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Loan Officer Job Description: Top Duties and Requirements

Edited by Indeed Employer Content Team
Last updated October 8, 2025
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Indeed’s Employer Resource Library helps businesses grow and manage their workforce. With over 15,000 articles in 6 languages, we offer tactical advice, how-tos and best practices to help businesses hire and retain great employees.

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6 min read

A Loan Officer, or Credit Officer, is an individual who analyzes financial portfolios to find a loan that is appropriate for the clients’ needs and means. Their main duties include completing credit checks, submitting loan applications on behalf of their clients, and advising loan applicants on their financial future.

Loan Officer duties and responsibilities

A Loan Officer may work as an independent consultant or for a bank, credit union, or trust company. Some of the common duties and responsibilities expected of a Loan Officer in any industry include:

  • Assess the client’s financial status
  • Complete a full credit check verification
  • Advise clients on investments
  • Review and update credit and loan files
  • Encourage clients to open loan accounts, credit cards, or other lines of credit
  • Follow up on delinquent accounts
  • Update credit files regularly and forward to collection’s agencies, as necessary

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Loan Officer Job Description Examples:

Example 1

*Location: Cambridge, ON (Headquarters)* *About Us* **Highest Rated Consumer Financial Services Company** *With over 20,000 FIVE-star customer reviews*, Cash 4 You is one of Canada's largest digital and retail consumer finance organizations providing solutions for better credit options for hardworking Canadians. We've funded over over 1 Billion dollars of unsecured personal loans, and other credit-related products, in-branch and on-line. *Job Scope: * As a Loans Officer, you'll be responsible for assessing loan applications and making recommendations for responsible lending decisions on both new and existing customers. * Assess loan applications for data integrity and potential fraud * Conduct loan interviews with loan applicants over the phone * Gather documents for loan agreements, if anything is outstanding * Quality check all information prior to creating loan agreement * Assess bank statements, credit reports, and debt-to-income ratios * Handle all conditionally approved files * Communicate financing decisions to loan applicants and stores * Analyze clients’ payment history and banking transactions * Underwrite refinancing opportunities for existing loan customers * Assess loan files for interest rate reductions *Skills & Experience* * Credit Analysis * 3+ years of experience in the Financial Services industry and loan underwriting * Advanced literacy and numeracy and communication skills * Excellent analytical, critical thinking and customer service skills * Background in collections or call centers (desirable) * Strong attention to detail * Well-developed organizational and time management skills * Aptitude for multitasking * Ability to interpret, adapt to and apply guidelines and procedures * Proficiency in MS Office and typing speed above 40 wpm * High school education or equivalent Job Type: Permanent

Example 2

*Location: Cambridge, ON (Headquarters)* *About Us* **Highest Rated Consumer Financial Services Company** *With over 20,000 FIVE-star customer reviews*, Cash 4 You is one of Canada's largest digital and retail consumer finance organizations providing solutions for better credit options for hardworking Canadians. We've funded over over 1 Billion dollars of unsecured personal loans, and other credit-related products, in-branch and on-line. *Job Scope: * As a Loans Officer, you'll be responsible for assessing loan applications and making recommendations for responsible lending decisions on both new and existing customers. * Assess loan applications for data integrity and potential fraud * Conduct loan interviews with loan applicants over the phone * Gather documents for loan agreements, if anything is outstanding * Quality check all information prior to creating loan agreement * Assess bank statements, credit reports, and debt-to-income ratios * Handle all conditionally approved files * Communicate financing decisions to loan applicants and stores * Analyze clients’ payment history and banking transactions * Underwrite refinancing opportunities for existing loan customers * Assess loan files for interest rate reductions *Skills & Experience* * Credit Analysis * 3+ years of experience in the Financial Services industry and loan underwriting * Advanced literacy and numeracy and communication skills * Excellent analytical, critical thinking and customer service skills * Background in collections or call centers (desirable) * Strong attention to detail * Well-developed organizational and time management skills * Aptitude for multitasking * Ability to interpret, adapt to and apply guidelines and procedures * Proficiency in MS Office and typing speed above 40 wpm * High school education or equivalent Job Type: Permanent Schedule: * Monday to Friday * Weekends Work remotely: * No

