A loan counselor is a person who guides people in qualifying for loans. The loan process can be complex, and an individual in this field often guides others in not only applying for loans, but also boosting their chances of securing loan approval and eventually repaying their loans. The requirements a person must meet to become a loan counselor may vary, depending on the employer in question. In many cases, however, a person who wants to become a loan counselor needs a bachelor’s degree to land a job in this field. Additionally, gaining work experience at a financial institution may help a person prepare for this job.
A person who can easily qualify for a traditional loan may not require much outside help. Loan counselors help other loan candidates, providing guidance to those with credit problems and other issues that make qualifying for a loan harder. For example, a person in this field may help loan applicants figure out how to boost their chances of securing a loan or help them with completing required paperwork and furnishing important documents. Loan counselors may also help applicants to understand how their credit scores affect their ability to secure a loan. An individual in this field also helps applicants explore other sources of loan money, such as non-traditional lenders.
The completion of high school or its equivalent is usually required for a person who wants to become a loan counselor. While in high school, there are certain classes a person can take to prepare for this career. They include such courses as economics and statistics. Accounting classes may prove helpful as well.
In many cases, employers prefer loan counselor job applicants who have earned bachelor’s degrees in a major such as economics or accounting. Business and finance majors may also provide good preparation for this career. In some places, an aspiring loan counselor will need a license to perform his duties for a mortgage bank or a brokerage. Many jurisdictions require potential licensees to pass an exam as part of the licensing process as well.
In addition to education, a person who wants to become a loan counselor may benefit from gaining some finance-related experience before pursuing this job. For example, an individual may work as a bank teller or in a mortgage company office in preparation for this career. Some employers may even accept extensive experience as a substitute for education.
