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Loan Officers and Counselors

Overview

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.

Salary Range

$25,000 to $100,000+

Minimum Education Level

Bachelor's Degree

Certification/License

Recommended

Outlook

About as Fast as the Average
Personality Traits

Organized

Outgoing

Realistic

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