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.