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The differences between lenders and bankers can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a lender, becoming a banker takes usually requires 2-4 years. Additionally, a banker has an average salary of $44,463, which is higher than the $37,723 average annual salary of a lender.
The top three skills for a lender include customer service, loan applications and business development. The most important skills for a banker are taking care, financial services, and securities.
| Lender | Banker | |
| Yearly salary | $37,723 | $44,463 |
| Hourly rate | $18.14 | $21.38 |
| Growth rate | 4% | 10% |
| Number of jobs | 6,465 | 29,725 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 56% |
| Average age | 45 | 43 |
| Years of experience | 6 | 4 |
A Lender is a financial institution, an individual, or a private or public group that provides loans to a business or an individual. As a lender, you will evaluate a borrower's creditworthiness by assessing loan applications. You will be responsible for determining an applicant's financial eligibility and all applicable metrics and ratios. Other duties might include setting up plans for debt payment, counseling clients on restrictions and policies, and maintaining and updating account records. Also, you will need to update your knowledge on the different loan types and financial services.
A banker is primarily responsible for assisting clients with their banking needs, particularly when withdrawing, depositing, and paying. Aside from handling transactions, bankers are also mainly responsible for opening and closing accounts, processing requirements, verifying the validity of documentation, recommending services and other financial options to clients, and resolving inquiries and concerns. A banker may answer calls and correspondence, coordinate with other banking personnel, maintain accurate data, and discuss conditions to clients thoroughly. Furthermore, because a banker mainly works with clients, it is essential to attain customer satisfaction.
Lenders and bankers have different pay scales, as shown below.
| Lender | Banker | |
| Average salary | $37,723 | $44,463 |
| Salary range | Between $25,000 And $55,000 | Between $20,000 And $97,000 |
| Highest paying City | Seattle, WA | New York, NY |
| Highest paying state | South Dakota | New York |
| Best paying company | Citi | Citi |
| Best paying industry | Finance | Finance |
There are a few differences between a lender and a banker in terms of educational background:
| Lender | Banker | |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 56% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between lenders' and bankers' demographics:
| Lender | Banker | |
| Average age | 45 | 43 |
| Gender ratio | Male, 49.2% Female, 50.8% | Male, 46.3% Female, 53.7% |
| Race ratio | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 16.3% Asian, 6.3% White, 62.9% American Indian and Alaska Native, 0.5% | Black or African American, 5.5% Unknown, 4.1% Hispanic or Latino, 11.4% Asian, 12.3% White, 66.5% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 8% | 6% |