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The differences between lenders and loan consultants 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 consultant. Additionally, a loan consultant has an average salary of $38,876, 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 consultant are loan applications, origination, and customer service.
| Lender | Loan Consultant | |
| Yearly salary | $37,723 | $38,876 |
| Hourly rate | $18.14 | $18.69 |
| Growth rate | 4% | 4% |
| Number of jobs | 6,465 | 23,448 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 62% |
| 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 Consultant specializes in assessing loan applications to ensure potential clients uphold their financial obligations. Their responsibilities include conducting interviews with applicants, reviewing and verifying documentation, and evaluating financial credit and other records. They may also answer inquiries, advise potential clients on which program suits them the best, and help them understand every procedure. Moreover, there are also instances when they must handle delinquent accounts, reach out to clients, and negotiate payment terms when necessary.
Lenders and loan consultants have different pay scales, as shown below.
| Lender | Loan Consultant | |
| Average salary | $37,723 | $38,876 |
| Salary range | Between $25,000 And $55,000 | Between $27,000 And $54,000 |
| Highest paying City | Seattle, WA | Sioux Falls, SD |
| Highest paying state | South Dakota | South Dakota |
| Best paying company | Citi | Accion |
| Best paying industry | Finance | Finance |
There are a few differences between a lender and a loan consultant in terms of educational background:
| Lender | Loan Consultant | |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 62% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between lenders' and loan consultants' demographics:
| Lender | Loan Consultant | |
| Average age | 45 | 45 |
| Gender ratio | Male, 49.2% Female, 50.8% | Male, 57.2% Female, 42.8% |
| 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, 16.0% Asian, 6.4% White, 63.3% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |