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Loan Officer

Loans Officers manage and process applications for loans or credit. They must interpret data and may interview loan applicants to determine eligibility and payment plans.
 

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

Skills required

  • Analytical
  • Communication Skills
  • Critical Thinking Skills
  • Organisational Skills
  • Problem Solving

Working conditions

Loans Officers typically work regular Monday to Friday office hours. They work in office or bank environments, meeting with customers and evaluating loan applications and operations. They work with computer systems as well as other office equipment.

Professional associations / Industry information

The Finance Sector Union 
http://www.fsunion.org.au

The Financial Services Institute of Australasia (Finsia)
http://www.finsia.com/

Related jobs and job titles

  • Accounts Clerk
  • Administrative Assistant
  • Bank Teller
  • Credit Officer
  • Customer Service Manager
  • Customer Service Officer
  • Financial Dealer/Trader
  • Financial PlannerOperations/Accounts Officer
  • Telephone Consultant (Banking)
     

Related degrees

Related subjects