Are you a fresh graduate looking to jumpstart your career in the financial industry? Or perhaps you’re looking for a career switch? Becoming a licensed loan officer can be the perfect opportunity for you! A career as a loan officer offers a lot of perks and benefits. Still not convinced? Here’s a run-down on the top advantages that come with the job.
It’s A High-Paying Job
Loan officers are mostly paid through commissions; there is usually no fixed amount of salary. Typically, you get at least one percent of the total loaned amount by your client; this means the more loans you close, the more earnings you get! If you work hard, have a lot of network connections or suave people skills, you’ll get a hefty paycheck. Depending on the company you’ll work for, you might even get a combination of both steady pay and commission!
If you’re asking about career advancement opportunities, this usually equates to a pay raise and better commissions for loan officers. Depending on the demands of the company you work for, there are a lot of available opportunities for your career growth. As you progress, you might be assigned to bigger branches or take more responsibilities; you might even get promoted into a managerial or operational role.
Once you make a mark in the industry, other companies might even pirate you and offer you a bigger commission. You can also ultimately apply for a broker’s license. Eventually, you’ll be able to employ your own set of license officers and get a cut from their closed loans.
Your Work Schedule Is Flexible
Ever wanted to take control of your own time? Do you seek for a healthy work-life balance? Loan officers have the freedom to set their schedules. If the nine to five type of job seems like a dread to you, you’ll love being a loan officer. As a loan officer, you are your own boss. In this line of work, you’ll only work whenever you want to or when your client needs you.
Guaranteed Job Security
Licensed loan officers enjoy the benefits of job security. The experts at LoanOfficerLicense.net mention that a career as a loan officer is very stable. It comes with awesome perks and benefits such as retirement plans, paid vacations, health insurance, and even mortgage. On top of your loan commissions, you get to experience the advantages of a stable office job; no need to be stuck in temporary sales jobs that don’t offer anything in the long run.
Loan Officers Are Always in Demand
Businessmen apply for loans for commercial projects and to boost their revenues. Individuals may apply for a loan to either buy a new house or renovate their existing house. Wherever you may be, your skills and services as a loan officer are needed. If you want a lucrative career as well as build a valuable network of clients, becoming a loan officer is a good choice.
It’s A Meaningful Career
As a loan officer, your job is highly important in making an individual or a family’s dream come true. You’ll be a key player in helping someone finance their dream home or business. If you’re looking for a socially significant and fulfilling career, this is the perfect job for you.
It’s Great for Newbies
It might be tough to land a high-paying job without a college education or years of work experience. But here’s a little secret: you can snag a job as a loan officer even without a college degree or previous work experience! Although larger banks and financial institutions may prefer college graduates, a college degree isn’t a requirement. You just have to pass a background check, have credit scores, and get a license.
To get a license, you have to take mandatory education classes and pass the exams. As a licensed loan officer, you need to prove your financial responsibility. If you’re worried about having a bad credit score, check with your state for the requirements. It is worth noting that you can still become a licensed loan officer even with a bad credit score depending on which state you are based in.
Many benefits come with becoming a licensed loan officer. If you love dealing with clients, and sales is your top strength, becoming a licensed loan officer would suit you. An established list of contacts, a referral network, and a solid background or interest in lending, banking, or sales are also a plus. Great pay, flexibility, and stability? Now, that’s the perfect job to grow professionally and personally.
If you are interested in even more business-related articles and information from us here at Bit Rebels, then we have a lot to choose from.