Career Profile: Loan Interviewers and...

Career Profile: Loan Interviewers and Clerks

by Susan Huebert
Jobs People Do | JobsPeopleDo.com

Suppose that someone wanted to borrow money from the bank. An employee would have to gather information about the person, fill out the paperwork, and make sure that everything was done correctly. Loan interviewers and clerks are the people who get this type of work done. If you are good with numbers, it might be the right job for you.

People want money for many different reasons. They might want to renovate a house, enroll in university courses, or start another type of project. Loan interviewers talk to these people to find out what the plan is and how the borrowers intend to pay the money back. The interviewers and the borrowers discuss the terms of the loan, such as how much money the person will receive, how much interest the bank will charge, and when the borrower must pay the money back.

Once the terms of the loan are in place, the interviewer checks the borrower’s documents to make sure that they are accurate and complete. This might include a statement of the borrower’s income, a mortgage for a house or condominium, a record of other property that the person owns, or anything else that could affect the borrower’s ability to pay back a loan. The interviewer fills in the necessary information on a form and then gives it to the borrower to sign.

Often, the interviewer also acts as a clerk in these situations, photocopying or printing documents like the loan agreement and other pieces of information. Sometimes, a different person acts as the loan clerk, gathering the documents and filing them in the right places. Working in this job requires people to be thorough and accurate, and it is important for loan interviewers and clerks to know their jobs well and to pay attention to the details.

Loan interviewers and clerks are normally not the ones to make the final decisions on a borrower’s application. Often, the next step is to fax or e-mail the application to a supervisor, who then decides if the loan is worth the risk or if the applicant is unlikely to be able to pay it back.

All people working as loan interviewers and clerks have at least a high school diploma. Mathematics and English courses are the most useful classes to take, but business courses are also helpful. In many places, people need an associate degree or a bachelor’s degree to work in this field. Special loan or credit training taking between six months and a year might also be necessary, and most people in this field require a license.

Career prospects for this career are quite good throughout the country, although that can vary if the economy changes. Besides working in banks and credit unions, people in this field can find work in private financial companies and even the government or social agencies.

Generally, loan interviewers and clerks earn between $37,000 and $61,000 per year, depending on their experience, the size of the place where they work, and other factors. The job is not physically difficult, but it can be stressful to deal with potentially frustrated or confused clients all day, and people in this field might want to move to a different aspect of financial work after a few years.

The rules regarding banks and money change often, and it is important for loan interviewers and clerks to be aware of any new regulations that might affect their work. Their employers might send them to seminars and courses to help them stay current, and people in this field should keep on learning as much as they can.

Working as a loan interviewer and clerk can be a good job for people who understand finance and are organized and attentive to detail. If that describes you, the job of loan interviewer and clerk might be a good fit.



Career Planner.com. “Loan Interviewers and Clerks.” https://job-descriptions.careerplanner.com/Loan-Interviewers-and-Clerks.cfm.

Job Bank. “Financial Clerk – Financial Sector in Canada.” https://www.jobbank.gc.ca/marketreport/outlook-occupation/1674/ca.

Payscale.com. “Loan Officer Salary in Canada.” https://www.payscale.com/research/CA/Job=Loan_Officer/Salary.

Recruiter.com. “Salary for Loan Interviewers and Clerks.” https://www.recruiter.com/salaries/loan-interviewers-and-clerks-salary/.

Statistics Canada. “6235—Financial Sales Representative.” https://www23.statcan.gc.ca/imdb/p3VD.pl?Function=getVD&TVD=314243&CVD=314247&CPV=6235&CST=01012016&MLV=4&CLV=3.

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