What does a Loan Advisor do?

Loan advisors are responsible for assisting customers who want to apply for a loan from a bank, credit union, or other financial institution. They are the initial contact with the customer, and typically work directly with them throughout the application process. They explain the available loan programs, review terms, and answer any questions. They review the application to ensure it is complete, and may oversee the verification of information. They monitor the progress of the application and keep the customer informed of updates.

Loan advisors typically have at least a high school diploma, although some further education or training is preferred. They generally have a background in banking, retail, or customers service. Knowledge of basic lending principles and procedures is helpful. These roles often require a number of licenses and background checks.

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Average Years of Experience

0 - 1
72%
2 - 4
18%
5 - 7
5%
8+
5%

Common Skill Sets

Excellent Customer Service
Facsimile
Motivated
Composure
Screenings
Excellent Communication
Written Communication
Negotiation

Loan Advisor Seniority Levels

Loan Officer
4% made the transition
Loan Processor
67% made the transition
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Loan Advisor Salaries

Average Base Pay

$39,096 /yr
Same as national average
Not including cash compensation
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$30K
Median: $39K
$52K
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Glassdoor Estimated Salary

Loan Advisor Jobs

Loan Advisor Interviews