How to Become a Personal Loan Consultant
Lending institutions handle a wide range of functions with respect to personal and business loans. Generally, a personal loan consultant or counselor works with customers in two ways. First, a personal loan consultant can provide guidance to prospective loan applicants who may have difficulty qualifying for a traditional loan. Second, he can work with a non-performing creditor to find an alternative to sending a loan to collection.
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Instructions
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Prepare to Become a Personal Loan Consultant
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Make sure you have the aptitude and traits that will lead to a winning career as a personal loan consultant, including the ability to crunch numbers on the spot, a talent for judging people and the ability to communicate and listen. College coursework should include a major in finance or business, as well as classes in related areas such as statistics, economics and even psychology.
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Complete a summer internship in a bank setting during your college years in order to build future job contacts, strengthen your references and supplement your resume and academic transcript with practical experience.
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Train thoroughly in relevant software applications such as Microsoft Excel, PowerPoint and Word through academic course work or extracurricular certification courses. Highlight your proficiency and any certifications on your resume.
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Maintain good credit and handle your personal bank and credit accounts responsibly, since banks and other employers often look at such matters to judge your character and reliability.
Become a Personal Loan Consultant
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Make appointments to attend recruitment visits by major bankers and lenders to your campus. Even if you would prefer to work for a smaller bank in your city, one of the major national banks can provide you with excellent credentials at the beginning of your banking career.
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Check out job openings for personal loan consultants and other banking positions in your local newspaper and on job listing sites such as Monster.com (see Resources below).
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Read the "Wall Street Journal" daily, especially articles on developments in personal lending. Display your interest and understanding of the field both on the job and in situations that might help you land the job.
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Send in your resume for all lending institution positions that may lead to the position of personal loan consultant. Be sure to follow up with each company to arrange for an interview.
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Tips & Warnings
Banks often promote employees from within. Keeping this in mind, you might not want to rule out accepting another position, even an entry-level one, with a bank where you would like to work. Once you are in the door, either in an entry-level job or a summer internship, impress your superiors with your ambition, willingness to learn and commitment to become a personal loan consultant.
Don't limit your upside. The position of personal loan consultant can be an stepping-stone to a managerial position in banking, if your performance and qualifications merit promotion. Consider continuing your education by pursuing an MBA while you also earn kudos with your performance.
