Education Career Articles

Connect Facebook Connect Twitter Connect Google+ Connect Pinterest Connect Stumbleupon

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.

Showing schools in your area

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
  • Purdue University Global
  • Experience world-class education online: Purdue Global offers 180 programs at associate's, bachelor's, master's and doctoral levels.
  • Online Courses
1 Program(s) Found
SYR-MBA , Online
  • Top-ranked online MBA
  • As few as 24 months to complete
  • GMAT waivers for experienced professionalsin 24 months.
  • Bachelor’s degree required
  • Six concentrations available
  • AACSB accredited
  • 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

Showing schools in your area

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
  • Purdue University Global
  • Experience world-class education online: Purdue Global offers 180 programs at associate's, bachelor's, master's and doctoral levels.
  • Online Courses
1 Program(s) Found
SYR-MBA , Online
  • Top-ranked online MBA
  • As few as 24 months to complete
  • GMAT waivers for experienced professionalsin 24 months.
  • Bachelor’s degree required
  • Six concentrations available
  • AACSB accredited
  • 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!