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Loan Counselors

Loan counselors at banks, credit unions and other types of financial institutions help clients with creating a debt consolidation strategy and putting together personal loans. They also help clients with personal finance issues. A loan counselor helps people that find it difficult to qualify for traditional loans.

Those involved with loan counseling suggest the best type of loan for their clients and review with their clients the numerous requirements and restrictions of loans. A loan counselor processes their client's application materials, verifies the information and produces the required legal paperwork to finish the loan procedure. They also reschedule payments or restructure loans for clients that are having a difficult time making payments on their loans.

In some institutions loan counselors also act as salespersons and actively seek clients. Most loan counselors receive a salary but some also receive a commission for business they produce.

Responsibilities

  • Examine applicant's financial situation, property evaluations and credit to determine the feasibility of providing a loan
  • Review loan agreements to make sure they are complete and accurate
  • Answer client's questions about existing loans
  • Create payment priorities based on credit terms and interest rates to lower client's overall costs
  • Give loans to loan committees for approval
  • Approve loans within specific limits
  • Interview applicants and request specific information
  • Stay current with credit regulations

Job Characteristics

A loan processor should be detailed oriented and have good communication, math and interpersonal skills. They should also know how to use accounting software. They typically work forty hours per week and when they have a large number of clients they sometimes work some overtime.

Employment Outlook

The Bureau of Labor Statistics projects that the number of loan counselor jobs from 2006 to 2016 will grow at a rate that is comparable to other occupations. The median annual earnings for loan counselors in 2008 was $37,470. The top paying industries for the profession are financial investment services, residential building construction and automobile dealers.

Education, Certification, and Licensing

Employers at banks and credit agencies typically look for candidates that have earned at least a bachelor's degree in business or economics and have a few years of finance experience. They should also have a strong foundation in banking practices and state and federal lending laws. Loan counselors may need to pass state certification exams or fulfill the requirements of a professional credit association.

Resources

Major Employers

The top job providers are banks, savings and loans, credit unions, and college universities and professional schools.

Schools for Loan Counselors are listed in the Browse Schools Section.

Metro Areas Sorted by Total Employment for:
Loan Counselors

Listed below are metro areas sorted by the total number of people employed in Loan Counselors jobs , as of 2015

Source: 2015 Occupational Employment Statistics and 2014-24 Employment Projections, Bureau of Labor Statistics, BLS.gov.

     
Metro Area (Arizona) Total Employment Annual Median Salary
Scottsdale 940 $42,150
Mesa 940 $42,150
Phoenix 940 $42,150
     
Metro Area (Arkansas) Total Employment Annual Median Salary
Conway 30 $44,220
North Little Rock 30 $44,220
Little Rock 30 $44,220
     
Metro Area (California) Total Employment Annual Median Salary
Anaheim 1660 $48,760
Long Beach 1660 $48,760
Los Angeles 1660 $48,760
San Francisco 560 $47,700
Oakland 560 $47,700
Hayward 560 $47,700
San Diego 500 $50,030
Carlsbad 500 $50,030
San Bernardino 400 $48,320
Ontario 400 $48,320
Riverside 400 $48,320
Roseville 180 $50,750
Sacramento 180 $50,750
Arden 180 $50,750
Arcade 180 $50,750
San Jose 100 N/A
Santa Clara 100 N/A
Sunnyvale 100 N/A
Santa Rosa 60 $37,420
Fresno 50 $46,810
Stockton 40 $56,460
Lodi 40 $56,460
Oxnard 40 $57,270
Ventura 40 $57,270
Thousand Oaks 40 $57,270
Napa 30 $42,910
Porterville N/A $54,890
Visalia N/A $54,890
     
Metro Area (Colorado) Total Employment Annual Median Salary
Lakewood 140 $81,400
Aurora 140 $81,400
Denver 140 $81,400
     
Metro Area (Connecticut) Total Employment Annual Median Salary
East Hartford 60 $39,780
West Hartford 60 $39,780
Hartford 60 $39,780
     
Metro Area (Florida) Total Employment Annual Median Salary
Sanford 370 $41,290
Orlando 370 $41,290
Kissimmee 370 $41,290
Clearwater 360 $42,260
Tampa 360 $42,260
St. Petersburg 360 $42,260
Jacksonville 280 $38,750
Cape Coral 160 $30,670
Fort Myers 160 $30,670
Daytona Beach 90 $43,040
Deltona 90 $43,040
Ormond Beach 90 $43,040
Melbourne 70 $38,600
Titusville 70 $38,600
Palm Bay 70 $38,600
Lakeland 60 $37,440
Winter Haven 60 $37,440
Gainesville 60 $41,610
Bradenton 60 $45,120
North Port 60 $45,120
Sarasota 60 $45,120
Miami N/A $40,560
West Palm Beach N/A $40,560
Fort Lauderdale N/A $40,560
     
Metro Area (Georgia) Total Employment Annual Median Salary
Roswell 100 $43,000
Sandy Springs 100 $43,000
Atlanta 100 $43,000
     
Metro Area (Idaho) Total Employment Annual Median Salary
Boise City N/A $45,130
     
Metro Area (Indiana) Total Employment Annual Median Salary
Anderson 130 $38,350
Carmel 130 $38,350
Indianapolis 130 $38,350
     
Metro Area (Iowa) Total Employment Annual Median Salary
West Des Moines 170 $38,580
Des Moines 170 $38,580
Cedar Rapids 40 $32,120
     
Metro Area (Kentucky) Total Employment Annual Median Salary
Owensboro 120 $33,130
Fayette N/A $38,630
Lexington N/A $38,630
     
