What does a Loan Assistant do?
A loan assistant typically works directly below a loan officer, and will assist the loan officer in preparing loan documentation. The loan assistant may have a number of different tasks, such as making sure the documentation is complete, pulling credit reports or past financial data for loan applicants, or answering questions and assisting applicants in filling out the paperwork. While not quite entry-level, working as an assistant in the loan department can be a great way to get started in a career in a bank.
Some people are hired as a loan assistant as their first job in a bank, but many will start in a more entry-level position such as a bank teller. If one succeeds in that position, a loan assistant is one of the first places that one may be promoted to. Working as an assistant in the loan department is typically a more behind the scenes job, though one may also be responsible for answering phones, or occasionally meeting with bank customers. Generally, one will begin in the individual loan department rather than in business loans, unless one has a strong background in business.
In day to day work, a loan assistant will primarily be responsible for ensuring that all loan paperwork is complete and accurate. The assistant will check over the paperwork for missing information or errors, and may then need to follow up with the applicant to get the missing information. If the applicant has any simple questions about the loan, they may be directed to the assistant. In addition, the assistant may need to gather additional information such as credit reports or data from previous loans. All of this usually needs to be done fairly quickly, because people who apply for loans may want to be sure that they get a certain advertised interest rate before it changes.
Once all of this information is compiled, the loan assistant will generally then prepare a report to be given to the loan officer. The loan officer can then easily review all the information, and make a decision as to whether or not to issue a loan to the applicant. Someone who wants to be a loan assistant should be very detail oriented and able to communicate clearly, both in speaking and writing. In addition, he or she will often be dealing with confidential information, so it is important to be discreet and to remain tactful when speaking to other people.
While many job sectors have suffered over the years, one that manages to keep growing is the area of financial loans and debt management.
Loan assistants have a salary that is based on their experience and the number of additional duties they take care of. Usually they can make between $21,451USD - $48,595USD per year.
If you have further education in finance it can make it a lot easier to receive higher pay and move up the job ladder, especially in banks.
Be aware, that many companies hiring loan assistants will require a criminal background check, because of the sensitive nature of the information being dealt with.
Loan assistants may be the first people you run into when you go to apply for a loan. They sometimes work a customer service angle, making sure that the person is applying for the right loan and that they meet basic qualifications.
Some loans that are specifically for business require a lot of paperwork and the loan assistant will generally be the person helping you fill in everything and answering questions.
I think this kind of customer service is vital at banks as many people don't know the ins and outs of getting loans and having a helpful assistant around is a great thing.
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