Credit and Collections Specialist

Bank On Loop; Toronto; On-site; CAD 60,000 - 70,000; Full time

Job summary

Join a growing FinTech startup as a Credit and Collections Specialist in downtown Toronto. You will oversee credit underwriting and collections while implementing process improvements in a dynamic, customer-facing role. The position promises opportunities for professional growth and competitive compensation in a collaborative environment.

Benefits

Competitive salary and commission structure

Potential for equity

Health benefits after probation period

Snacks and drinks provided

Catered lunch on Mondays

Qualifications

• 2+ years experience in collections, credit or a related field.
• Fluency in English, conversational French preferred.
• Excellent attention-to-detail and organizational skills.

Responsibilities

• Underwriting credit and managing collections.
• Communicating with borrowers regarding payments.
• Conducting active credit monitoring and risk management.

Skills

Attention to detail

Excellent communication

Problem-solving

Customer service

Organizational skills

Tools

Salesforce CRM

Microsoft Office

Google Suite

Job description

Loop is a fast-growing FinTech high growth startup that enables businesses to seamlessly manage money around the world so our clients can access more markets, accelerate their growth and simplify their operations with the only truly cross-border banking platform. Loop is enabling the next generation of businesses to thrive around the world and we are looking for ambitious people to join our mission.

About the role

Hi, I'm Hillary , Risk Lead, at Loop and I am hiring a Credit and Collections Specialist to oversee Loop’s credit underwriting and collections.

This role is an onsite position at our downtown Toronto office (Adelaide and Spadina).

Here's the TL;DR on Loop

Loop is a fast-growing FinTech high growth startup that enables businesses to seamlessly manage money around the world so our clients can access more markets, accelerate their growth and simplify their operations with the only truly cross-border banking platform. Loop is enabling the next generation of businesses to thrive around the world and we are looking for ambitious people to join our mission.

Where You Come In

The role requires an individual with high attention-to-detail, excellent communication skills, persistence, who is a proactive problem-solver who works well independently. This is a great opportunity for an individual looking to contribute to a growing organization, build on their credit and collections experience in a client-facing role, and who has a passion for small business and technology.

As a Credit and Collections Specialist at Loop, you will be responsible for underwriting credit and working to maximize our rate of return through best in class underwriting and through a rate of recovery on any delinquent and defaulted loans. This is a dynamic, fast-paced role where you’ll be chatting with customers about past-due payments and digging into customer profiles to assess creditworthiness and help us make smart, informed decisions. In addition to completing day-to-day tasks, you will play an important role in creating and implementing scalable standards and processes related to loan collections.

This position is initially being offered as a 12-month maternity cover. However, due to the rapid growth of the company and the increasing importance of this role, we anticipate a need for a permanent team member by the end of that period. As such, this is a unique opportunity to join a growing team with long-term potential. The successful candidate will also have the benefit of working alongside the current role-holder during the handover period, ensuring a smooth transition and strong foundation for success.

What You'll Be Doing

• Credit
• Credit Underwriting including due diligence with clients and related parties for Loop's Credit Card and other Capital products
• Managing security agreements and coordinating with clients, lenders, and vendor partners
• Registering liens/security interests while maintaining perfect accuracy
• Conducting active credit monitoring and implementing risk management procedures for Loop's credit portfolio
• Communicating with borrowers by phone and email to action on required remediation which may include document collection, line resizing and collection of outstanding payments
• Composing formal correspondence with borrowers, including document requests, and more
• Collections
• Execute the collection of financial loans from customers
• Conduct collections calls for all past due accounts while providing excellent customer service
• Contact past-due customers, request payment, and negotiate appropriate payment arrangements
• Communicate with customers by phone and email, in both English and French
• Send correspondence to delinquent customers including demand letters
• Document call activity details in our Collections system to reflect action taken
• Update customer account information with pertinent information such as commitments to pay, amounts and dates owing, and call notes
• Apply tact, diplomacy and resourcefulness in order to handle objections and excuses and effectively control unique situations
• Help develop collections department process improvements and targets in line with company goals
• Develop, maintain and submit reports for review for the purpose of reporting to members of Loop’s management team regarding the status of delinquent loans
• Work with internal and outside legal counsel and collection agencies to collect from delinquent borrowers
• Compose updates to members of our lender community regarding delinquent loan payments
• Identify trends in the reasons contributing to customer delinquency and provide blueprint to mitigate future defaults
• Identify and lead process improvement initiatives to streamline credit and collections workflows and enhance overall operational efficiency

Desired Qualities, Skills, and Experience

• 2+ years experience in collections, credit or a related field
• Fluency in English
• Conversational French is highly preferred
• Proficiency in Google Suite, Microsoft Office (Word, Excel, PowerPoint), Gsuite, Salesforce CRM or similar software tools
• Desire and ability to work independently in a fast-paced environment
• Excellent customer service, written and oral communication skills
• Excellent attention-to-detail, organizational and time management skills
• Ability to follow procedures and guidelines as required

What's in it for you?

• Opportunity to be part of a high-growth FinTech startup.
• Make a real impact on the business.
• Competitive salary, opportunity to develop a commission structure, and potential for equity.
• Chance to work in an energetic, fast-paced, and collaborative startup culture.
• Being in the office five days a week means you’ll drive real-time change and collaborate directly with passionate teammates to make things happen faster.
• Salary range CAD$60,000-$70,000 annual, commensurate with experience
• Equity ranging 0.01-0.05%
• Enrollment in group's health benefits after probation period
• This role is onsite in our downtown Toronto office
• Kitchen full of snacks and drinks to keep you going throughout the day
• Catered lunch on Mondays (we take recommendations!)

Interview Process

• 30 minutes video call to discuss the opportunity and the organization with Hillary, Risk Lead
• 60 minutes video meeting with Mark, Head of Capital Markets, and Nik, Head of Strategic Projects
• Take home exercise to present to the team
• 60 minutes in person presentation with Sarah, Chief of Staff and Cato, CEO
• Background check and offer

How to Apply

To apply for this position, please click apply and submit along with your resume and a brief paragraph on your experience of having difficult conversations with customers, especially around debt collection. Please also share with us your favourite song - we'll add it to our playlist!

Loop is committed to creating a diverse culture. We encourage you to apply regardless of who you are or where you came from - what matters is the journey ahead. Put simply, if you’re unsure about your qualifications for this position, we’d still encourage you to apply!