Commercial, also called business, loans help companies pay for new equipment or expand their business. Mortgage loans are used to buy real estate or to refinance a property. Consumer loans include automobile and personal loans. Loan counselors meet with people who need a loan but do not qualify for loans with banks. These people may have bad credit or a low income.
Many clients have little or no experience with financial matters.
Counselors psychologically prepare their clients to be homeowners and pay their debts. Counselors also help provide the financial tools needed to qualify for a loan. They explain to customers what information the loan officers will need. Most of the time loan counselors help clients qualify for a bank-financed mortgage loan. Counselors help clients fill out applications.