Loan Officers and Counselors
Overview
Introduction
Loan officers help individuals or businesses secure loans from financial institutions. They screen potential clients and assist them with the paperwork needed to apply for a loan. Loan officers gather personal and credit information, and use this information to gauge the chance of loan repayment. They may specialize in commercial, consumer, or mortgage loans. Loan counselors (who are sometimes known as credit counselors) provide guidance to those individuals or businesses that have qualification problems. In such c...
Quick Facts
Median Salary
Employment Prospects
Minimum Education Level
Experience
Skills
Personality Traits
Earnings
Those who enter banking in the next few years will find their earnings to be dependent on their experience, the size of the institution, and its location. In general, starting salaries in financial institutions are not usually the highest, although among larger financial institutions in big cities, starting salaries often compare favorably with salaries in large corporations.
Loan office...
Work Environment
Working conditions in financial institutions are generally pleasant. They are usually clean, well maintained, and often air-conditioned. They are generally located throughout cities for the convenience of both customers and employees. Working hours for financial institution loan officers and counselors may be somewhat irregular, as many organizations have expanded their hours of business.
<...Outlook
Employment for loan officers is expected to grow more slowly than the average for all occupations through 2033, according to the U.S. Department of Labor (DOL). "Demand for loan officers is expected as both businesses and individuals seek credit to finance commercial investments and personal spending," according to the DOL. However, the decline of bank branches and the increased use of producti...