51% of Americans have taken out a loan.

Ever wonder how many of them need someone to explain the details of their loan?

If you find yourself clarifying complicated rules to others, you could be a talented loan officer.

What does a loan officer do?

A woman saying,

A loan officer works with clients who want to borrow money. On a typical day, an officer will:

  • Make sure that people who want a loan can pay it back before giving out a loan.

  • Reassure and make their customers confident as they apply for their loans.

  • Fill out the necessary paperwork for the loan application.

  • Keep in contact with their clients and answer their questions.

  • Research market trends to see how they'll affect clients' financial prospects.

Quiz

Which of the following does a loan officer do?

Where do they work?

Loan officers work wherever people look for loans!

Many officers work in banks.

The exterior of an old bank building Photo by Robert Bye on Unsplash

Others work for mortgage companies helping people secure loans for homes.

A loan officer at a desk holding a tiny house model Photo by Towfiqu barbhuiya on Unsplash

Some officers even work at auto dealerships helping people with car loans.

Need a car? You need money!

Experienced loan officers might even work from home.

A home office with plants and a laptop on a desk Photo by vadim kaipov on Unsplash

How much will you earn?

A woman saying,

A loan officer's average annual salary in the US was $63,960 in 2020. The bottom 10 percent of officers made an average of less than $33,650 while the top 10 percent made more than $133,850.

Job outlook has seen little change over time. There's never a bad time to start!

You'll love being a loan officer if...

A person saying,

  • You're comfortable solving math problems.

  • You're good at explaining complicated rules to others unfamiliar with any of the rules.

  • You're outgoing and ready to talk to anyone about potential financial futures.

  • You enjoy collecting data to demonstrate your point.

Take Action

A woman saying,

If the idea of helping people borrow money feels right, you can make it happen!

License:

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This Byte has been authored by

RM

Ryan McCurdy

Learning Designer