How to become a loan officer

Pathways to this career

1. Expand on your existing skills and increase employment opportunities by completing vocational qualifications in credit or financial management.

2. Consider furthering your skills a with a Diploma in Credit Management or a related field.

3. 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

• The Finance Sector Union

• The Financial Services Institute of Australasia (Finsia)

Related jobs

• Accounting clerk

• Administrative assistant

• Bank manager

• Credit loan officer

• Customer service manager

• Customer service officer

• Financial planner

• Telephone consultant (banking)

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