Loan Counselor

Advise clients on securing loans that best fit their needs.
picture of Loan Counselor

Quick Stats

Salary Range
$27,000 – $61,000

Data from U.S. Department of Labor

What do Loan Counselors do?

As a Loan Counselor, you provide guidance to loan applicants who have problems acquiring traditional loans. The problems vary—they may be bad credit, no credit, or something else. In any case, it’s your job as the Loan Counselor to determine the best type of loan for each individual case, then explain to your clients the requirements and restrictions they face, and the process for acquiring the loan.

The first step of your course of action when you counsel loan applicants is to figure out what type of loan is feasible for them. You do this by determining a reasonable spending limit. Then, you use your expertise as a Loan Counselor to plan a manageable way that they can pay off the loan.

In addition to this interviewing of applicants, you also review and update their records. And to be able to offer your clients the best service, you maintain your own knowledge of credit regulations. Apart from all these duties, you also refer loans to committees, and stay in constant contact with other loan offices, banks, and the personnel you might be in charge of.

Sure, there’s a lot of paper pushing and filing, phone calls, and staring at a computer screen for hours. But hey, through all of that, you’ve made someone’s dream come true by helping them acquire a new home, start a new business, or have a college education.

Should I be a Loan Counselor?

You should have a bachelor's degree or higher and share these traits:
  • Trustworthy: You are known for your personal integrity and honesty.
  • Calm Under Pressure: You keep your cool when dealing with highly stressful situations.
  • Reliable: You can always be counted on to do a good job.

  • Also known as: Debt and Budget Counselor, Debt Counselor, Debt Management Counselor, Lending Services Manager, Loan Consultant See More

    How to become a Loan Counselor

    Most Loan Counselors have a Master's degree or a Bachelor's degree. Start by getting your Bachelor's degree. Chart?chd=s:tah9ma&chl=no+college+%2836%25%29||associate%27s+%286%25%29|bachelor%27s+%2849%25%29|master%27s+%2810%25%29|&cht=p3&chs=466x180&chxr=0,36,49
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