Finance Brokers Should Have A High Credit Score

A Finance broker is basically a financial conduit between you (the borrower) and the bank. Their primary job is to review your personal financial affairs, assemble a graphic depiction of your credit-worthiness, suggest the best loan option for you, and ultimately help you decide what sort of loan would be best suited for you. Their job does require a fair amount of networking skills. Have a look at Rarebreed Finance – finance broker Perth for more info on this. You want them to be able to obtain as many different loans as possible for your situation, and they need to be able to match up a variety of lenders with borrowers. It is their job to find the best loan for you, not to make sure that you choose the best option for your situation.

In order to become a finance broker, you will have to have a decent credit history. This will require that you maintain a healthy balance on your checking and savings accounts and have a steady stream of in-and-out payments. Many banks and lending institutions will do a credit check on prospective brokers as part of their pre-screening process, so it would certainly be in your best interest to improve your credit history prior to applying for an internship or placement with a particular bank or lender.

Once you have proven your ability to manage your finances appropriately, you will likely be invited to apply for an internship at a specific bank or lending institution. The bank will assign you an individual finance broker who will serve as your “on-site” representative. You will perform the functions of an actual broker, making appointments with potential lenders, communicating directly with them, handling correspondence from clients, arranging meetings or other interactions with individuals, etc. Your primary focus during your internship should be to familiarize yourself with the loan processing systems that your lender uses, as well as the various products and services that your bank offers its customers. A finance broker’s primary responsibility may also be to ensure that all customers meet their loan deadlines, follow their application procedures to the letter, provide client references, fill out lender application forms properly, submit appropriate documentation to support loan applications, respond to customer inquiries and requests for information, and follow up on the various agreements that they enter into.