Loan Officers and Counselors

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 329,570 loan officers and counselors employed in the United States.


Quick Facts
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)
Alternate Title(s) None
Salary Range $25,000 to $100,000+
Employment Prospects Good
Advancement Prospects Good
Work Environment Primarily Indoors
Best Geographical Location(s) Opportunities are available throughout the country, but are best in large, metropolitan areas
Education and Training
  • High School Diploma
  • Bachelor's Degree
Related School Subjects
  • Business
  • Computer Science
  • Mathematics
Experience Several years' experience
Skills
  • Business Management
  • Financial
  • Interpersonal
Personality Traits
  • Organized
  • Outgoing
  • Realistic
Licensure/Certification Recommended
Special Requirements None
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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