Loan Officer

Explore employment trends, required job duties and skills for this career. ASU offers a variety of degrees that can help you prepare for and meet your career goals. Visit ASU's Career and Professional Development Services to learn how to develop your career plan.

Find related programs

Potential job titles in this career

Commercial Banker, Commercial Loan Officer, Corporate Banking Officer, Financial Aid Advisor, Financial Aid Counselor, Financial Aid Officer, Financial Counselor, Loan Counselor, Loan Officer, Mortgage Loan Officer

* Additional schooling, certification, or degrees maybe be required for some of the potential careers that are listed.

What will I do?

Meet with applicants to obtain information for loan applications and to answer questions about the process.

Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.

Approve loans within specified limits, and refer loan applications outside those limits to management for approval.

Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.

Submit applications to credit analysts for verification and recommendation.

Review loan agreements to ensure that they are complete and accurate according to policy.

Review and update credit and loan files.

Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.

Work with clients to identify their financial goals and to find ways of reaching those goals.

Handle customer complaints and take appropriate action to resolve them.

In this career, it is important to know

Customer and Personal Service - Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.

Economics and Accounting - Knowledge of economic and accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data.

English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.

Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.

Sales and Marketing - Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.

Law and Government - Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.

Administration and Management - Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.

Education and Training - Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.

Administrative - Knowledge of administrative and office procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and workplace terminology.

Computers and Electronics - Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.

It's useful to be good at

Oral Comprehension - The ability to listen to and understand information and ideas presented through spoken words and sentences.

Oral Expression - The ability to communicate information and ideas in speaking so others will understand.

Written Comprehension - The ability to read and understand information and ideas presented in writing.

Near Vision - The ability to see details at close range (within a few feet of the observer).

Written Expression - The ability to communicate information and ideas in writing so others will understand.

Deductive Reasoning - The ability to apply general rules to specific problems to produce answers that make sense.

Inductive Reasoning - The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).

Problem Sensitivity - The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing that there is a problem.

Speech Clarity - The ability to speak clearly so others can understand you.

Speech Recognition - The ability to identify and understand the speech of another person.

Employment trends

Location	Pay period	2022
Location	Pay period	10%	25%	Median%	75%	90%
United States	Hourly	$16.79	$23.02	$31.60	$47.69	$66.63
United States	Yearly	$34,920	$47,890	$65,740	$99,200	$138,580
Arizona	Hourly	$13.53	$20.59	$28.94	$40.98	$50.89
Arizona	Yearly	$28,140	$42,820	$60,190	$85,240	$105,840

2022 Median%
United States	$31.60 Hourly	$65,740 Yearly
Arizona	$28.94 Hourly	$60,190 Yearly

Employment (2022)

354,800 employees

Projected growth (2022 - 2032)

Slower than average (2% to 3%)

Projected job openings (2022 - 2032)

25,300

* Data obtained from the Occupational Information Network (O*NET) under sponsorship of the U.S. Department of Labor/Employment and Training Administration (USDOL/ETA).

What are accelerated programs?

Accelerated programs allow students the opportunity to expedite the completion of their degree.

3 year programs

These programs allow students to fast-track their studies after admission and earn a bachelor's degree in three years or fewer while participating in the same high-quality educational experience of a 4-year option. Students should talk to their academic advisor to get started.

Accelerated master's

These programs allow students to accelerate their studies to earn a bachelor's plus a master's degree in as few as five years (for some programs).

Each program has requirements students must meet to be eligible for consideration. Acceptance to the graduate program requires a separate application. Students typically receive approval to pursue the accelerated master’s during the junior year of their bachelor's degree program. Interested students can learn about eligibility requirements and how to apply.

What are concurrent programs?

Concurrent degrees allow students to pursue their own personal or professional interests, earn two distinct degrees and receive two diplomas. To add a concurrent degree to your existing degree, work with your academic advisor.

What are joint programs?

Joint programs, or jointly conferred degrees, are offered by more than one college and provide opportunities for students to take advantage of the academic strengths of two academic units. Upon graduation, students are awarded one degree and one diploma conferred by two colleges.

What constitutes a new program?

ASU adds new programs to Degree Search frequently. Come back often and look for the “New Programs” option.

What are online programs?

ASU Online offers programs in an entirely online format with multiple enrollment sessions throughout the year. See https://asuonline.asu.edu/ for more information.

What is the Western Undergraduate Exchange (WUE)?

The Western Undergraduate Exchange (WUE) is a program in which residents of western states (other than Arizona) may be eligible for reduced nonresident tuition. See more information and eligibility requirements on the Western Undergraduate Exchange (WUE) program.