A Loan Recovery Officer plays a critical role in financial institutions, tasked with ensuring the recovery of outstanding loans.
Here are the main responsibilities of a loan recovery officer:
Contact borrowers via phone or message to remind them of their outstanding payments.
Negotiate payment plans or settlement options to help customers repay their debts.
Develop and implement effective loan recovery strategies tailored to each borrower’s situation.
Maintain detailed records of all communications and recovery efforts.
Prepare regular reports on the status of overdue accounts, recovery efforts, and achieved targets.
Maintain professional relationships with borrowers to encourage timely repayments while balancing the institution's interests.
Provide guidance to junior staff involved in the recovery process.