This is definitely a sales job, which is great. However, you are selling loans with outrageous rates. Some customers could not get a loan anywhere else, but most can. You are basically selling the fact that and installment loan will get paid down faster than a revolving credit card, even at a higher interest rate. But this installment loan also puts a lien against an asset, which we know Suze Orman's opinion on that. And honestly, the only reason we show the customer that an installment loan can get paid down faster is because we assume they will lower their payments on their credit cards as the minimum payments are lowered.
I also want to note, when I took this position, I was told we were helping people, and that the average credit manager earned around $1500 in commissions per month. You don't actually help many people in the respect of financial advising, but you help a slim few. Basically, by helping you are only meeting one of a few possible criteria, but this doesn't mean you are actually mathematically helping them. And as for pay, I was promised the commission numbers prior to the introduction of the FHA loan. Prior to that, the top credit managers would earn on average a few hundred per month. Many did not earn an commission at all. The FHA closings will help for a while, but with the climbing rates, it will get harder to sell the FHA now. I also had a few customers back out of FHA because of the fees.