Metro Area (Maine) Total Employment Annual Median Salary
South Portland 100 $37,500
Portland 100 $37,500
     
Metro Area (Maryland) Total Employment Annual Median Salary
Towson 320 $39,550
Columbia 320 $39,550
Baltimore 320 $39,550
     
Metro Area (Massachusetts) Total Employment Annual Median Salary
Gardner 30 $42,800
Leominster 30 $42,800
     
Metro Area (Michigan) Total Employment Annual Median Salary
Dearborn 880 $44,560
Detroit 880 $44,560
Warren 880 $44,560
East Lansing 80 $47,750
Lansing 80 $47,750
Wyoming 70 $40,810
Grand Rapids 70 $40,810
     
Metro Area (Mississippi) Total Employment Annual Median Salary
Jackson 50 $41,050
Pascagoula N/A $39,240
Biloxi N/A $39,240
Gulfport N/A $39,240
     
Metro Area (Missouri) Total Employment Annual Median Salary
Columbia 30 $30,680
     
Metro Area (New Mexico) Total Employment Annual Median Salary
Albuquerque 90 $41,040
     
Metro Area (New York) Total Employment Annual Median Salary
Albany 160 $48,070
Troy 160 $48,070
Schenectady 160 $48,070
Rochester 130 $43,270
Niagara Falls 90 $47,740
Buffalo 90 $47,740
Cheektowaga 90 $47,740
Syracuse 40 $44,620
     
Metro Area (North Carolina) Total Employment Annual Median Salary
Raleigh 50 $35,160
High Point 30 $35,790
Greensboro 30 $35,790
     
Metro Area (Ohio) Total Employment Annual Median Salary
Columbus 200 $43,140
Elyria 190 $43,590
Cleveland 190 $43,590
Toledo 90 $42,000
Dayton 70 $48,300
Akron 50 $43,690
     
Metro Area (Oklahoma) Total Employment Annual Median Salary
Tulsa 110 $36,600
Oklahoma City N/A $38,810
     
Metro Area (Oregon) Total Employment Annual Median Salary
Eugene 80 $39,950
     
Metro Area (Pennsylvania) Total Employment Annual Median Salary
Pittsburgh 220 $39,600
Harrisburg 90 $43,910
Carlisle 90 $43,910
Reading 40 $40,210
York 40 $52,550
Hanover 40 $52,550
Hazleton N/A $41,720
Barre N/A $41,720
Scranton N/A $41,720
Wilkes N/A $41,720
Lancaster N/A $56,490
East Stroudsburg N/A $68,310
     
Metro Area (Puerto Rico) Total Employment Annual Median Salary
Caguas 250 $39,080
Carolina 250 $39,080
San Juan 250 $39,080
     
Metro Area (South Carolina) Total Employment Annual Median Salary
Greenville 120 $39,260
Mauldin 120 $39,260
Anderson 120 $39,260
North Charleston 50 $38,530
Charleston 50 $38,530
     
Metro Area (Tennessee) Total Employment Annual Median Salary
Franklin 200 $39,830
Murfreesboro 200 $39,830
Davidson 200 $39,830
Nashville 200 $39,830
Knoxville 70 $30,230
     
Metro Area (Texas) Total Employment Annual Median Salary
Arlington 1100 $38,880
Fort Worth 1100 $38,880
Dallas 1100 $38,880
Houston 830 $42,290
Sugar Land 830 $42,290
The Woodlands 830 $42,290
New Braunfels 220 N/A
San Antonio 220 N/A
Round Rock 180 $44,990
Austin 180 $44,990
El Paso 70 $41,500
College Station 70 $43,590
Bryan 70 $43,590
Mission 40 $37,670
McAllen 40 $37,670
Edinburg 40 $37,670
     
Metro Area (Utah) Total Employment Annual Median Salary
Salt Lake City 350 $26,470
Orem 70 $37,060
Provo 70 $37,060
Clearfield N/A $25,020
Ogden N/A $25,020
     
Metro Area (Virginia) Total Employment Annual Median Salary
Richmond 130 $38,720
     
Metro Area (Washington) Total Employment Annual Median Salary
Bellevue 240 $46,810
Tacoma 240 $46,810
Seattle 240 $46,810
     
Metro Area (West Virginia) Total Employment Annual Median Salary
Morgantown 60 $32,480
Charleston N/A $29,630
     
Metro Area (Wisconsin) Total Employment Annual Median Salary
West Allis 100 N/A
Waukesha 100 N/A
Milwaukee 100 N/A
Madison 40 $39,540

Career Stories (Job Profiles) for Loan Counselors

To find out more about building a career as Loan Counselors, we spoke with professionals in the field across a variety of specialties. Learn about their experiences on the job, the steps they took to complete their education, and what it takes to excel in this industry. Click the link to see a story.

All Types

Most Popular Industries for :
Loan Counselors

Industries representing at least 1% of total jobs for the occupation.

Source: 2015 Occupational Employment Statistics and 2014-24 Employment Projections, Bureau of Labor Statistics, BLS.gov.

Industry Jobs Percent Annual Median Salary
Banking And Credit 12,740 43% $38,090
Education 10,750 36% $36,810
Professional And Technical Services 1,750 5% $36,060
Business Management 880 3% $41,750
Social Service 610 2% $33,410
Hospital 610 2% $35,800
Government 330 1% $45,590
Personal Services 310 1% $35,910
These schools offer particularly quick info upon request, and we have written detailed profiles for each (click school names to see the profiles). Request info from multiple schools, by clicking the Request Info links.
 
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CityTownInfo Career and College Resources

We have some additional detailed pages at the state level for Loan Counselors.

Numbers in parentheses are counts of relevant campus-based schools in the state; online schools may also be available.

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