Education Career Articles

Connect Facebook Connect Twitter Connect Google+ Connect Pinterest Connect Stumbleupon

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?

Searching Searching ...

Matching School Ads
5 Program(s) Found
  • Do you have entrepreneurial visions to advance your career in the business world? Learn about the options available at GCU.
  • Earn a competitive bachelor's or master's degree in the areas of business administration, business analytics, accounting, marketing and more.
  • Many of our business degrees have attained elite accreditation from the Accreditation Council for Business Schools & Programs (ACBSP).
  • GCU nurtures the startup spirit, propelling your entrepreneurial visions on a powerful platform with opportunities to help you thrive.
  • Pursue a next-generation education with an online program or join Grand Canyon University's vibrant and growing campus community in beautiful Phoenix, Arizona.
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Become the leader you know you can be @ Ashford University
  • Apply Now! Classes Start Every Tuesday!
  • Online Courses
  • Financial Aid
  • Transferable Credits
4 Program(s) Found
  • Designated as a 2015 Military Friendly® School by Victory Media, publishers of G.I. Jobs®.
  • Each program is designed to instill the knowledge, ethical values, and interpersonal skills of professional practice and to foster values of social responsibility.
  • Offers several flexible learning options, including a blended format that combines campus and online learning.
  • Several scholarship opportunities are available for students who qualify.
Good for Working Adults
  • Online Courses
  • Flexible Scheduling
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Online Bachelor's programs include BBA, Criminal Justice, Psychology, IT, Healthcare Management & Public Health
  • Over 115 years of delivering quality education and personalized attention to students
  • Provide a range of campus experiences and services online including advising, tutoring, student community, and career services
  • Give students and alumni access to career assistants who help with resumes, cover letters, job hunting, and more.
Good for Working Adults
  • Online Courses
  • Flexible Scheduling
  • Financial Aid
  • Transferable Credits
2 Program(s) Found
South University , Glen Allen
  • Program options include Accounting, Business Administration, Leadership, and more.
  • Curriculum focuses on developing leadership, critical thinking, problem-solving, and communication skills.
  • Programmatic accreditation by the Accreditation Council for Business Schools and Programs (ACBSP) at select campuses.
  • Business programs are available at many of the 11 campus locations across the United States.
Good for Working Adults
  • Flexible Scheduling
  • Financial Aid
1 Program(s) Found
  • Available business concentrations include Accounting, Economics, Marketing, and more.
  • 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).
  • Online Courses
1 Program(s) Found
  • Ranked among the top 20 Regional Universities in the West in 2015 by U.S. News & World Report.
  • Listed as one of America’s Best Colleges by Forbes Magazine in 2014.
  • More than 97% of tenure-track faculty holds a terminal degree in their field.
  • Student to faculty ratio of 15:1, and 47.5% of classes have fewer than 20 students.
  • Accredited by The Southern Association of Colleges and Schools Commission on Colleges (SACSCOC).
  • Online Courses
  • Education Connection is a 100% Free College Matching Service used by 50,000 People Daily.
  • Get Matched to the Right Business Administration and Management, Accounting, Healthcare Administration, Marketing and Entrepreneurship Degree Program for YOU.
  • Affordable and Flexible Business Degree Programs from Top Colleges Across the Nation. Both Online And Campus!
  • Just Fill Out a Few Questions and You Can Find Your Perfect Business Degree Program Within Minutes.
  • Start Using our Fast, Free, and Easy Matching Service Right HERE and Right NOW!
  • Online Courses
  • Programs include Entertainment Business(BS), Internet Marketing (BS), and Business Intelligence (MS)
  • Students explore concepts like marketing, global media management, and business technology and design
  • Online Courses

Searching Searching ...

Matching School Ads
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
5 Program(s) Found
  • Become the leader you know you can be @ Ashford University
  • Apply Now! Classes Start Every Tuesday!
  • Online Courses
  • Financial Aid
  • Transferable Credits
4 Program(s) Found
  • Designated as a 2015 Military Friendly® School by Victory Media, publishers of G.I. Jobs®.
  • Each program is designed to instill the knowledge, ethical values, and interpersonal skills of professional practice and to foster values of social responsibility.
  • Offers several flexible learning options, including a blended format that combines campus and online learning.
  • Several scholarship opportunities are available for students who qualify.
Good for Working Adults
  • Online Courses
  • Flexible Scheduling
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Earn your Bachelor of Business Administration (BBA) 100% online
  • Program designed to teach students key concepts in accounting, financial services, and marketing
  • South University brings over 115 years of tradition and achievement to a supportive, online classroom
Good for Working Adults
  • Online Courses
  • Flexible Scheduling
  • Financial Aid
  • Transferable Credits
1 Program(s) Found
  • Available business concentrations include Accounting, Economics, Marketing, and more.
  • 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).
  • Online Courses

Login to your account

Can't remember your Password ?

Register for this site!