Consumer financing professionals can find job opportunities when they come to consumer finance companies with the right credentials. While entry-level personal finance jobs are readily available, the better paying jobs servicing unsecured consumer loans require knowledge that only comes from training and experience. To pursue a career in private personal loans, you should accumulate as many certificates and degrees as you can. Jobs with no-collateral loans firms will continue to flourish for those who bring a multitude of skills to the job.

Look for direct consumer loan training programs through online training sites and through contacts and connections you can make in the industry. Use all the tools available to find the best consumer finance careers. There are a number of avenues you should pursue as you continually upgrade your training for consumer loans.

1. Peruse online training for consumer finance companies

2. Find training in personal loan trade groups

3. Gather certificates for providing private personal loans

Action Steps
The best contacts and resources to help you get it done

Watch for consumer financing training online

Take the time to regularly watch the banking and financial company job boards, as you look for opportunities online to advance your career. You'll find a number of online training programs that will be most helpful in your search for employment. Check out the requirements and look for training to make you more suitable for the position you seek.

I recommend: Go to the Bankers Academy for in-depth training to provide consumer loans. BAI Learning & Development has a variety of courses you can take for consumer lending skills and certifications.

Look for consumer loan professional development through associations

While you are pursuing a career in the consumer finance industry you should also be accruing a list of connections that will help you throughout your career. Trade associations are great places to get involved with more senior level professionals and make those important contacts. At the same time, most associations offer a wide variety of professional development courses that will look good on your resume.

I recommend: There are a number of good courses you can take through the Credit Union National Association. Get diplomas in consumer lending from the American Bankers Association.

Enroll with a specialty school for consumer lending

Armed with a variety of special certificates and training, you will open up the options available to you in the consumer finance field. Try different areas before landing on the position that works best for you. Continue to pursue your education to get better paying jobs and add to the experience that will make you a better candidate for other career moves.

I recommend: Contact N&S for in-house consumer lending training for your employees. Equifax offers a number of training solutions for utilizing the latest consumer lending technology products.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Talk to your current employer about paying for consumer financing training. Most employers will pay some towards your education if you are willing to work with the company for a certain length of time.

Consumer loans can be used to finance the upgrading or replacement of your office equipment. If you have few company or personal assets to offer as collateral, then consumer financing that offers no collateral loans are going to be your best option. No collateral loans, also referred to as unsecured consumer loans, are private personal loans that base qualifications on your credit history instead of on your net worth.

When applying for consumer financing for your small business equipment purchases you will need to evaluate whether you want to apply for consumer loans using your business or personal credit. In order to qualify for unsecured consumer loans based on your business credit you will have to have an established business, excellent credit and a credit file listed with a reputable business credit rating company like D&B. If you don’t qualify for a business consumer loan, then you will need to apply for private personal loans. To qualify for a personal loan you will need an acceptable FICO score.

Using consumer finance options to purchase small business equipment:

1. Determine how much money you need.
2. Find a consumer lending company to work with.
3. Apply for a loan.

Action Steps
The best contacts and resources to help you get it done

Request your credit reports

To gauge your chances for obtaining approval from consumer lending companies you will need to evaluate your credit rating. To do this you will need to request your credit reports from the top three credit reporting agencies: TransUnion, Experian and Equifax. You will also want to request your FICO score. Each of these companies scores its credit reports differently so you will need to average your three FICO scores to determine you 'actual' FICO score.

I recommend: Equifax, TransUnion and Experian all offer credit reports and FICO scores.

Determine how much money you need to borrow

Before you can apply for a consumer loan, you will need to know how much money to ask for. Lenders are going to look more favorably on applicants that have done their research and who have identified valuable deals on small business equipment.

I recommend: Office supply companies like Quill offer large order discounts and have a very liberal return policy. They carry office equipment like calculators, printers, fax machines and 3-in-one machines, as well as phone systems, headsets and other communication equipment. If you are interested in computers then you will find the best deals by visiting websites like Dell and Newegg. When comparing prices try to look for similar computer components. For reconditioned equipment consider sites like Overstock.com.

Select a lender, request quotes and fill out loan applications

Lenders now have their own websites where you can find all the information you need to understand your loan options, to request a loan quote and to access online applications.

I recommend: Bank of America offers both personal private loans and business loans. Citi Financial also offers consumer loans.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Interest rates are not set in stone. They can, and should, be negotiated.
• •  Sometimes a business credit card will give you a better interest rate than a consumer loan. If you have a 0% APR credit card offer then you can eliminate your interest expense for between 6 months and 18 months.

