Loan Officer

Choose a Profession|Career Planning|About This Section

Loan officers evaluate and process credit and loan applications.

NOC Code: 6235

Job Duties

Loan officers evaluate and process credit and loan applications. You may work for banks, trust companies, credit unions and other financial institutions.

Generally, loan officers:

  • Interview people applying for personal loans, student and business loans, and mortgages.
  • Research applicants' financial status, references, credit history and evaluate their ability to repay the loan.
  • Complete related documents.
  • Recommend the approval or rejection of loan applications.
  • Promote the institution's credit and loan services.
  • Review and update credit and loan files.
  • Prepare statements for unpaid accounts, negotiate repayment terms with customers and refer to collectors when necessary.

Source: HRSDC

Job Requirements

Education

This job requires: College or University

Experience

This job requires 2 - 5 years of work experience.

Source: HRSDC

Essential Skills

As a loan officer, you need to:

  • Speak, read and write English.
  • Analyze and interpret financial data.
  • Understand and follow standard accounting procedures.
  • Be very accurate in your work.
  • Use word processing, spreadsheet, database, internet and email software.
  • Use financial and accounting software.
  • Have excellent customer service skills.

Source: Ontario Skills Passport

Language Skills

You need to communicate in person, on the phone and in writing with supervisors, co-workers and clients. You need to network and persuade clients to buy loan and credit services. You need to use tact and diplomacy with clients who do not repay their loans.

Labour Market Information

Trends

You need to have good computer skills because most banks use computerized financial systems.

Prospects

The work prospects for this job are: FAIR


Wages

The average hourly wage for this job is: C$19.81/hour.

Source: HRSDC

Retraining

Educational Programs

These links will give you a list of related educational programs or where you can search for them. There may be other schools that have similar programs, such as private career colleges. You may be able to get advanced standing.

Bridging Programs

Here is a list of some bridging programs. These programs can help you assess your education and skills, get practical training or improve your language skills so that you can work in your field.

Language Training

Here is a list of some language training programs, such as Occupation-Specific Language Training (OSLT).

Work Experience Programs

Many college programs and bridging programs in this field include co-operative (co-op) work experience.

Voluntary Membership Opportunities

Helpful Links

The data in this profile is provided for informational purposes only. Some of the information may have changed since this profile was written. Please check the source for the most up-to-date information.

Last Updated: November 7, 2014
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