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Loan Advisors Job Overview

Loan advisors assist people who have failed to qualify for traditional loans. Loan advisors recommend particular types of loans to client and review the requirements and restrictions of loans with clients. Loan counselors may also help their clients with personal finance issues. In some companies, loan counselors also act as a salesperson and seek clients.

Loan Advisors Schools and Degrees

Many colleges and universities offer programs in relevant subjects such as finance, economics and business.

Job Requirements

Employers at banks and credit agencies typically prefer applicants who have at least a bachelor's degree in finance, economics or business and have a few years of finance experience. For some jobs sales experience is important. In addition, loan counselors may need to meet the requirements of a professional credit association or pass state certification exams.

Nature of Work

• Analyze applicant's financial situation, credit, and property evaluations in order to determine the feasibility of providing a loan
• Ensure loan agreements are complete and accurate
• Assist clients create a debt consolidation strategy
• Produce the required legal paperwork to finish the loan procedure

Loan Advisors Jobs and Outlook

The Bureau of Labor Statistics has forecasted employment growth for loan advisors from 2008 to 2018 to be faster than the average for all occupations.

The major employers of loan advisors are shown below:

• Banks
• Savings and loans
• Credit unions
• Colleges, universities and professional schools

In 2009, the median annual earnings of loan counselors was $37,320.

Job Numbers and Growth

Loan advisors nationally number 33,000. The unemployment level for workers is low, compared to other occupations. About 3% of employees were unemployed recently.

Area Job Conditions

Loan advisors are relatively common in Durham (North Carolina), Lubbock (Texas), and Columbia (South Carolina). They are rarer in Tucson (Arizona), Nashville (Tennessee), and Riverside (California).

Workers are paid highest in Worcester (Massachusetts), Syracuse (New York), and Warren (Michigan), and lowest in Wichita (Kansas), Montgomery (Alabama), and Nashville (Tennessee).

Training and Education

Employees are generally expected to have a bachelor's degree. About 49% of loan advisors hold a bachelor's degree or better. Currently 35% of workers have some college education, though not a degree. About 16% of employees were able to get their jobs with a high-school diploma. Recommended schools are shown in the column to the right; request information from them to help you decide which if any could help you with this career.

Part-Time Work and Self-Employment

About 7% of loan advisors work less than full-time. In 4% of the cases, workers work for themselves.

Loan Advisors by Metropolitan Area (city and its surroundings)

In the table below, a Job Density near 0% means the area has an average number of people in this occupation, for its population. A higher or lower Job Density (e.g., +22% or -45%) tells you there are that many more or fewer workers of that type there than in the average US metro area. So, the higher the number, the more common the occupation.

Alabama

Arizona

Arkansas

California

Connecticut

Delaware

District of Columbia

Florida

Georgia

Idaho

Illinois

Indiana

Iowa

Kansas

Kentucky

Louisiana

Maine

Maryland

Massachusetts

Michigan

Minnesota

Mississippi

Missouri

Nebraska

New Jersey

New York

North Carolina

Ohio

Oklahoma

Oregon

Pennsylvania

Rhode Island

South Carolina

Tennessee

Texas

Utah

Vermont

Virginia

Washington

Wisconsin