Pros
You start with two weeks vacation and five sick days.
Cons
When doing the interview the branch manager and the district manager paint a pretty picture of how much money you can make in bonuses and how easy the job is. You soon fine out it is a lie. They fail to mention that more then 75 percent of your bonus can be deducted, and in most cases a portion will. Most of the customers are really nasty, and you can often find yourself in a hostile environment. Your bonuses are partially based on your ability to handle the branch delinquency as a whole. The company is know for handing out high risk loans to customers with bad credit, meaning they're likely not to pay. This leads to an very stressful end of the month where everyone is trying to get delinquency under control. Your bonuses could be deducted by up to 75 percent based on branch delinquency. The sales goals are ridiculous and everyone in your district has the same sale goal regardless of branch application volume. You are at the mercy of what branch your located in, how many other loan officer are in your branch that you have to share incoming loan applications with, and marketing. Many times nearing the second half of the month marketing would cut back making it impossible to hit your sales goal. Also you are required to hit a unit target, if you can't your bonues will also be deducted on top of the deduction from the branch delinquency. For example, your unit target is 30 for the month of June, that means you have to close 30 loans before the end of the month. If there are 5 loan officers in total in your branch and only 4 applications come in a day, your fighting with your co-workers for who gets an application. Keep in mind not every application that comes in qualifies, and will not count towards your sale goal. Many times I was in a situation where a bunch of application came in and not 1 would qualified based on customer income, ability to provide collateral etc. This leads to a very stressful and hostile work environment You are also required to make collection calls. Customer are usually approve for interest rates between 27 an 30%. Often I have found myself on the phone with an upset customer in regards to the loan terms they signed for. Some customer are willing to lie and try to get you fire if it means they can save a dollar or skip a months payment. The company usually does not back you in these situation leaving you on your own to try to collect the money while simultaneously hoping that the customer does not lie when they send up a complaint. When it comes to company work life balance the company is awful. The hours are 8:30 to 5:30 but you might be working until 7 on Tuesday and/or Thursday based on what branch your in. Also depending where the branch delinquency is you might be expected to work Saturday mornings making collection calls. They only provide 5 paid holidays. You will find yourself getting home just to wake up and come back to work the next day. There is really no room for advancement. If your a loan officer, the only promotion that is available to you is that of branch manager. Branch manager get paid salary and work long hours. The managers in my district would often be force to come in at 8 and leave pass 7, mostly because of branch delinquency. Several of my coworkers have turn down the promotion due to this one of many factors. While working there, no one in my branch liked it there. Most employees hate working there, but will not voice there disdain for the company past there branch manager. Sometimes it feel like the company is working against you to get out of paying bonuses to their employees.
