Loan officers help borrowers find the right lender.
Known by many different titles at various financial institutions, a loan officer functions as a liaison or intermediary between an institution that makes personal and business loans to consumers and borrowers for a loan. One of the main responsibilities of loan officers is to try to find a loan agreement that is in the best interest of both the applicant and the bank or financial institution that made the loan.
A loan officer can help a person with no credit history.
Sometimes called a loan officer or credit counselor, a loan officer has a thorough understanding of the types of loans a financial institution offers. In addition to understanding the general terms related to each type of loan, the loan officer will also have a thorough working knowledge of the requirements or conditions necessary for applicants to successfully qualify for each type of loan. Also, a competent loan officer will have the latest information on upcoming loan specials, including special interest rates that are only extended for a short period of time.
Loan officers can help people who want to start a small business.
The loan officer will also be an expert in evaluating the financial situation of loan applicants. This can be especially important when applicants may be overcoming adverse financial conditions or just beginning to establish a credit history. A competent loan officer will be aware of loan opportunities that may be of interest to people who are looking for a loan but have a number of extenuating circumstances that need to be resolved. Typically, the loan officer is aware of loans to suit almost any financial situation, assuming that it is possible to determine whether there is the ability and willingness to repay the loan on terms.
Loan officers can determine how much of a loan a person is eligible for.
People trained as loan officers can work for many different types of lending institutions. Banks often employ multiple loan officers at each local branch, often with multiple executives focused on specific types of loans, such as personal or small business loans. Loan officers or associates are also common in commercial lending institutions that provide domestic and international business expansion financing services, lending banking companies that specialize in consolidation loans, and organizations that specialize in student loan underwriting.
Loan officers can help people get money to repair or replace a damaged vehicle.
The advent of the Internet has made it possible for loan officers to accept and review loan applications online, resulting in the applicant’s ability to interact with loan officers representing a wide variety of lending institutions, rather than relying more from local banks and businesses.