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The differences between lenders and credit directors 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 credit director takes usually requires 6-8 years. Additionally, a credit director has an average salary of $129,845, 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 credit director are credit policy, oversight, and credit card.
| Lender | Credit Director | |
| Yearly salary | $37,723 | $129,845 |
| Hourly rate | $18.14 | $62.43 |
| Growth rate | 4% | 17% |
| Number of jobs | 6,465 | 10,813 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 72% |
| Average age | 45 | 46 |
| Years of experience | 6 | 8 |
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 credit director oversees an organization's credit-granting activities, ensuring operations adhere to credit policies and standards. Their responsibilities include making decisions in adherence with the company's short- and long-term goals, setting priorities, establishing timelines, conducting regular reviews and assessments, negotiating with external parties, and coordinating managers and supervisors. They may also manage employees to achieve these goals.
Lenders and credit directors have different pay scales, as shown below.
| Lender | Credit Director | |
| Average salary | $37,723 | $129,845 |
| Salary range | Between $25,000 And $55,000 | Between $76,000 And $220,000 |
| Highest paying City | Seattle, WA | San Francisco, CA |
| Highest paying state | South Dakota | Alaska |
| Best paying company | Citi | Aspiration |
| Best paying industry | Finance | Finance |
There are a few differences between a lender and a credit director in terms of educational background:
| Lender | Credit Director | |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 72% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between lenders' and credit directors' demographics:
| Lender | Credit Director | |
| Average age | 45 | 46 |
| Gender ratio | Male, 49.2% Female, 50.8% | Male, 72.7% Female, 27.3% |
| 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, 7.9% Unknown, 4.1% Hispanic or Latino, 15.3% Asian, 8.3% White, 64.0% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 8% | 11% |