital Real Estate

·         SEO

·         Real Estate

·         Website Building

This loan broker business appears to be an extensive online training course. After all, the apparent purpose of a business is to increase revenue.

However, a course like this may not be necessary for existing loan brokers, or for newcomers who want to build something tangible.

Suppose you’re an entrepreneur looking to make a buck or two. In that case, there are already a plethora of online courses available that will teach you a new business model for whatever you’re after, with more clarity than this course provides.

Furthermore, this course’s educational materials and software are generally available elsewhere. And the best part is that some of them are either completely free or significantly less expensive than this course.

For the price of this course, it is far better to invest it in something that will allow you to make money. Something that teaches you a valuable skill for accomplishing that, instead of just becoming another predatory debt-collector.

What Is Our Top Recommendation For Making Money In 2023?

Take the Pen

Our review team has spent months researching, reviewing, and vetting dozens of business models and thousands of programs.

While there may be no “perfect business”, the research IS conclusive:

Digital Real Estate is the #1 online business model for entrepreneuers.

Whether you’ve never made a dollar online, or you’ve been in this space for a while but never really “made it,” Digital Real Estate is probably your best bet.


Frankly, I don’t think you can afford to make the wrong choice when it comes to your career in this day and age.

Have you seen inflation lately? You know, that thing where your money is worth less but your costs of living keep rising? You must find a way to overcome this strain on your financial life, and you can’t rely on others to do it for you.

“Relying on others to do it for you”…where have I heard that before?

Oh yeah, that’s one of the favorite selling points of Loan Broker Network. Not good.

Whether you’re a man sick of living an average life, or a single mom seeking a new stream of income in order to stop the cycle of barely getting by…it seems clear to me that Digital Real Estate is a great option to take control in today’s economy.

Let’s dig into the details:

1)   It’s Flexible:

Got an hour a day? You can do this. Ready to drop everything else and dive in full time? You can do this.

Yes, the more time you put in, the faster you see results. But even with a little time each day, you can move the needle in a Digital Real Estate business.

And because this system is so flexible, you don’t have to constantly be working to make more money. It’s called PASSIVE INCOME because if you stop working, the money doesn’t.

Imagine taking 3 months off to just tour around Europe, rent a cabin in the woods to write a book, hike the Appalachian Trail, or live on the beach and surf all day.

This is only possible if you have an income stream that’s not tied to your time.

testimonial BAM jump all in

2)   You Own & Control EVERYTHING:

With loan brokerage you don’t own anything. With Loan Broker Network you REALLY don’t own anything, since they “hire people to close deals for you”.

You don’t own the sales platform, you don’t own a brand, and you don’t own the clients.

So…are you comfortable trusting a shark with your livelihood?

With Digital Real Estate, you own the assets, which means you have all the power and all the control.

3)   Little To No Startup Costs:

Feeling Blessed

It’s possible to get into Digital Real Estate with zero dollars upfront. Because, using the strategies outlined in this program, you can get a client to pay you BEFORE spending a penny out of your own pocket…even before you do any work.

That said, I’m not going to lie to you and say you’ll never have to put any work in. That’s a red flag. You don’t get anything for free in this life…however, you can absolutely put work in up front that frees up your time and lifestyle as you stack success.

That’s the life-hack to sitting back and watching money roll in.

Even without getting paid in advance, you can have your first Digital Rental Property up, running, and generating profits for a much more cost-efficient investment than Loan Broker Network – or even worse, taking out student loans.

winning big

4)   No Time-Inventory:

As mentioned above, spending 4-5 hours a day making calls is a huge time commitment.

Plus, you constantly need to be looking for the next debt-customer if you want to maintain your business.

With Digital Real Estate, a 100% time-effective business, you never have to worry about that.

5)   Easy To Duplicate:

Testimonial leadgen marketing

Ok, here’s the best part: once you have your first Digital Rental Property up and running, you can literally DOUBLE your income with a few clicks, a couple keystrokes, and a single phone call.

Remember: each Digital Rental Property is worth $500 to $2,000 a month in semi-passive income (over 95% profit). Every time you decide to create another one and increase your income, it gets easier.

How does it get easier?

Because you have more knowledge, more experience, more results, and more momentum.

If you wanted to double your income with Loan Broker Network, you’d have to double your inventory OR your profit margins. And it doesn’t take a rocket scientist to figure out that’s a lot harder than a few clicks and a few minutes of your life.

done deal digital real estate

6)   Make Money Helping Real People:

This part is what makes it all worth it. Loan Broker Network is a decent way to make yourself money, but it doesn’t improve anyone else’s lives.

After all, there’s always a bank selling loans. This all might be fine in the short term, but in the long run you may feel like you’re missing a purpose.

Don’t even get me started on MLMs, where your friends and family become the product…I’m sure many of you reading have been through that sort of “bait and switch” nonsense before.

You know the type – they promise a living wage, then you’re only on commission for a sketchy product.

With Digital Real Estate though, you’re actually helping people by solving your clients’ biggest problem:

Small, local businesses need more customers, and with Digital Real Estate, you are unleashing a flood of happy, paying customers for these businesses.

You make money by helping them make money.

Not some big, faceless corporation either…a small business owner who’s using that money to put food on the table for their family, start a college fund for their kids, or take care of a sick parent.

Once you see how Digital Real Estate makes a real impact in the lives of real people, you’ll see what I mean.

take the pen

Now, the choice is yours. You could continue browsing, looking at opportunities like selling people debt which could one day make you money…

…you could continue researching, never making a decision

OR, you could take a look inside, consider what you really want, and join a program that makes your dreams a reality.

At the same time, you’re joining a community of over 2,000 successful students that are living life on their own terms thanks to Digital Real Estate.

consistent, reliable, semi-passive stream of income that doesn’t depend on you or your time to keep producing profits? It’s as good as it sounds.

All while genuinely helping real people who are grateful and happy to pay for it.

If this sounds more like what you want out of life (or if you just want some nice side income), click here to learn more about Digital Real Estate.

3 Responses

  1. I do not subscribe to their philosophy – in fact, I believe making a living off of loans (usury) to be entirely unethical and beneath us as a society.

    I’ll check out the “digital real estate” thing to see if it checks the boxes for me. Seems promising, but we’ll see.

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