Become a Loan Agent

Although there are no educational requirements to become a loan agent, you need to comply with the preset requirements of your state.

By inquiring at the concerned state office, you can easily secure your certificate on the three courses. After that, you can now take the state examination to get your license.

The Opportunity

Even if you have minimum experience as a loan agent, you can become one. In fact, you can work independently if you want to. As a loan agent, you will help potential clients in locating money. You will help these clients in securing loans – from filing to the different paperwork. If you’re not sure about working independently, you can also work for banks or mortgage companies. If you opt to become an employee, then you won’t need to apply for a real estate license. However, most states require a license so you need to comply with such requirements before you cab start this lucrative career. Your job will be very similar to salespeople. It’s typical to see loan agents using their pagers, cell phones, and laptops when contacting potential clients.

Commissions for a Loan Agent

You should be aware that the working hours of loan agents are different from regular office employees. In most cases, the loan agents spend at least forty hours each week but some work for longer hours. Whenever the interest rates become low, there is a surge of applications which means there will be more work for loan agents. Commission may vary and you can earn $500 to $10,000 for every case you handle and this will depend greatly on the loan amount applied for. As long as you’re willing to work harder than others and you have the skills, you can definitely make a lot of money even as a part timer.

There is no specific educational requirement to become a loan agent. The most important thing to consider is passing for the license. If you live in California, you will need to take up 3 courses which can usually last for 2.5 weeks (for each course). Each course is given as a separate home study program and since it is self paced, you’re free to finish the courses at your desired pace. You should be able to finish and learn the principles, real estate law, and the practice. You will need to take the final exams for each of the courses and you will need to get 60% or higher in order to pass. There are also online exams being conducted. Inquire at the concerned local state office so that you can comply with the exam requirements. This doesn’t here because once you receive the certification you will now take the state examination.

Once you’ve passed the state exam, you can now have your real estate sales license. So you see, it’s not really as hard as you think as long as you comply with the requirements of your state.

19 Comments

  • SHBIB SHANKAR KUNDU said on December 18, 2012
    I RESIDING IN HABRA, NORTH 24 PARGANAS . I WANT TO OPEN A RECOVERY AGENCY .
  • BIDYUT SANPUI said on February 16, 2013
    I am MCOM(C.U). What type of license is required to a Loan Agent. tell me the way to get the same
  • Prem Singh said on April 12, 2013
    I want to start a recovery agency of loans at Sakinaka, Andheri East. Mumbai.
  • DEBABRATA MOHANTY said on April 24, 2013
    Sir, Now I am doing NPA A/c of recovery job of all national bank under the secularization and Reconstruction of financial Assets and Enforcement of Security interest Act 2002.
  • Bidit Kanti Purkayastha said on May 1, 2013
    Dear Sir, I want to join as a bank loan recovery agent I have 3(three) years experience on customer services my business address given below Country: India, State: Assam, Dist:Cachar, PS: Silchar,Vill: Dudhpatil, PO: Larsingpar, PIN:788002
  • ashutosh thakur said on May 3, 2013
    i want to start for loan agencies in bihar. pls, kindly help me. my con -9955477785
  • SUKANTA DAS said on May 13, 2013
    I AM GRADUATE WITH "10" YEARS OF SALES AND MARKETING EXPERIENCE. I AM RESIDING AT DUM DUM, KOLKATA-700074. I WANT TO OPEN A RECOVERY AGENCY AGAINST THE HOME LOAN PROVIDED BY THE BANK. MY MOBILE NUMBER(9230081055)
  • T.SREENIVASA RAO said on January 9, 2014
    I am graduate with 15 years of sales and marketing experience, I am residing at rajahmundry in andhra pradesh since 1975. I want to open a recovery agent against the home loan provided by the bank, kindly help me.
  • K.V.SASI said on February 11, 2014
    sir , i would like to become a resolution agent. what i want to do. my mobile number is 9496211046. i am from kerala.
  • chandra Sekhar said on February 27, 2014
    Sir i want to be part of bank has recovery agent from hyderabad have 11 years of experience my no 9542709999
  • ATUL MUNJE said on May 31, 2014
    Sir, I have completed a IIBF Debet Recovery Agent 100hrs Training & Exam. I have a successfully Exam pass out. So I would like to Bank loan Recovery work, so plz give me a advice plz. Thanks !
  • ALAM S. said on December 1, 2014
    I have good record in recovery of NPA and write of a/c loans for varios Banks. I like to improve the recovery agency for recovery of bank loan/bills etc. I have a recovery agency with experience of over 7 years , and own office at central Kolkata. what is the scope and assistance you can provide us
  • Navneet solanki said on May 29, 2015
    I want to open a recovery agency of loans in sonipat, haryana. my cell no. 8199977747
  • Dnyaneshwar Deorao Pawar said on July 15, 2015
    I want bank recovery Agency for Hingoli city .state: Maharashtra . India. Mb.no 7507281003
  • Sandeep Sharma said on March 20, 2016
    We are already working in service Industry & dealing with Customer's on regular basis. Own Office & qualified staff all we have.We can run collection agency for any bank & will fulfill all required formalities too with ease.We can operate in Delhi/NCR & Haridwar/Dehradun too as we have branch offices there.
  • sebienterprises said on December 30, 2016
    I am interested agency. Send me all details
  • jagadish thatipamula said on June 12, 2018
    I am interested to become a loan agent. Send me all details
  • Vijay sharma said on August 22, 2018
    I want to become a all loans agent kindly help me
  • Vikas shrivastav advocate said on October 17, 2018
    I want loan dsa or agent

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