Consumer financing is a changing landscape of which you need to stay on top of to remain competitive. No-collateral loans, fluctuating consumer loan rates and private personal loans are intricately involved in the global marketplace that is in constant flux. Whether you are a lender or a commercial banking services executive, you need to keep a close watch on both the regulatory changes, fluctuating interest rates and viability of certain markets. Good information about unsecured consumer loans and the consumer lending landscape is vital to your business success.

Be ready to take advantage of opportunities in the direct consumer loan markets when they arise. By reading industry newsletters and online publications, as well as blogs and other industry communications, you can stay on the alert for information about consumer loan rates. Protect your company in a number of ways by keeping up with consumer loans news and trends.

1. Participate in consumer lending blogs and newsfeeds

2. Read about consumer financing information in industry publications

3. Follow private personal loans info though trade associations

Action Steps
The best contacts and resources to help you get it done

Get the latest in consumer loan news

With consumer lending at the heart of the American economy, there's plenty of breaking news available about the consumer loan market.

I recommend: Watch the general market for private personal loans with Bankrate.com, while MortgageNewsDaily.com covers consumer home financing and Automotive News consumer financing for cars.

Subscribe to consumer loan publications

At the trade groups in which you participate, you should take responsibility for educating yourself and keeping up with the industry. By reading the industry publications, you can stay on top of the emerging trends affecting the banking industry.

I recommend: The Comptroller of the Currency Administrator of National Banks (OCC) puts out breaking news briefs through its government website that are very important to consumer lenders. The Center for Responsible Lending keeps professionals informed of important news as it affects the industry.

Keep the lines of information open with consumer lending companies

Stay tuned in to the latest news and trends that you'll find on consumer financing websites. Spend time talking with your peers at trade shows and conferences to add to your sources of news and trends.

I recommend: Payments News watches the information globally that affects your business and that of your clients. Discover recent news and related informational articles about consumer lending at Inside ARM.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Encourage your staff to subscribe to a consumer loan publication and to share the information they gather with the entire staff.

Consumer loans are sometimes necessary in order to make larger purchases, such as a house or car. Consumers can also use loans to pay for slightly smaller purchases, such as home improvements, or they may want to take out a debt consolidation loan. When taking out a loan, you should be sure to understand the terms that lenders use when talking about a loan. For example, there is a big difference in secured and unsecured loans, and the APR that you get on your loan will affect the total payment.

Action Steps
The best contacts and resources to help you get it done

Unsecured and secured loans

Secured loans require some type of collateral to back the loan, such as a house or a car. If you default on the loan, the bank can repossess this collateral in order to recoup their costs. An unsecured loan does not have anything that's backing it, so it usually comes with a higher interest rate.

I recommend: At Dollar Bank, you can learn about secured and unsecured loans and decide which is best for you.

Annual percentage rate (APR)

The annual percentage rate, or APR, is the rate of interest you pay on a loan over the course of a year. A higher interest rate means that you will pay more on the loan overall.

I recommend: Consolidated Credit Counseling Services offers information on how to understand APR.

Peer-to-peer lending

In peer-to-peer lending, you receive funds from individual investors rather than a bank or lending institution. Interest rates are often lower, but you sometimes need to have a good credit rating and a good story for why you want the money in order to find lenders that are interested in you.

I recommend: Learn about peer-to-peer lending through Lending Club, a company that facilitates the process.

Payday and personal loans

Payday loans are very short-term loans that come with high fees. A payday loan typically must be repaid by the next payday and are for a small amount of money, around $200. You can get a personal loan through the bank. It can have a repayment term from around three to five years.

I recommend: Check 'N Go talks about the difference between payday and personal loans.

Home equity loan and home equity line of credit

In both a home equity loan (HEL) and a home equity line of credit (HELOC), you are borrowing money against the equity in your home, usually up to 75 percent of the equity. If you get a home equity loan, you will receive the full amount up front and will pay back interest on the full amount. If you get a HELOC, you only have to borrow money when you need it, up to the predetermined amount. Interest paid is only on the borrowed amount.

I recommend: You can learn more about a home equity loan and a HELOC on LendingTree.

Debt consolidation

Debt consolidation is taking out one large loan in order to pay off all of your smaller debts. This is often convenient because it creates one monthly payment and you are often able to reduce the interest rate, spending less overall.

I recommend: Bills.com discusses debt consolidation.