How to become a loan officer
Process customers’ applications for loans or credit.
Pathways to this career
- Expand on your existing skills and increase employment opportunities by completing vocational qualifications in credit or financial management.
- Consider furthering your skills a with a Diploma in Credit Management or a related field.
- Apply for accreditation with the Australian Institute of Credit Management (AICM).
What does a loan officer do?
Duties and tasks
- Assist customers to apply for appropriate loans based on their needs and assist with personal financial circumstances and loan repayment.
- Determine whether a loan application should be accepted based on company standards and risk factors and authorise approval.
- Inform customers and provide documents outlining terms and conditions of loans, payment schedules and interest rates.
- Maintain records of payments, loan balances and overdue payments.
- Process loan applications and evaluate applicants' information based on credit scores, references and income to determine risk of applicant and whether they qualify for a loan.
- Send notices to customers of outstanding payments, taking legal action when necessary.
- Work with credit and financial entities to evaluate applicants' history and to give feedback on customers.
Industry bodies
Related jobs
- Accounting clerk
- Administrative assistant
- Bank manager
- Credit loan officer
- Customer service manager
- Customer service officer
- Financial planner
- Telephone consultant (banking)
Discover related degrees
Undergraduate TAS-ECO-DEG
Available majors
- Industry, Policy and Business Strategy Major Subjects
- Society and Environment Major Subjects
Undergraduate USA-BUS-DEG
Undergraduate GRF-BPS-DEG
Bachelor of Business/Bachelor of Political Science and International Relations
Postgraduate SCU-BUS-GCE
Discover related subjects
Postgraduate CUR-SCP549
Postgraduate UNE-ECON406
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Undergraduate USA-ECON1010
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Postgraduate TAS-BEA683
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