For many individuals, taking out a loan may be the only way to afford a house, car, or college education. Likewise for businesses, loans are essential to start many companies, purchase inventory, or invest in capital equipment. Loan officers facilitate this lending by seeking potential clients and assisting them in applying for loans.

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Loan officers usually specialize in one of three types of loans:

• Commercial loan officers help companies finance new equipment, operations and acquisitions.
• Consumer loan officers sell home equity lines, automobile loans and personal loans.

In many instances, loan officers act as salespeople. Commercial loan officers, for example, contact firms to determine their needs for loans. If a company is seeking new funds, the loan officer will try to persuade the corporation to obtain the loan from their institution. Similarly, mortgage loan officers develop relationships with commercial and residential real estate agencies so that, when an individual or firm buys a property, the real estate agent might recommend contacting a specific loan officer for financing.

Once contact is made, loan officers guide clients through the process of applying for a loan. When the application is complete, the loan officer will analyze and verify the application to determine its credit-worthiness. Loan officers then decide, in consultation with their managers, whether to grant the loan. If the loan is approved, a repayment schedule is arranged with the client.

Although a loan officer may contact you first, in fact you will want to make the choice of who you want to use for securing a loan. Ask yourself whether the loan officer appears professional, honest, organized and knowledgeable? Do you feel comfortable with him/her? The best way to find someone to work with is by referral from someone whose opinion you trust. Make sure any loan officer you talk to is upfront about the costs associated with the transaction.