Alabama Department of Labor

Labor Market Information Division
SOC: 13-2071 Loan Counselors
Provide guidance to prospective loan applicants who have problems qualifying for traditional loans. Guidance may include determining the best type of loan and explaining loan requirements or restrictions.
Education: Most of these occupations require a four-year bachelor's degree, but some do not.
OJT: Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
Tasks: Assess clients' overall financial situation by reviewing income, assets, debts, expenses, credit reports, or other financial information. Create debt management plans, spending plans, or budgets to assist clients to meet financial goals. Calculate clients' available monthly income to meet debt obligations. Prioritize client debt repayment to avoid dire consequences, such as bankruptcy or foreclosure or to reduce overall costs, such as by paying high-interest or short-term loans first. Recommend strategies for clients to meet their financial goals, such as borrowing money through loans or loan programs, declaring bankruptcy, making budget adjustments, or enrolling in debt management plans. Interview clients by telephone or in person to gather financial information. Explain general financial topics to clients, such as credit report ratings, bankruptcy laws, consumer protection laws, wage attachments, or collection actions. Advise clients on housing matters, such as housing rental, homeownership, mortgage delinquency, or foreclosure prevention. Prepare written documents to establish contracts with or communicate financial recommendations to clients. Explain services or policies to clients, such as debt management program rules, the advantages and disadvantages of using services, or creditor concession policies. Maintain or update records of client account activity, including financial transactions, counseling session notes, correspondence, document images, or client inquiries. Advise clients or respond to inquiries about financial matters in person or via phone, email, Web site, or Internet chat.
License: License not required.
Outlook: Satisfactory
Alabama Employment Outlook
Alabama Wage Data
Hourly Wage   Annual Wage
Entry $16.64   Entry $34,595.00
Mean $25.88   Mean $53,813.00
Experience $30.50 Experience $63,422.00

The data is based on the May 2017 Occupation Employment Survey employment and wage estimate file. The wages have been aged using the most current ECI factors reflecting wages as of June 2018.

Alabama Projections
Estimated Employment 2016Projected Employment 2026Annual Average OpeningsAnnual Growth Rate
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No postsecondary schools reported programs.
Occupational Videos
13-2071.00 Credit Counselors