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Consumer Loan Officer Job Description

Job Descriptions December 1, 2013

A Consumer Loan Officer is an important business professional that helps to streamline the process of obtaining funds for business and personal loans. They are essential in assessing the credit worthiness of potential borrowers, and assist consumers in making major purchases. This is a highly skilled position, with a very positive outlook on the horizon and a lucrative salary for the amount of education required.

What does a Consumer Loan Officer’s job entail?

These professionals assess and evaluate loan applications for consumer wanting to buy houses, automobiles and other high price items. They evaluate the risk involved in lending to the consumer, and recommend either approval or denial based on a set of specified criteria.

What are the educational requirements for becoming a Consumer Loan Officer?

A high school diploma or GED is required to become a Consumer Loan Officer, with most of the knowledge coming from on the job training. A background or degree in finance is not a requirement, however, and acumen with numbers is recommended as the work is very mathematics-oriented.

What opportunities are open for a Consumer Loan Officer?

The vast majority of Consumer Loan Officers work for national or multi-national banks, mortgage companies, credit unions, or other financial businesses to support the company in lending and risk assessment. A Consumer Loan Officer’s job description entails long working hours, and for some companies, travel is not only required, but expected when meeting clients.

What type of salary can I expect when looking for a Consumer Loan Officer position?

Like many business professionals, the salary is one of the main draws. And while not astronomical, the salary a Consumer Loan officer draws is respectable and on par with many other positions with the same amount of education. Depending on the corporation, a Consumer Loan Officer may draw a flat salary or work strictly off commission, or a mixture of the two. The average salary for Consumer Loan Officers in 2010 was $56,000.

What is the job prospect available to Consumer Loan Officers?

Being a relatively unskilled position, the need for Consumer Loan Officers is often high, and the attrition rate is high. The need for CLO’s fluctuates with the economy, as in a weak economy, the amount of lending and purchases going on is low, while when the economy is strong, the likelihood of borrowers seeking capital is comparatively high. However, job stability is high, with most positions rewarding job performance.

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Showing schools in your area

5 Program(s) Found
  • Liberty University provides a worldclass education from a christ-centered worldview
  • 100% online programs at associate, bachelor’s, master’s, and doctoral levels
  • No standardized testing if student meets admission requirements
  • Accredited by the Southern Association of Colleges and Schools Commission on Colleges
  • 87% of Liberty University students receive some form of financial aid
  • Online Courses
  • Financial Aid
  • Transferable Credits
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
  • Online Courses
  • Flexible Scheduling
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Which career path will you take – Business, Nursing, Education, Psychology? Something else? GCU offers more than 100 majors to get you started!
  • Colangelo College of Business: Features more than 25 programs from the bachelor through the master's level, including several high-demand MBA programs and an accelerated accounting degree.
  • College of Nursing and Health Care Professions: Rich 25-year history providing outstanding health care and nursing degree programs, including an RN to BSN program & master's in nursing degrees.
  • College of Education: Whether you are looking to start or advance your career as a teacher or administrator, GCU offers bachelor’s and master’s in education degrees in key areas.
  • College of Humanities and Social Sciences: Provides a job focused education and features a variety of programs from counseling and psychology to justice studies, history and English literature.
  • Does something else interest you? GCU also offers programs in Doctoral Studies; Theology; Science, Engineering & Technology; and Fine Arts & Production. Speak with an enrollment counselor today!
Good for Working Adults
  • Online Courses
  • Flexible Scheduling
  • Financial Aid
  • Transferable Credits
1 Program(s) Found
  • Hallmark University has a modern approach to business education. Our students are "hired" on day one to a mock company and live out their education as if on the job.
  • Students also gain valuable work experience having gone through real case studies from Fortune 100 companies.
  • By utilizing compressed, objective-driven courses, you can complete your education in nearly half the time of a similar program at a traditional college or university.
  • Each of our courses are designed to include scenario-based activities. You get to practice what you learn so you're ready for the challenges you will face when you graduate.
  • Our graduates enter the workforce with experience employers desire in addition to a credible degree.
  • Don't settle for learning in large lecture halls. Get the attention needed to succeed.
  • Online Courses

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