Loan Counselors: Salary, Job Description, How To Become One, and Quiz

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Loan Counselors career information
pros and cons of being a Loan Counselor

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.

$49820
Salary
63%
Job Satisfaction
Hard
Becoming One
High
Job Growth
Suitable Personality

Loan Counselors

Salary, Job Description, How To Become One, and More


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.



Job description

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.


    Read more about what does a Loan Counselor really do at work and what is it like being and working as one.




    Become one

    schools for Loan Counselors

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    Salary

    Average salary
    $49820 per year

    Average hourly wage
    $24 per hour


    Loan Counselors with little to no experience tend to make between $30440 and $36230 while the more experienced ones can earn over $57800 per year.

    Top 5 paying statesHourlyAnnual
    DC$37$77,690
    NJ$33$68,360
    NY$29$60,520
    RI$29$59,760
    MA$28$57,600

    One of the easiest ways to increase your salary as a Loan Counselor is to move to a higher paying state like DC. Right now, the highest paying states for Loan Counselors are DC, NJ, NY, RI and MA.

    However a higher pay at DC doesn’t guarantee that you will make more because the living expenses at DC might be twice as high than where you are currently at now.

    Three 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.



    Requirements

    Recommended degree level
    Bachelor’s Degree

    We asked other Loan Counselors what degree they had when they got the job and most of them said they had a High School Diploma followed by a College Certificate.

    Other than that, we also asked them what did they major in and here are the most popular majors that came up.

    Banking and Financial Support Services
    Financial Planning and Services
    Credit Management

    Read more about how to become a Loan Counselor and the degree, training and education you need.



    Pros and Cons

    Here are some of the pros and cons of being a Loan Counselor.

    PROS
    Suitable for people who likes to start and carry out projects
    Suitable for people who values relationships between co-workers and customers and wants to work in a friendly non-competitive environment
    This career is perfect for people who love to work indoors.
    Demand for this career is growing very fast
    CONS
    Not suitable for people who likes practical and hands-on work
    Salary is below average
    It is hard to get into this career. A considerable amount of work-related skill, knowledge, or experience is required for this career.



    What is the job like

    Job satisfaction
    63%

    Is this job meaningful
    61%


    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 Entrepreneurs 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.



    How we can help

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