A loan clerk works for banks, credit agencies and any other financial institutions and organizations that deal with issuing loans to their customers. The job of a loan clerk is to organize the files related to loans, put new files in the archive, as well as provide access to previously archived data. The loan clerk is also usually responsible for receiving customers’ applications and putting them through a basic review, as well as performing simple tasks related to the lending procedures. Rarely, loan clerks will be involved with customers directly.
To become a loan clerk, a high school diploma is often sufficient as an educational qualification. Important personal skills and traits include an organized personality, ability to handle large amounts of information in a coherent way, as well as being attentive and involved in their tasks. The typical field of loans can sometimes be quite demanding towards all involved in the profession, so it’s absolutely necessary for a loan clerk to be able to work efficiently under high amounts of pressure.
Loan clerks earn very little compared to other people in the loan business, with salaries of between $20,000 – $32,000 per year being the most common. The job isn’t very demanding and most of the responsibilities attached to it are justified by the pay more than sufficiently, but some other factors like the working hours and career advancement prospects make it a less attractive choice. It’s still useful to get familiar with the workings of the loan industry, though.