A consumer loan collector is a responsible job that all banks need to make sure they hire someone highly qualified for. According to the Consumer Loan Collector Job Description, these collection employees are responsible for contacting customers that are delinquent in the repayment of their loans and also to obtain these said payments.
They are responsible for establishing these payments and following set policies and procedures when doing so. You have to have knowledge in these concepts on a daily basis for everyday use and also be able to perform them perfectly in every facet of the job. Salary.com reports a median salary of about $28k for a consumer loan collector. This is only an entry level position of the banking, accounting, and finance industry which explains the median salary being on the lower end of the financial field. However, there is plenty of room for growth and plenty of room for improvement.
A Consumer Loan Collector Job Description explains how this job is mainly about contacting people and keeping in contact with customers that are not able to make payments. It is not just collecting on debts but also working with these individuals to find the resolution that is beneficial to both parties. There is a side to this profession that many people may not like, though. You will have to sell the collateral, most often a car or home, in order to settle the debt. This can be very stressful and very demanding, mentally and emotionally, for the loan collector.
The U.S. Department of Labor Statistics lists this job as a job with amazing outlook. According to the Consumer Loan Collector Job Description, it is estimated to grow about average pace and shows no signs of decreasing any time soon. Banks will always need loan collectors as people always need loans. But it is your job to collect on these loans in every way possible when they fall through.
It is a business model that has worked for many years and will continue to work for plenty of years to come. It is up to the loan officer to issue the loans and assess whether the loan is a good one to make. All of these decisions start somewhere, and they usually end with you, the consumer loan collector. You are the last line of defense when it comes to collect on a debt, and you have to make sure you are able to efficiently and strategically obtain any funds that may be lost.