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.
Industry bodies
Related jobs
- Accounting clerk
- Administrative assistant
- Bank manager
- Credit loan officer
- Customer service manager
- Customer service officer
- Financial planner
- Telephone consultant (banking)
Discover related degrees
Postgraduate ANU-ERE-GCE-2023
Graduate Certificate of Environmental and Resource Economics
Undergraduate TAS-ECO-DEG-2023
Available majors
- Industry, Policy and Business Strategy Major Subjects
- Society and Environment Major Subjects
Postgraduate ANU-ECP-MAS-2023
Discover related subjects
Postgraduate CUR-SCP549-2023
Postgraduate UNE-ECON406-2023
Related degrees
Undergraduate CUR-BAN12-2023
Undergraduate USA-ECON1010-2023
Related degrees
Step up your career with these resources
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.