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Loan Counselor  What They Do

Just the Facts

Loan Counselors Career Video

Advises and educates individuals or organizations on acquiring and managing debt. May provide guidance in determining the best type of loan and explaining loan requirements or restrictions. May help develop debt management plans, advise on credit issues, or provide budget, mortgage, and bankruptcy counseling.

This career is part of the Finance cluster Banking Services pathway.

A person in this career:

  • Checks loan agreements to ensure that they are complete and accurate, according to policies.
  • Refers loans to loan committees for approval.
  • Approves loans within specified limits.
  • Submits applications to credit analysts for verification and recommendation.
  • Analyzes applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
  • Interviews applicants and requests specified information for loan applications.
  • Establishes payment priorities according to credit terms and interest rates to reduce clients' overall costs.
  • Contacts applicants or creditors to resolve questions about applications or to assist with completion of paperwork.
  • Maintains current knowledge of credit regulations.
  • Calculates amount of debt and funds available to plan methods of payoff and to estimate time for debt liquidation.

Working Conditions and Physical Demands

People who do this job report that:

  • You would sit most of the time. There's some walking and standing. You may have to lift and carry things like books, papers or tools weighing 10 lbs. or less.
  • Work in this occupation requires being inside most of the time
  • Sound and noise levels are loud and distracting
  • Work in this occupation requires being outside most of the time
  • Work in this occupation involves sitting more than one-third of the time

Working in this career involves (physical activities):

  • Seeing clearly up close
  • Speaking clearly enough to be able to be understood by others
  • Identifying and understanding the speech of another person

Work Hours and Travel

  • Regular working hours and limited travel

Specialty and Similar Careers

Careers that are more detailed or close to this career:

  • Commercial Lending Vice President --
  • Financial Aid Administrator --
  • Financial Aid Advisor --
  • Financial Aid Counselor --
  • Financial Aid Director --
  • Financial Aid Officer --
  • Financial Assistance Advisor --
  • Financial Counselor --
  • Peer Financial Counselor --