Credit and loan officers analyze and evaluate financial information on applications for credit and loans and determine approval or disapproval of the client for the credit or loan or recommend to management approval or disapproval.
Skill level:
Skilled
Check your Wage
- Salary range for the majority of workers in Credit and loans officers - from $2,653 to $7,183 per month - 2024.
- A Credit and loans officers typically earns between $2,653 and $4,702 gross per month at the start of the job.
- After 5 years of service, this is between $2,958 and $5,143 per month for a working week of 40 hours.
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Tasks and duties
- Interviewing applicants for personal, mortgage, student and business loans
- Researching and evaluating loan applicants’ financial status, references, credit and ability to repay the loan
- Submitting credit and loan applications to management with recommendations for approval or rejection
- Approving or rejecting loan applications within authorized limits ensuring that credit standards of the institution are respected
- Keeping records of payments, preparing routine letters requesting payment for overdue accounts and forwarding these for legal action
- Completing credit and loan documentation