Example 3

The Position*: *

The Loan Officer, under the direction of the Branch Manager/Assistant Branch Manager, will examine, evaluate, and process loan applications for all member requests. The Loan Officer will work within organizational constraints to provide appropriate funding options to members. The incumbent in this position will maintain member loan accounts, organize and update information as necessary, and report appropriate information to the Branch Manager/Assistant Branch Manager. The Loan Officer will carry out these duties while maintaining a strict adherence to all appropriate legislative regulations, credit union policies, and professional practices.

This is a full time permanent position.

For complete job posting details, please visit our website [website]

The Person:
  • One or two years’ exposure of credit union or related financial experience.
  • Ability to analyze and interpret the needs of clients and offer the appropriate options, solutions, and resolutions required.
  • Ability to deal with people sensitively, tactfully, diplomatically, and professionally at all times.
  • Exceptional conflict resolution, negotiation, and objection handling skills.
  • Superior time management skills, multitasking skills, and the ability to prioritize tasks with minimal supervision.

Compensation:
  • Salary range $48,000 to $68,000/annually
  • Comprehensive benefits package.

Closing: October 9, 2022.

Submit Resume AND COVER Letter TO:

Jennifer Hormann,

Vice President of Human Resources

Vision Credit Union Ltd.

Corporate Office

5007 – 51 Street

Camrose, Alberta T4V 1S6

Fax [phone number]

Only those individuals invited for an interview will be contacted.

Job Type: Full-time

Salary: $48,000.00-$68,000.00 per year

Benefits:
  • Company events
  • Dental care
  • Disability insurance
  • Employee assistance program
  • Extended health care
  • Life insurance
  • On-site parking
  • Profit sharing
  • RRSP match
  • Vision care
  • Wellness program
Schedule:
  • 8 hour shift
Supplemental pay pay
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Indeed’s Employer Resource Library helps businesses grow and manage their workforce. With over 15,000 articles in 6 languages, we offer tactical advice, how-tos and best practices to help businesses hire and retain great employees.

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What does a Loan Officer do?

A Loan Officer assesses their client’s finances to help them choose the correct loan products for their situation. They also offer financial advice to help clients manage their debts and loans. They may also advise clients on investment strategies and help them develop a plan to attain their individual financial goals. They are responsible for guiding individuals in making decisions about their financials, filing applications for them, and providing them with solutions to their debt problems.

Loan Officer skills and qualifications

There are several skills and qualifications that make for a good Loan Officer in any industry. Some of the most important skills to look out for include:

  • Exceptional analytical skills
  • In-depth knowledge of financial products
  • Excellent communication skills, both verbal and written
  • Strong interviewing skills
  • Excellent organizational skills
  • Strong report writing skills
  • Strong eye for detail
  • Understanding of wealth and debt management

Loan Officer experience requirements

Loan Officer candidates should be able to demonstrate experience in the finance sector, particularly in banking and loans. Ideal candidates will have three to five years experience in a related position such as a Loan Processor or other related role. Ideal candidates will also be able to demonstrate a practical understanding of the relevant regulations and laws in your province or territory.

Loan Officer education and training requirements

A successful Loan Officer candidate should have a bachelor’s degree in finance, economics, or a related discipline. In addition, they often have a certificate of completion of a loan or credit training program. In some provinces, Loan Officers may also require a licence from the appropriate governing agency, such as the Manitoba Securities Commission. Candidates with a certificate of completion of one of the various finance programs available from the Institute of Canadian Bankers may be favourable.

Loan Officer salary expectations

According to Indeed Salaries, the average Loan Office in Canada earns a rate of $16.01 per hour. Pay may vary depending on the geographical location of the position, the type of industry the company is in, and the candidate’s level of education, experience, or training certificates.

Job description samples for similar positions

If a Loan Officer job description sample isn’t what you were looking for, some related jobs include:

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Download our free step-by-step guide on encouraging healthy risk-taking
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Loan Officer job description FAQs

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Job Description Examples

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