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The differences between credit administrators and loan administrators can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 1-2 years to become a credit administrator, becoming a loan administrator takes usually requires 4-6 years. Additionally, a credit administrator has an average salary of $59,271, which is higher than the $42,859 average annual salary of a loan administrator.
The top three skills for a credit administrator include financial statements, credit card payments and real estate. The most important skills for a loan administrator are customer service, data entry, and loan administration.
| Credit Administrator | Loan Administrator | |
| Yearly salary | $59,271 | $42,859 |
| Hourly rate | $28.50 | $20.61 |
| Growth rate | -8% | 4% |
| Number of jobs | 55,726 | 63,708 |
| Job satisfaction | 2 | - |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 58% |
| Average age | 39 | 45 |
| Years of experience | 2 | 6 |
A credit administrator oversees the credit operations in a company, ensuring efficiency and client satisfaction. They typically conduct research and analysis, handle credit portfolios, perform credit risk assessments, monitor credit accounts, validate requirements, evaluate applications, and develop strategies to optimize operations. A credit administrator may also perform a variety of clerical tasks such as preparing and processing documents, answering calls and correspondence, organizing information, and maintaining records. Moreover, they must lead and encourage staff to reach goals, all while enforcing and promoting the company's policies and regulations.
A Loan Administrator is a person that takes care of all the documentation part of the loan process. Loans require a lot of documents and requirements, and a loan administrator is a person that helps the client accomplish all these requirements. It is also their job to help clients resolve issues and problems during the loan process. A Loan Administrator is a crucial and hectic job. The one qualified for this position must be good at handling pressure, be good at resolving issues, handle complaints, and communicate with people.
Credit administrators and loan administrators have different pay scales, as shown below.
| Credit Administrator | Loan Administrator | |
| Average salary | $59,271 | $42,859 |
| Salary range | Between $33,000 And $106,000 | Between $31,000 And $59,000 |
| Highest paying City | New York, NY | Seattle, WA |
| Highest paying state | New York | Hawaii |
| Best paying company | BNY Mellon | BNY Mellon |
| Best paying industry | - | Finance |
There are a few differences between a credit administrator and a loan administrator in terms of educational background:
| Credit Administrator | Loan Administrator | |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 58% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between credit administrators' and loan administrators' demographics:
| Credit Administrator | Loan Administrator | |
| Average age | 39 | 45 |
| Gender ratio | Male, 28.4% Female, 71.6% | Male, 23.2% Female, 76.8% |
| Race ratio | Black or African American, 8.1% Unknown, 2.7% Hispanic or Latino, 10.0% Asian, 9.4% White, 69.5% American Indian and Alaska Native, 0.3% | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 16.2% Asian, 6.4% White, 63.0% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 11% | 8% |