How to become a loan officer
Pathways to this career
- Expand on your existing skills and increase employment opportunities by completing vocational qualifications in credit or financial management.
- Consider furthering your skills a with a Diploma in Credit Management or a related field.
- 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.
Discover related degrees
Bachelor of Economics
- Year 3: Society and environment major
- Year 3: Industry, policy and business strategy major
Bachelor of Business and Bachelor of Economics
- Accounting Major
- Business Economics Major
- Finance Major
- Human Resource Management Major
- Management Major
- Marketing Major
- Society and Environment Major
- Industry, Policy and Business Strategy Major
Discover related subjects
Sustainability, Climate Change and Economics
- Bachelor of Commerce (Accounting)
- Bachelor of Commerce (Accounting and Taxation)
- Bachelor of Commerce (Finance)
- Bachelor of Education (Secondary Education) (Humanities and Social Sciences - Geography)
- Bachelor of Commerce (Taxation)
- Bachelor of Commerce (Business Law)
- Bachelor of Education (Secondary Education)
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