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How to Become a Consumer Loan Servicing Clerk

Career News January 18, 2014

Consumer loans are a category of loan, provided to individuals, for personal, household, or family use. People often seek out consumer loans for helping them pay for larger valued items such as furniture, electronics, recreational vehicles, and other items generally regarded as non-essential. Loans where the intended use for the money is for things like education, medical expenses, and business are not considered consumer loans and are in a different category all their own. As a consumer loan servicing clerk, you handle paperwork and ensure that the loan goes through.

Loans and Loan Servicing

Just as there are many varied types of consumer loans, there are an equally varied number of lenders supplying loans to individuals. While loans for things like medical expenses and education are generally handled by specific lenders that deal only with particular sorts of loans, even the smallest public banks or credit union will have some type of consumer loan to offer their customers. Most consumer loans can be easily acquired with a simple application, and many institutions provide online application forms. As the clerk, you are not involved in creating a contract, but instead working with software and coordinating with other workers with filing and administration. You may be asked to maintain payment files and delinquent accounts. You answer to senior staff members.

The Work Environment

To obtain a loan, an individual must first speak to a loan officer, a position that is now mainly carried out by streamlined computer programs. It is a loan officer who decides whether or not the financial institution will offer the customer a loan, based on the creditworthiness, collateral, and other financial factors, and all the while, collaborating with the manager. If the loan officer deems the individual creditworthy, the application is passed on to the loan clerk to process.

It is the loan clerk who does most of the preparation of paperwork and administrative duties related to the loan, and depending on the size of the financial institution, may have more or fewer duties as required. A consumer loan service clerk is responsible for checking and maintaining the accuracy of loan paperwork, collecting and noting payments on loans, and perhaps most importantly, maintaining files for easy access.

Consumer loan servicing clerks are regarded as entry-level positions, but still within the accounting or financial industry, meaning they are ideal for gaining experience.

Educational Requirements and Experience

While some institutions prefer job applicants to have some sort of two or four-year college or university degree, the job requires no specific amount of education other than on the job training. However, the best way to progress quickly is to pursue higher education in hopes of reaching beyond this possession and assuming the role of a loan officer or even a manager. You are not required to have lending experience, but banking experience or previous jobs in a fast-paced office would look good on a resume. This is an opportunity for growth and is a job you can start right away. Why not look into UMCP or the schools listed below for a fast track to success?

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  • Available business concentrations include Accounting, Economics, General Management, Marketing, and Human Resource Management.
  • Ranked among the Best Online MBA and Online Graduate Business Programs in 2016 by U.S. News & World Report.
  • Programmatic accreditation provided by the Accreditation Council for Business Schools and Programs (ACBSP).
  • Regionally accredited by the Southern Association of Colleges and Schools Commission on Colleges (SACSCOC).
  • Online Courses
5 Program(s) Found
  • Kaplan University Online Degree Programs
  • Attend college on your terms. Kaplan University offers fully online degree programs that fit any schedule.
Good for Working Adults
  • Online Courses
  • Flexible Scheduling
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Average class size is 25, allowing for more one-on-one time with instructors.
  • Has a 97% employment rate among available graduates.
  • All  graduates receive Lifetime Employment  Assistance—free and forever.
  • Michigan's largest independent college.
  • Most instructors are working professionals in the fields they teach.
  • Programs are continuously updated to ensure classes are career-relevant and in sync with what's needed in the industry
Show more [+]
  • Accredited
  • Online Courses
  • Accelerated Programs
  • Financial Aid
1 Program(s) Found
  • Campus-based and online business programs include Entertainment Business (BS), Internet Marketing (BS), and Business Intelligence (MS)
  • Students will explore business concepts like marketing, global media management, and business technology and design
  • Courses designed to prepare students for a career in business and Career Development advisors available to all alumni
  • Full Sail offers accelerated programs, so a degree that would normally take four years takes 24 months on average
  • Online Courses

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