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DEFINITION of 'Loan Officer' Loan Officer. Representatives of banks, credit unions and other financial institutions that find and assist borrowers in acquiring loans. Some specialized loan officers, called loan underwriters, analyze and assess the creditworthiness of potential borrowers to see if they qualify for a loan. Loan officers usually work on either consumer or mortgage loans. (Investopedia)

Taking out a loan to buy a car or a house is common. Businesses use loans for start-ups, expansion and a variety of other reasons. When individuals or businesses need a loan, they talk to a loan officer at a financial institution, such as a bank, credit union or lending company. Loan officers help people apply for loans by gathering the information that determines the probability that the loan will be paid back. To be a loan officer requires good financial judgment coming from education and training. (wikiHow)