What do they do?
Loan officers work for banks, credit unions, and other financial organisations, aiding customers with loan applications and evaluating their creditworthiness.
Typically, a bachelor's degree in an area like business or finance is required.
Bachelor degree
Finance, accounting, and economics may be covered in class.
Bachelor’s degree related to these fields
Depending on the organisation, a master's degree can make you a stronger prospect for employment.
Master degree
Most loan officer roles do not necessitate any further certification or licensing, but mortgage lending is one prominent exception.
Certification
On-the-job training is generally provided to loan officers.
Training
During the first few months on the job, this could be a combination of formal, company-sponsored training and informal training.
Training period includes
Understanding mathematical and numerical data, which is necessary when working with numbers to assess a loan, is a quantitative skill.
Maths is always important
In deciding on a loan, making correct assessments of people, particularly their credibility and reliability
Making decisions
Customer connection cultivation and strengthening, as well as loan sales to new customers
Cultivating customer relationship
Explaining loans to customers so that they fully comprehend the conditions
Explaining the process
If you have a lot of professional autonomy, you can work autonomously.
Work on your own / Be your own boss
Considering a customer's loan application and deciding whether or not to grant it
Important decision process
Rejecting loan applicants who do not fulfil the institution's lending criteria or dealing with clients who are unable to repay their debts on time.
Rejecting applications