Education Career Articles

Connect Facebook Connect Twitter Connect Google+ Connect Pinterest Connect Stumbleupon

How to Become a Consumer Loan Collection Manager

Career News January 17, 2014

Are you good with people? Do you follow through with objectives even when challenged? Do you motivate others to take action? If so, you have the makings of a manager. A consumer loan collection manager presides over the entire loan collection department and will lead others in the process of collecting money owed to the lender. The starting salary for this position is $75,000 per year according to the Certified Compensation Professionals’ analysis survey. The job is a weighty one, since the company expects you to recover the money, or the assets, and not make excuses, as some borrowers tend to do.

Organizing the Department and Learning

If you progress to the point of the manager, this means you have proven yourself capable of leadership. You will manage collection supervisors and develop team strategies to minimize losses. You will also have to train personnel in how the department works. The objective is to reduce debt and to take responsibility for the losses that cannot be prevented.

The procedures are very important, and you maintain control of the system, which you can also alter. “Evaluating” the existing system means you make decisions and teach others how to execute an assignment perfectly. You, as a leader, exhibit superior creativity and are a strategist. You rely on precedent, what has worked in the past, as well as creative outside-the-box thinking.

Schooling, Experience and Training is Required

Schooling is important for a managerial position, and you might not be taken seriously if you don’t have a college degree. While there are entry-level positions for high school graduates, managers usually come from a college background, with a bachelor’s or master’s degree. Ten years of experience is preferred for managerial work and specifically in consumer loan collection. Naturally, ten years is a lot of work, so most employees grow with the company and progress to management level after they have time to learn the standards and practices of the bank. Since you will be assuming more responsibility and supervising the work of others, ten years is not asking too much. You report to top management and communicate the goals of the company to your employees, while also communicating the results to your superiors.

You are in consumer loans, not commercial, and that indicates personal loans for lifestyle buys like automobiles, homes, mortgages, and so on. This is going to be an emotional job at times, since no one particularly likes the idea of collecting debt, making threats, or following through on threats to repossess or foreclose on a house. Nevertheless, these practices keep the lender in the business. There should be a balance between showing understanding and keeping the company profitable. You have to set an example for other workers in this regard, and not appear weak or inexperienced.

If you are looking forward to a secure and high-paying career, make it a goal to pursue management. Today’s companies are looking for tough, knowledgeable, and sharp leaders that can make money even in tumultuous times.

Showing schools in your area

Matching School Ads
5 Program(s) Found
  • Boldly pursue your future in business with an online degree from Post University
  • Degrees at all levels with concentrations in Finance, Marketing, and much more
  • Ranked in the Best Online Bachelors Programs for Veterans by US News & World Report
  • Ranked in the Best Online Bachelor’s Programs by the US News & World Report
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Ready to earn your business degree? If you identify with at least one of the statements below, GCU could be a good fit for you!
  • I have worked in the business field for a number of years and want to further my education in order to qualify for promotions, leadership positions, and salary increases.
  • I am graduating from high school and am interested in pursuing a career in a business field, but I first need the skills experience.
  • I am interested in a Bachelor's, Master's or Doctoral degree in my specialized business area of focus.
  • I want flexible course offerings, such as the option of 100% online, evening or campus classes.
  • I need a university that provides quality educational offerings through academic excellence and real-world relevance. Does this sound like you? Apply today!
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
2 Program(s) Found
  • Our online program blends modern business theory with real-world applications
  • SACS accredited with associate's, baccalaureate, & master's degrees & diplomas
  • US News & World Report ranks Online Bachelor’s Programs among top 10%
  • Ranked one of the best for vets business schools by Military Times
  • Qualifying students can take faith in EPCI’s unwavering Fixed Tuition Pledge
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
1 Program(s) Found
  • Design thinking is a powerful process of problem solving that begins with understanding unmet customer needs.
  • From that insight emerges a process for innovation that encompasses concept development, applied creativity, prototyping, and experimentation.
  • Online Courses
  • Are You a Natural Leader or Good with Numbers? Get Educated in the Business Field.
  • Build the Capabilities and Connections to Power Your Future.
  • Business Administration & Management, Accounting, Marketing Degree Programs and More From Top Colleges that Fit Your Needs.
  • Find Schools Online or Near You & Get Info for FREE Today!
  • Online Courses
  • Find Online Schools. 100% Online Accredited Courses
  • Get Matched to Programs In A Few Clicks!
  • Earn an Affordable Degree from Home at your own pace
  • Get College info today. Its Free and Easy!
  • Online Courses

Showing schools in your area

Matching School Ads
5 Program(s) Found
  • Boldly pursue your future in business with an online degree from Post University
  • Degrees at all levels with concentrations in Finance, Marketing, and much more
  • Ranked in the Best Online Bachelors Programs for Veterans by US News & World Report
  • Ranked in the Best Online Bachelor’s Programs by the US News & World Report
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Ready to earn your business degree? If you identify with at least one of the statements below, GCU could be a good fit for you!
  • I have worked in the business field for a number of years and want to further my education in order to qualify for promotions, leadership positions, and salary increases.
  • I am graduating from high school and am interested in pursuing a career in a business field, but I first need the skills experience.
  • I am interested in a Bachelor's, Master's or Doctoral degree in my specialized business area of focus.
  • I want flexible course offerings, such as the option of 100% online, evening or campus classes.
  • I need a university that provides quality educational offerings through academic excellence and real-world relevance. Does this sound like you? Apply today!
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
2 Program(s) Found
  • Our online program blends modern business theory with real-world applications
  • SACS accredited with associate's, baccalaureate, & master's degrees & diplomas
  • US News & World Report ranks Online Bachelor’s Programs among top 10%
  • Ranked one of the best for vets business schools by Military Times
  • Qualifying students can take faith in EPCI’s unwavering Fixed Tuition Pledge
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
1 Program(s) Found
  • Design thinking is a powerful process of problem solving that begins with understanding unmet customer needs.
  • From that insight emerges a process for innovation that encompasses concept development, applied creativity, prototyping, and experimentation.
  • Online Courses
  • Are You a Natural Leader or Good with Numbers? Get Educated in the Business Field.
  • Build the Capabilities and Connections to Power Your Future.
  • Business Administration & Management, Accounting, Marketing Degree Programs and More From Top Colleges that Fit Your Needs.
  • Find Schools Online or Near You & Get Info for FREE Today!
  • Online Courses

Login to your account

Can't remember your Password ?

Register for this site!