Loan Collection Officer

CareerBuddy

Lagos, Lagos State
Permanent
Full-time

1 month ago

Job Description:Welcome to an exciting opportunity to join the team of a client as a Loan Collection Officer! They pride themselves on delivering loan service and support to their customers.About our client...Our client is a reputable financial institution dedicated to providing accessible and responsible lending solutions to their customers. They prioritize integrity, professionalism, and customer satisfaction in all aspects of operations. Join in their commitment to financial wellness and responsible lending practices.Role Overview:As a Loan Collection Officer, you will be responsible for contacting borrowers to collect overdue loan payments and negotiate repayment arrangements. Your role is critical in minimizing delinquency rates, mitigating credit risk, and preserving the financial health of their organization. Additionally, you will strive to understand borrowers' financial circumstances and provide compassionate support and guidance throughout the collections process.Key Responsibilities...

Contact Responsibility: You will contact borrowers via phone, email, or mail to discuss overdue loan payments and negotiate repayment plans.
Account Responsibility: You will review delinquent accounts and prioritize collection efforts based on severity and risk.
Education Responsibility: You will educate borrowers on their financial obligations, repayment options, and consequences of non-payment.
Support Responsibility: You will listen to borrowers' concerns and circumstances with empathy and professionalism, offering assistance and support as needed.
Documentation Responsibility: You will document all collection activities, including conversations, agreements, and payment arrangements, accurately and thoroughly in the system.
Adherence Responsibility: You will follow-up with borrowers to ensure adherence to agreed-upon payment schedules and resolve any issues or concerns that arise.
Risk Responsibility: You will analyze borrower payment patterns and behaviors to identify early signs of delinquency and proactively address potential risks.
Collaboration Responsibility: You will collaborate with internal teams, including credit underwriting and legal, to escalate complex cases and explore alternative resolution strategies.
Industry Responsibility: You will stay updated on relevant laws, regulations, and industry best practices related to debt collection and consumer rights.
Professional Responsibility: You will maintain confidentiality and professionalism in handling sensitive borrower information and financial data.

What you should have done in your career..1.Bachelor’s degree in a relevant degree, additional education or training in finance or related field is a plus.2. 1-10 years of experience in collections, debt recovery, or related financial services roles.3. Strong negotiation and communication skills, with the ability to effectively engage and interact with borrowers.4. Knowledge of lending practices, credit risk assessment, and debt collection laws and regulations.5. Proficiency in using collection software, CRM systems, and other relevant tools.6. Excellent organizational and time management skills, with the ability to prioritize tasks and meet deadlines.7. Empathy, patience, and resilience when dealing with challenging or sensitive situations.8. Ability to work independently and as part of a team in a fast-paced environment.Benefits:- Competitive salary or hourly wage- Performance-based incentives and bonuses- Health insurance coverage- Paid time off and holiday pay- Ongoing training and professional development opportunities- Supportive team environmentImportance of the Role:As a Loan Collection Officer,, you will play a crucial role in safeguarding the financial health of their organization by effectively managing loan delinquencies and mitigating credit risk. Your dedication to ethical and compassionate debt collection practices will contribute to their reputation as a responsible lender and trusted financial partner.Challenges:- Managing and negotiating with borrowers facing financial hardship or other challenges.- Adhering to regulatory requirements and industry best practices while pursuing debt collection activities.- Balancing the need to collect overdue payments with maintaining positive customer relationships and protecting the company's reputation.Join them in supporting financial wellness and responsible lending practices! Apply now to become a valued member of their loan collections team.

CareerBuddy

Apply Now