How to become a loan officer

Process customers’ applications for loans or credit.

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

Related jobs

Step up your career with these resources

Humans of Open Universities Australia: Meet our Content Lead, Cat

A ‘braided river’ career path, a crystal ball moment from Bill Gates, and a heartfelt letter with complete disregard for the third wall—here's Cat.

How to negotiate a higher salary

Not sure what to say when negotiating your salary? Follow these tips from career strategist Kelly Magowan next time you need to make your case with an employer.

Is a career in project management right for you?

Do you get a kick out of thinking big and getting things done? You could make a great project manager. 

Are microcredentials worth it?

You can study a microcredential in just about any industry, from healthcare and education to business and marketing. Here’s why these skills-based short courses are worth your time.

We're here to guide you there

Our student advisors can assist you with enrolment, help you plan your studies, and answer questions about how studying through Open Universities Australia can get you from where you are today, to where you want to be tomorrow.

13 OPEN (13 67 36)

Message, chat or SMS

Talk to a student advisor

We'll be in touch to answer your questions.

Student advisor Jason Student advisor Maria Student advisor Peter

Usually replies in 30 mins