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The differences between lenders and loan analysts can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a lender and a loan analyst. Additionally, a loan analyst has an average salary of $37,857, 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 loan analyst are loan documentation, customer service, and real estate.
| Lender | Loan Analyst | |
| Yearly salary | $37,723 | $37,857 |
| Hourly rate | $18.14 | $18.20 |
| Growth rate | 4% | 4% |
| Number of jobs | 6,465 | 24,756 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 66% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
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 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.
Lenders and loan analysts have different pay scales, as shown below.
| Lender | Loan Analyst | |
| Average salary | $37,723 | $37,857 |
| Salary range | Between $25,000 And $55,000 | Between $24,000 And $58,000 |
| Highest paying City | Seattle, WA | Raleigh, NC |
| Highest paying state | South Dakota | South Dakota |
| Best paying company | Citi | Barclays |
| Best paying industry | Finance | Finance |
There are a few differences between a lender and a loan analyst in terms of educational background:
| Lender | Loan Analyst | |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between lenders' and loan analysts' demographics:
| Lender | Loan Analyst | |
| Average age | 45 | 45 |
| Gender ratio | Male, 49.2% Female, 50.8% | Male, 43.2% Female, 56.8% |
| 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, 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 | 8% | 8% |