There are two ways a person can prepare to become a loan specialist. Many banks and lending companies are willing to hire loan specialists who have earned high school or General Educational Development (GED) diplomas. Some companies, however, do give hiring preference to individuals who have earned associate’s or bachelor’s degrees. Additionally, a person who wants to become a loan specialist usually needs at least some experience in a bank or other type of financial institution.
Loan specialists have the job of processing loans. They assist people with getting a range of loans, such as automobile and boat loans, home equity loans, and signature loans. They may also process commercial loans for such things as new business property and equipment. An individual with this job is often responsible for meeting with potential borrowers to discuss loan options, inputting loan application details into the company’s computer system, following up on loan statuses, and updating pertinent information. A person in this field may explain loan documents to consumers, discuss issues like credit worthiness, and eventually close loans for those who are approved.
Most companies do not require loan specialists to have college degrees, setting a high school diploma or its equivalent as the minimum acceptable credential. An individual who wants to become a loan specialist may decide to pursue an associate’s or bachelor’s degree in the hopes of making himself a more attractive job candidate, however. Doing so may help him secure more job opportunities or even to enjoy faster promotions. An individual who wants to become a loan specialist may do well to pursue an accounting, economics, finance, or business administration major.
In most cases, an individual who wants to become a loan specialist needs at least some experience in a financial institution. For example, a person may start out working as a bank teller or a mortgage company customer service representative. Sometimes people in this field even start out in sales. The amount of experience required varies from company to company.
Besides experience in a financial institution, there are certain qualities and skills an individual needs to succeed as a loan specialist. A person in this field must be both detail- and goal-oriented. He’ll also need excellent communication skills for dealing with both potential borrowers and other financial institution staff. A person who wants to become a financial specialist also needs good organizational skills and the ability to multitask.