How To Become A Loan Manager: What It Is and Career Path

What is a loan manager and how to become one

Updated January 8, 2025

3 min read

Loan managers work for banks or financial institutions and are responsible for evaluating loan applications. Their main duty is to determine whether the applicant has the required financial background to be considered eligible for a loan. They review financial statements and other documents necessary for completing loan applications, update records, and approve loans as they see fit.

Working in this position, your job will be to mediate between the applicants and the financial institution you work for. You will meet with clients and prepare proposals, create payment installment plans, and keep updating the status of ongoing loans. You will finalize loan contracts and make sure clients are familiar with the policies and regulations that apply to them.

A bachelor's degree in a finance-related field is typically required of candidates for this position. You will need to have previous experience working in a similar role and have a clear understanding of state and federal regulations regarding loan transactions. Your communication and customer service skills will be just as important as your subject matter expertise, earning you yearly salaries around $70,000 on average.

ScoreLoan ManagerUS Average

Salary

3.1

Avg. Salary $39,623

Avg. Salary $59,228

Stability level

7.3

Growth rate 4%

Growth rate 0.3%

Diversity

5.4

Race

American Indian and Alaska Native 0.48%

Asian 6.36%

Black or African American 9.16%

Hispanic or Latino 15.88%

Unknown 4.64%

White 63.49%

Gender

female 53.47%

male 46.53%

Age - 44

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 - 44

Stress level

7.3

Stress level is high

7.1 - high

Complexity level

8.8

Complexity level is advanced

7 - challenging

Work life balance

5.6

Work life balance is fair

6.4 - fair

Key steps to become a loan manager

Explore loan manager education requirements

Most common loan manager degrees

Bachelor's

59.4 %

Associate

15.2 %

Master's

9.8 %

Start to develop specific loan manager skills

Skills	Percentages
Loan Applications	20.23%
Customer Service	9.26%
Real Estate	8.96%
Loan Portfolio	5.34%
Origination	4.84%

Complete relevant loan manager training and internships

Accountants spend an average of 6-12 months on post-employment, on-the-job training. New loan managers 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 manager based on U.S. Bureau of Labor Statistics data and data from real loan manager resumes.

Research loan manager duties and responsibilities

Reduce downtime by completing reports on ATM and repairs and managing service calls.
Manage loan origination underwriting and funding teams for dealer and consumer financial products and services.
Ensure all loan origination procedures are followed according to bank and federal guidelines.
Back up to member services, ATM and vault teller when need.

Prepare your loan manager resume

When your background is strong enough, you can start writing your loan manager 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 manager 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 manager resume templates

Build a professional loan manager 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 manager resume.