RECRUITMENT GUIDE

Loan Consultant

A loan consultant is responsible for assisting clients with completing applications and applying for loans. They review their clients financial situation, before proceeding to make suggestions and recommendations regarding loan and mortgage options.

Loan consultants are also responsible for approving loan requests, and ensuring that they are working in such a way that benefits both the employer and the client. They also must negotiate loan contracts and the terms and agreements, including repayment periods, and the outcomes that will ensue if a client cannot meet these requirements.

Day-to-day tasks of this role:

  • Meet with clients to review financial statements and make loan recommendations.
  • Liaise with superiors to discuss loan requirements and policies.
  • Review and reject or approve loan applications.
  • Decide on loan repayment terms.
  • Keep records regarding client loan agreements.

Recruitment Process

Understand the Role

Review the skills profile

To find the best person for the role, you need to understand what the role involves. You can complete this with the hiring manager to define the role, what it contributes to the organization, and the skills needed.

Understand the Role

Source Applicants

Write a job description based on skills

Once you understand the requirements for the role, you’ll need to understand the skills for success. You can then write an effective job description to promote your role.

Source Applicants

Skills Assessment

Select the ideal candidate

See which applicants have the right skills for the role. Send all your applicants a Vervoe skills assessment from the expert library, or customise one for your organization. 

Skills Assessment

Interview

Interview top performers

Your skills assessment results will identify top performers. Focus your time on interviewing those that have met or exceeded your requirements. Assessment results will also help guide which skill areas to focus on in the interview. 

Interview

UNDERSTAND THE ROLE

Skills profile for a Loan Consultant

It is not always required that a loan consultant needs to have obtained a tertiary qualification, however some organisations require applicants to have a Bachelor degree in economics and finance, financial planning or another relevant field, or certificate in credit management. It is favourable that an applicant has relevant industry experience and has had on-the-job training. There are some common skills required for this position.

It is essential that a loan consultant is extremely thorough and detail oriented. They must draw up and finalise loan contracts for clients, and ensure that the facts and figures are correct. They must also have a fail proof system in place to ensure details are accurate and all aspects are covered when approving loan decisions.

A loan consultant must have strong stakeholder management and engagement skills. They must be able to liaise with a range of stakeholders and clients to interview to determine financial eligibility for loans, as well as be able to build trust and loyalty with clients and external stakeholders. They must also be able to actively build networks for potential clients and other external providers.

A loan consultant must also be extremely financially literate. They must have knowledge of the financial markets and be able to explain this to non-finance minded clients, as well as be able to keep up to date with changing markets and trends.

Once you’ve determined the skills required for the role, you can write the job description to advertise for your position. ​

SOURCE APPLICANTS

Loan Consultant Job Description

Summary:

  • Why is this role being filled?
  • How does this role fit into the organization and the team?
  • What makes your company unique?
  • What would it be like to work for you?

Requirements:

  • What technical skills are needed for this role?
  • Which soft skills are applicable?
  • What are the nice-to-have experiences of your ideal candidate?
  • Include availability preferences in this section

Responsibilities:

  • What are the key deliverables for this role?
  • What does the day-to-day of this role look like?

Benefits:

  • Compensation & bonuses
  • Employee benefits & perks
  • Ongoing training benefits

PRO TIP #1
In building your candidate profile, you’ve already identified what skills are needed to be successful in the role. Here’s where to list your “must-have” skills and maybe a couple of “nice-to-have” skills. For example, a loan consultant must understand how to establish and maintain strong relationships with clients, but it would be nice to have someone who has experience creating repayment, repossession and foreclosure documents.

PRO TIP #2
Ensure that the entire recruitment process from job description to assessment to interview reiterates your company vision and values. This will help you identify the right people for the role, and applicants will know whether your company is the right fit for them.

SKILL ASSESSMENT

Sample skills assessment

Question 1

Financial Literacy

Question Type: Doc

What blogs, articles, releases, events do you keep up with? Please outline these in the document below.

Question 2
Stakeholder Engagement
Question Type: Text

Describe a time where you found it hard to build a relationship with a client. Why was it difficult? What was the result?

Question 3
Thorough
Question Type: Video

How do you ensure you have all the information you need to make a final decision?

INTERVIEW

Interview guide for a Loan Consultant

Once your Vervoe skills assessment has surfaced the most qualified people for your open role, you can focus on interviewing these candidates. The PDF interview guide contains structured questions against each of the competencies for this role.

This interview guide is intended to be used in conjunction with the Vervoe skills assessment. Where a candidate has scored Low – Medium on a skill, focus on asking more questions from that skill to gain deeper insight into their level of competency.

PDF INTERVIEW GUIDE
Get your copy of the  interview guide to complete the hiring process. Includes questions against each of the skill competencies for the role.

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