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.
$49310 per year
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||Hourly||Annual|
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).
Recommended degree level
We asked other Loan Counselors what degree they had when they got the job and most of them said they had a Bachelors degree followed by High School Diploma.
Other than that we also asked them what did they major in and here are the most popular majors that came up.
Another popular question from our readers is what makes A Loan Counselor successful or would they be good in this career.
Well, we found that most successful Loan Counselors have these 5 skillsets.
In addition to that, 1 common characteristic among successful Loan Counselors is they are good at Integrity. Here are the top 5 common characteristics.
= Hot in-demand that most employers are looking for
Pros and Cons
Here are some reasons why you should and shouldn’t choose A Loan Counselor as your career.
|Suitable for people who likes to start and carry out projects|
|Suitable for people who values relationships between coworkers and customers and wants to work in a friendly noncompetitive environment|
|This career is perfect for people who love to work indoors.|
|Demand for this career is growing very fast|
|Not suitable for people who likes practical and handson work|
|Salary is below average|
|It is hard to get into this career. A considerable amount of workrelated skill, knowledge, or experience is required for this career.|
There will be pros and cons for all jobs. The point is how much do the pros outweigh the cons to you.
A pro to you might be a con to Bob. A pro to Bob might be a con to you. We suggest reading about this career framework that can help you to find out what type of careers are right for you.
What is the job like
Is this job meaningful
More than 40 hours per week
Regular (Set schedule and routine)
On a normal working week Loan Counselors work More than 40 hours per week.
63% of Loan Counselors said they were satisfied with their job and 61% said they feel like their job is making other people’s lives better.
Is this right for me
Best personality for this career
The Persuaders and The Helpers
You can read more about these career personality types here.
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.
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