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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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Quick Fact
In 2017, workers with a bachelor's degree or higher had almost twice as much
median earnings per week than workers with only a high school diploma*.
*Bureau of Labor Statistics

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