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Consumer Loan Payment Processing Clerk Job Description

Job Descriptions December 1, 2013

When a consumer take out a loan from a financial institution, repayment of the loan is made in increments plus interest in the form of regular payment. A Consumer Loan Payment Processing Clerk coordinates and processes these payments utilizing established guidelines and procedure, as well as researching and refuting incomplete or unacceptable payment forms. An entry-level position, the opportunities for advancement with the right qualifications are ample.

What are the basic duties of the Consumer Loan Payment Processing Clerk?

A Consumer Loan Payment Processing Clerk processes payment made by borrowers to the firm and ensures that the payments are made in a timely and acceptable manner. In many cases, they also process the system of debits and credits made to the company, reconciling any disparity as well as filing daily paperwork and reviewing past payments.

How much education and experience is required to become a Consumer Loan Payment Processing Clerk?

A minimum of a high school diploma or equivalent is a requirement for a position as a Consumer Loan Payment Processing Clerk, with many employers looking favorably at candidates with related experience in the field of finance. Much of the training for a Consumer Loan Payment Processing Clerk comes while on the job, job an acumen for numbers and thinking in a positive and analytical way helps to make the position more acceptable.

Who hires Consumer Loan Payment Processing Clerks?

Any business with a need to organize and process regular payments, debits and credits, employ Consumer Loan Payment Processing Clerks to do this work. And while many of the people working in this position are employed by multinational banks, federal credit unions, or mortgage companies, any company that lends consumers money and expects timely and accurate payments utilize their services, including private car dealerships and jewelers.

What is the salary of a Consumer Loan Payment Processing Clerk?

Being an entry-level position, the starting salary is often low, with most of the Consumer Loan Payment Processing Clerks earning between $24,000 and $29,000 per year. The main draw for this career is that the chance of advancement, and hence and increase in salary is not only possible, but likely given training, hard work and professionalism.

Is the job market for Consumer Loan Payment Processing Clerks competitive?

Yes. While there are a multitude of available positions open, most first rate and well known businesses will only take those people that meet their minimum qualifications, with most international corporation having additional requirements, such as a criminal background check. Those with fraud or theft convictions are most likely to not be hired in any sector of the business world. However, those that make the cut have ample opportunities for advancement, pay raises, and further on the job training.

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Sponsored

Showing schools in your area

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
5 Program(s) Found
  • Averett University is a top-ranked, fully-accredited institution that offers students over 30 undergraduate majors, minors and special programs, and 5 master's programs.
  • Accelerated programs designed for convenience: choose from weekly evening courses at one of Averett's Virginia locations or study online and on your own time.
  • Averett University was named one of Virginia’s top colleges for return on investment, and their average scholarship package lowers the cost of attendance further by almost 40%.
  • Averett offers students learning experiences that mirror real-life situations. This means you can put today's lesson to the test during tomorrow’s workday.
  • Averett University's 12:1 student-professor ratio makes your education a collaborative endeavor based on close relationships between students and faculty.
  • Online Courses

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