Should I Consider Becoming a Loan Clerk?

---

Very few young people grow up with the aspiration to be a loan clerk, but many, have made career choices towards that position. As an introduction, a loan clerk is a person who is responsible for clerical matters related to loan processing, including preparing, auditing, and finalizing forms and contracts. These people ensure the creditworthiness of interested parties through checking references. Some loan clerks may work more specifically as loan service clerks and maintain payment records; there are also loan closers, who organize and execute closing procedures. In some Credit unions, this could be considered a management position while some larger companies may look at this as a primarily clerical position. The range is vast.

What Skills Do I Need?

In many cases, loan clerks will assume the role of customer services. As a result, they need to have excellent communication and social skills. Being able to speak in both English and Spanish is a plus. Skills in computers and basic math are also helpful, and as the field expands this may even become mandatory.

What Education Will I Need?

Some companies may prefer a bachelor’s degree, this requirement is not the norm for employment in this position at this point, but may change in the near future. In most cases, loan clerks will only need a high school diploma or a GED to qualify for employment. After hire, the loan clerk applicant will receive additional and specific training in the field. For candidates interested in management positions, a bachelor’s degree is required.

What Are the Future Prospects?

New federal and state regulations as well as the increased demand for verification of applicants’ credit worthiness are expected to contribute to the projected employment growth rate of 11% during the period from 2012-2022 for loan clerk, as per the U.S. Bureau of Labor Statistics. In 2012, the nationwide median annual salary for loan interviewers and clerks was $35,310. The hourly median was $16.98 in the areas of depository and non-depository credit inter-mediation, which include banks, credit unions, and other lending institutions. Those groups account for just over 135,000 jobs. As you would expect, some states have a higher range than others.

Are Other Options Available?

Within the credit operations, you have the bill and account collector who contacts people who have an outstanding debt. The collector works on behalf of the business or company to recover money owed within the limits of state and federal laws. A bill and account collectors may be able to work out a mutually agreeable payment arrangement for the creditor who is in trouble. He or she would then follow up periodically to make sure the debtor keeps up with the repayment plan to the creditor. Bill and account collectors usually have a high school diploma followed by on-the-job training, but associate’s degree graduates are becoming a standard in big cities.

As we become a more credit focused society, the positions in loan and credit departments can only increase. The pay is above the national average and that should continue. If you are looking into this field, giving an exceptional interview is essential.