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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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Searching Searching ...

Matching School Ads
5 Program(s) Found
  • Ranked among top Regional Universities in the South by U.S. News and World Report in 2015.
  • Ranked 37th among the Best Colleges for Veterans by U.S. News and World Report in 2015.
  • Stands as the largest private, nonprofit university in the nation with 100,000+ students.
  • Offers over 230 programs online, from the certificate to the doctoral level.
  • Has a student-faculty ratio of 25:1, and 42.3% of its classes have fewer than 20 students.
Show more [+]
  • Accredited
  • Online Courses
  • Financial Aid
  • Transferable Credits
1 Program(s) Found
  • Campus-based and online business programs include Entertainment Business (BS), Internet Marketing (BS), and Business Intelligence (MS)
  • Students will explore business concepts like marketing, global media management, and business technology and design
  • Courses designed to prepare students for a career in business and Career Development advisors available to all alumni
  • Full Sail offers accelerated programs, so a degree that would normally take four years takes 24 months on average
  • Online Courses

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