Commercial or Consumer Loan Officer
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Commercial or Consumer Loan Officer

Skills & Interest
  • Manager
  • Math
The Scoop

Most people at some point borrow money in their lives—whether it's to attend college, buy a car, or purchase a home—so they'll have the chance to work with a loan officer. In this role, you'd likely be working at a bank or other financial firm to help guide someone through the process of borrowing money. This includes giving them the application, looking at their financial information (like their credit score), recommending different types of loans, and answering their questions. When you work directly with individuals you're a consumer loan officer, but when you help businesses obtain money, you're a commercial loan officer, and these transactions are often larger and trickier. Once the loan has been approved, you'll close the deal by making sure all of the paperwork has been filed properly. If you're very detail-oriented and like the idea of helping people fulfill their biggest dreams (and what’s not to love about that?), you'd probably enjoy being a loan officer.

The Details

Degree Required
Bachelor's Degree
Years of College
4
Average Salary
$59,820

The Impact

One of the largest commercial loans in history happened in 2011, when AT&T borrowed $20 billion from J.P. Morgan to help it acquire T-Mobile. (That puts borrowing $20 from a friend in perspective…)

The Fact

These officers can teach customers about the kinds of loans that fit their specific situation. And by making it easier to get funding for things like college or real estate, they're helping people improve their lives.