How to become a Loan Counselor

Loan Counselors work primarily for financial institutions and acts as a mediator between the clients and the institution. The information regarding both the parties are shared to each other through loan counsellors. The existing policies, loans and corresponding interest, benefits etc. are provided to the client and the information regrading the client such as the transaction history, verification of the information and documents provided by the client etc. are done and report is submitted to the institution. Loan counselors work with the clients to choose the best option for them and completes the legal paper work.

• Conduct meeting with the client to ensure that they meet the financial eligibility as well as to collect the required information for the procedure.

• To counsel applicants on loan repayments policies and restrictions.

• Re-organize the repayment schedules when necessary

• To update and organize the data and reports

• To ensure that all the formalities and paper work of the loan procedures are met.

• To monitor the billings of the loan payments and re-payments 

• To set up payment plans for debt liquidation

• To promote loans and financial services in the potential market

• To help the clients who are unable to make repayment and suggesting potential solutions and future implications

• Refer applicants to lenders who approve loans for consumers with less-than-perfect credit.

Loan counselors revolve around the financial products or services. They must have thorough knowledge regarding finances and the legal concerns along with it. Strong mathematical skills are also required. Analytical skills would enable them to evaluate the financial portfolios of the client and make good judgement regarding them. Financial Intuitions like every other are also highly dependent on technology, which makes the computer and finance software operating skills an essential one. Interpersonal and communication skills are required to discuss the finances with the clients and convince them effectively.