Loan officers help individuals or businesses secure loans from financial institutions. They screen potential clients and assist them in 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 provide guidance to those individuals or businesses that have qualification problems. In such cases, they may suggest appropriate loans and explain any s...
Minimum Education Level
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.
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.
Employment for loan officers and counselors is expected to grow faster than the average for all occupations through 2028, according to the U.S. Department of Labor. As the economy grows, banks and other lending institutions are granting an increasing number of loans to businesses and individuals—which is fueling demand for loan officers and counselors.
In the future, advances in the way...