Other names for this job might include Commercial Lending Vice President, Credit Counselor, Eligibility Consultant, Farm Mortgage Agent, Finance Manager, Financial Aid Administrator, Financial Aid Advisor, Financial Aid Coordinator, Financial Aid Counselor, Financial Aid Director
In this career summary, you will find out what the job of A Loan Counselor is about and what it is like.
After reading this, you will have a good idea on what the job is about and decide if this is the right career for you.
Loan Counselors provide guidance to prospective loan applicants who have problems qualifying for traditional loans. Guidance may include determining the best type of loan and explaining loan requirements or restrictions.
Check loan agreements to ensure that they are complete and accurate, according to policies.
Refer loans to loan committees for approval.
Approve loans within specified limits.
Submit applications to credit analysts for verification and recommendation.
Loan Counselors with little to no experience tend to make between $30320 and $35610 while the more experienced ones make over $55340 per year.
Top 5 paying states
1 of the easiest ways to increase your salary as A Loan Counselor is to move to a higher paying state like MA. Right now, the highest paying states for Loan Counselors are MA, CO, NJ, WI and DC.
However a higher pay at MA doesn’t guarantee that you will make more because the living expenses at MA might be 2x higher than where you are currently at now.
3 other factors that can increase your salary as A Loan Counselor is the degree you hold, the industry you work in and lastly the company you work for (bigger companies like the Fortune 500 companies tend to pay more).
People who are suitable for this job tends to like starting up and carrying out projects. They like leading people and making many decisions. Sometimes they require risk taking and often deal with business.
They also like working with, communicating with, and teaching people. They like helping or providing service to others.
They direct and coordinate financial activities of workers in a branch, office, or department of an establishment, such as branch bank, brokerage firm, risk and insurance department, or credit department.
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