Loan Officers and Counselors

Loan Officer Speaks with Client

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 special requirements or restrictions. Loan officers and counselors may work for banks, mortgage companies, or credit unions. In some institutions, loan officers and counselors may have interchangeable duties. There are approximately 334,380 loan officers and counselors employed in the United States.

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Quick Facts
Alternate Title(s) None
Duties Help individuals or businesses secure loans from financial institutions (loan officer); provide guidance to those individuals or businesses that have trouble qualifying for a loan (loan counselor)
Salary Range $25,000 to $100,000+
Work Environment Primarily Indoors
Best Geographical Location(s) Opportunities are available throughout the country, but are best in large, metropolitan areas
Minimum Education Level
  • Bachelor's Degree
School Subjects
  • Business
  • Economics
  • Mathematics
Experience Several years experience
Personality Traits
  • Organized
  • Outgoing
  • Realistic
  • Financial
  • Interpersonal
  • Sales
Certification or Licensing Recommended
Special Requirements Must pass a criminal background check
Employment Prospects Good
Advancement Prospects Good
Outlook About as Fast as the Average
Career Ladder
  • Financial Institution President or Vice President
  • Financial Institution Treasurer or Controller
  • Loan Supervisor or Head of Retail/Commercial Banking
  • Loan Officer or Counselor
  • Bank Teller or Clerk

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