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The differences between credit analysts and loan analysts 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 analyst, becoming a loan analyst takes usually requires 4-6 years. Additionally, a credit analyst has an average salary of $61,422, which is higher than the $37,857 average annual salary of a loan analyst.
The top three skills for a credit analyst include customer service, credit analysis and customer accounts. The most important skills for a loan analyst are loan documentation, customer service, and real estate.
| Credit Analyst | Loan Analyst | |
| Yearly salary | $61,422 | $37,857 |
| Hourly rate | $29.53 | $18.20 |
| Growth rate | -5% | 4% |
| Number of jobs | 16,406 | 24,756 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 65% | Bachelor's Degree, 66% |
| Average age | 39 | 45 |
| Years of experience | 2 | 6 |
A credit analyst's role is to assess and determine a client's capacity to uphold financial obligations when applying for loans or credit programs. Working for creditors like banks and lending firms, a credit analyst must interpret and analyze financial data and personal records, identify inconsistencies and risks, and verify necessary documentation in support of loan committees. Furthermore, a credit analyst must also perform administrative tasks such as preparing reports and applications, fulfilling document requests, reaching out to clients, and coordinating with colleagues to assure accuracy in all operations.
A loan analyst is responsible for determining the eligibility of loan applicants in purchasing loan services by analyzing their application documents, account statements, and financial and credit status. Loan analysts evaluate loan agreements and payment plans and explain feasibility to the customers and loan officers before granting the loan. They also provide loan options and alternatives to the clients according to their needs and risk limitations. A loan analyst must have excellent knowledge of the loan and financial industry, especially in handling credit policies and loan processes and ensuring timely submission of reports.
Credit analysts and loan analysts have different pay scales, as shown below.
| Credit Analyst | Loan Analyst | |
| Average salary | $61,422 | $37,857 |
| Salary range | Between $40,000 And $93,000 | Between $24,000 And $58,000 |
| Highest paying City | New York, NY | Raleigh, NC |
| Highest paying state | New York | South Dakota |
| Best paying company | Apollo Global Management | Barclays |
| Best paying industry | Finance | Finance |
There are a few differences between a credit analyst and a loan analyst in terms of educational background:
| Credit Analyst | Loan Analyst | |
| Most common degree | Bachelor's Degree, 65% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between credit analysts' and loan analysts' demographics:
| Credit Analyst | Loan Analyst | |
| Average age | 39 | 45 |
| Gender ratio | Male, 44.2% Female, 55.8% | Male, 43.2% Female, 56.8% |
| Race ratio | Black or African American, 7.7% Unknown, 2.6% Hispanic or Latino, 9.5% Asian, 10.5% White, 69.4% American Indian and Alaska Native, 0.3% | Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.4% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 11% | 8% |