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What is a loan assistant and how to become one
A loan assistant provides support to a financial institution's loan officers. They process loan applications, collect required documents, and ensure compliance. They also communicate with clients, verify financial information, and maintain records. A loan assistant typically works in an office environment and may manage multiple loan files simultaneously. They possess strong organizational skills, attention to detail, and the ability to work independently. Loan assistants facilitate the loan process for clients while meeting the institution’s goals.
Avg. Salary $36,962
Avg. Salary $59,228
Growth rate -3%
Growth rate 0.3%
American Indian and Alaska Native 0.41%
Asian 7.40%
Black or African American 12.18%
Hispanic or Latino 15.45%
Unknown 4.33%
White 60.24%
Genderfemale 81.81%
male 18.19%
Age - 41American Indian and Alaska Native 3.00%
Asian 7.00%
Black or African American 14.00%
Hispanic or Latino 19.00%
White 57.00%
Genderfemale 47.00%
male 53.00%
Age - 41Stress level is very high
7.1 - high
Complexity level is challenging
7 - challenging
Work life balance is fair
6.4 - fair
What are the pros and cons of being a loan assistant?
Pros
Potential for career advancement within the company
Ability to build strong relationships with clients and colleagues
Potential for competitive salary and bonuses
Chance to work with a diverse group of people
Ability to work independently and as part of a team
Cons
High level of responsibility, which can be stressful
Long hours during peak periods
Risk of burnout due to workload and stress levels
Potential for high levels of scrutiny from management or regulators
Limited opportunity for work-life balance
Loan assistant career paths
Key steps to become a loan assistant
Explore loan assistant education requirements
Start to develop specific loan assistant skills
Skills Percentages Customer Service 19.38% Loan Applications 8.86% Mortgage Loans 6.91% Financial Statements 5.09% Order Appraisals 4.54% Complete relevant loan assistant training and internships
Accountants spend an average of 1-2 years on post-employment, on-the-job training. New loan assistants 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 a loan assistant based on U.S. Bureau of Labor Statistics data and data from real loan assistant resumes.Research loan assistant duties and responsibilities
- Keep the ATM balance and fill.
- General teller duties, responsible for balancing cash drawer, ATM, vault.
- Background in commercial real estate lending, A/R lending, SBA, construction loans, and consumer lending.
- Iprocess all NSF returns including and not limit to checks, ACH, chargebacks and all cash items.
Prepare your loan assistant resume
When your background is strong enough, you can start writing your loan assistant 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 a loan assistant resume. You'll find resume tips and examples of skills, responsibilities, and summaries, all provided by Zippi, your career sidekick.
Choose from 10+ customizable loan assistant resume templates
Build a professional loan assistant 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 loan assistant resume.
Apply for loan assistant jobs
Now it's time to start searching for a loan assistant job. Consider the tips below for a successful job search:
- Browse job boards for relevant postings
- Consult your professional network
- Reach out to companies you're interested in working for directly
- Watch out for job scams
How did you land your first loan assistant job
Are you a loan assistant?
Share your story for a free salary report.
Average loan assistant salary
The average loan assistant salary in the United States is $36,962 per year or $18 per hour. Loan assistant salaries range between $28,000 and $47,000 per year.
What am I worth?
How do loan assistants rate their job?
Loan assistant reviews
Helping People, secure a better financial future
Having to Decline applicants
when a person being assisted to obtain a loan to uplift their lives
when more loans are deliquent
This is a challenging position. It is not a one-size-fits-all job. The nature of your work depends heavily on the loan officer you work under. High-volume is no joke. You'll need to be sharp and focused all-day, every day you come to work.
It's lots of sitting in a chair. It requires 100% computer time, so you'll need to schedule breaks and get up and walk around intentionally.
Loan assistant FAQs
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Updated January 8, 2025
