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
  • Ranked among the Best Online Bachelor’s Programs by U.S. News and World Report in 2015.
  • Ranked among the Best Online MBA Programs by U.S. News and World Report in 2015.
  • Founded in 1890, it has a campus in Waterbury, CT and offers online degree program in eight-week modules, six times a year.
  • About 800 students are enrolled at the main campus, and about half of them commute.
  • Online courses make it possible for students to earn a bachelor’s degree in as little as 18 months and a master’s degree in 14-24 months.
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
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
  • Johnson & Wales Online - Learn on your schedule
  • Focus on Your Future - Earn Your Master's Degree 100% Online from JWU!
  • online.jwu.edu
  • Online Courses
1 Program(s) Found
  • Join UC Berkeley Executive Education’s Blockchain online program to explore the possibilities.
  • Blockchain is the underlying technology that makes crypto currencies like Bitcoin and Ripple possible
  • Learn block chain with UC Berkeley Executive Education online.
  • 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
  • View Associates, Bachelors or Graduate Degree Programs in Business Near YOU!
  • Enter YOUR Needs and Requirements. Get Matched to the Perfect Campus or Online Degree Programs for You.
  • Free information for Business Administration and Management, Accounting, Marketing and Advertising, Business Information Systems Degree Programs and MORE.
  • Accredited, Flexible Business Administration and Management Degree Programs to Fit Your Time and Budget. Use our Matching Service - It's Easy and FREE!
  • Online Courses

Showing schools in your area

Matching School Ads
5 Program(s) Found
  • Ranked among the Best Online Bachelor’s Programs by U.S. News and World Report in 2015.
  • Ranked among the Best Online MBA Programs by U.S. News and World Report in 2015.
  • Founded in 1890, it has a campus in Waterbury, CT and offers online degree program in eight-week modules, six times a year.
  • About 800 students are enrolled at the main campus, and about half of them commute.
  • Online courses make it possible for students to earn a bachelor’s degree in as little as 18 months and a master’s degree in 14-24 months.
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Why Earn Your Degree from GCU?
  • Options: Choose from a variety of undergraduate and graduate degree programs in Business, Nursing, Psychology, Education & more!
  • Convenience: Complete courses online, on campus, or a combination of both!
  • Earlier Graduation: Our 4-credit courses allow you to complete your degree program in less time.
  • Transfer Friendly: We will request your transcripts, evaluate your graduate coursework, and determine your anticipated graduation date within 24 hours.
  • Quality: Grand Canyon University was founded in 1949 and is regionally accredited. Learn more today!
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Johnson & Wales Online - Learn on your schedule
  • Focus on Your Future - Earn Your Master's Degree 100% Online from JWU!
  • online.jwu.edu
  • Online Courses
1 Program(s) Found
  • Join UC Berkeley Executive Education’s Blockchain online program to explore the possibilities.
  • Blockchain is the underlying technology that makes crypto currencies like Bitcoin and Ripple possible
  • Learn block chain with UC Berkeley Executive Education online.
  • 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

Login to your account

Can't remember your Password ?

Register for this site!