How To Become An Installment Loan Collector: What It Is and Career Path

What is an installment loan collector and how to become one

Updated January 8, 2025

3 min read

There is more than meets the eye when it comes to being an installment loan collector. For example, did you know that they make an average of $17.36 an hour? That's $36,109 a year! Between 2018 and 2028, the career is expected to grow -8% and produce -17,500 job opportunities across the U.S.

ScoreInstallment Loan CollectorUS Average

Salary

2.8

Avg. Salary $36,109

Avg. Salary $59,228

Stability level

7.9

Growth rate -8%

Growth rate 0.3%

Diversity

5.7

Race

American Indian and Alaska Native 0.53%

Asian 3.69%

Black or African American 8.42%

Hispanic or Latino 18.05%

Unknown 3.82%

White 65.48%

Gender

female 47.30%

male 52.70%

Age - 46

Race

American Indian and Alaska Native 3.00%

Asian 7.00%

Black or African American 14.00%

Hispanic or Latino 19.00%

White 57.00%

Gender

female 47.00%

male 53.00%

Age - 46

Stress level

7.9

Stress level is high

7.1 - high

Complexity level

4.9

Complexity level is intermediate

7 - challenging

Work life balance

7.6

Work life balance is good

6.4 - fair

Key steps to become an installment loan collector

Explore installment loan collector education requirements

Most common installment loan collector degrees

Bachelor's

31.3 %

Associate

31.3 %

High School Diploma

25.0 %

Start to develop specific installment loan collector skills

Skills	Percentages
Customer Service	100.00%

Complete relevant installment loan collector training and internships

Accountants spend an average of 1-3 months on post-employment, on-the-job training. New installment loan collectors learn the skills and techniques required for their job and employer during this time. The chart below shows how long it takes to gain competency as an installment loan collector based on U.S. Bureau of Labor Statistics data and data from real installment loan collector resumes.

Research installment loan collector duties and responsibilities

Monitor all assign accounts by reviewing the client's aging, manage all potential bad debit, DSO, aging.
Review and verify insurance, Medicare and/or Medicaid accounts against third party billing program provisions and procedures.
Secure modification documents including HAMP and bank require documents.

Prepare your installment loan collector resume

When your background is strong enough, you can start writing your installment loan collector resume.

You can use Zippia's AI resume builder to make the resume writing process easier while also making sure that you include key information that hiring managers expect to see on an installment loan collector resume. You'll find resume tips and examples of skills, responsibilities, and summaries, all provided by Zippi, your career sidekick.

Choose from 10+ customizable installment loan collector resume templates

Build a professional installment loan collector resume in minutes. Browse through our resume examples to identify the best way to word your resume. Then choose from 10+ resume templates to create your installment loan collector resume.