Credit and loan officers analyze and evaluate financial information on applications for credit and loans and determine approval or disapproval of the client for the credit or loan or recommend to management approval or disapproval.
Skill level:
Skilled
Check your pay
- The majority of Credit and loans officers earn a salary between $3,664 and $7,013 per month in 2024.
- A monthly wage for entry-level Credit and loans officers ranges from $3,664 to $6,241.
- After gaining 5 years of work experience, their income will be between $4,040 and $6,630 per month.
Salary Check
Check your pay
- A Credit Officer in Australian Capital Territory in professional, scientific and technical activities earned minimum $60,000.00 and maximum $75,000.00 per year in 2022.
- A Credit Officer in New South Wales in professional, scientific and technical activities earned minimum $55,000.00 and maximum $60,000.00 per year in 2022.
- A Credit Officer in Northern Territory in professional, scientific and technical activities earned minimum $55,000.00 and maximum $70,000.00 per year in 2022.
Job Responsibilities
- Interviewing applicants for personal, mortgage, student and business loans
- Researching and evaluating loan applicants’ financial status, references, credit and ability to repay the loan
- Submitting credit and loan applications to management with recommendations for approval or rejection
- Approving or rejecting loan applications within authorized limits ensuring that credit standards of the institution are respected
- Keeping records of payments, preparing routine letters requesting payment for overdue accounts and forwarding these for legal action
- Completing credit and loan documentation
