Responsibilities Of A Loan Advisor
As the name suggests, the loan advisor is required to advise the people on loans. This advice is not limited to urging them to take loans only. The advisor is a professional who is experienced and trained on all the different types of products that suit different types of people. He also has the most updated knowledge of current prevailing trends in the market. With this knowledge and experience he’s required to help people understand the best loans and the ways to take those loans. A loan advisor has to be a social person since he’s required to meet a lot of people in person.
When employed by an employer the loan advisor might be required to obtain certain training and education before beginning the services. Intermittent training is also needed when certain products are added to company’s profile. Loan advisor has to help people from different walks of life, such as students, professionals, unemployed, etc. on how to get student loans, personal loans, consolidation loans, etc. They also help people on how to manage their loans. They are asked to meet people to tell them about the benefits of the loans and the benefits of obtaining loans from a certain company. They have to help applicants in filling out the applications, hard copies or online.
Loan advisors/officers are people with good yearly salaries. As a loan advisor working under a reputable lending company you can easily get a yearly compensation of above $50,000. Reputable employers will also offer other perks and bonuses. There are two different types of methods for paying the loan officers: straight and fixed salary, and commission based compensations. Loan advisors who have employed themselves can earn even better on a yearly basis based on how good and passionately ready they are to serve people.
Required Education And Skills
There is no particular certification or course that acts as a pre-requisite to become a loan advisor. However, most loan advisors have degrees in subjects that help them answering the finance related questions. Therefore, most of the loan officers have done bachelors in economics, finance, business etc. A person can become a loan officer after high school diploma as well. In fact some people prefer to follow this path since they believe more in experience than learning through books.
Some skills that must be present in a loan advisor are analytical and communication skills. Loan advisor has to meet people and advise them and this requires him to be extremely good at communication. He should be a good decision maker and good at convincing too. To read customer’s financial records, histories and advise them on the basis of their financial status the advisor must be highly analytical as well.