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The differences between loan assistants and loan analysts can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a loan assistant, becoming a loan analyst takes usually requires 4-6 years. Additionally, a loan analyst has an average salary of $37,857, which is higher than the $36,962 average annual salary of a loan assistant.
The top three skills for a loan assistant include customer service, loan applications and mortgage loans. The most important skills for a loan analyst are loan documentation, customer service, and real estate.
| Loan Assistant | Loan Analyst | |
| Yearly salary | $36,962 | $37,857 |
| Hourly rate | $17.77 | $18.20 |
| Growth rate | -3% | 4% |
| Number of jobs | 8,923 | 24,756 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 66% |
| Average age | 42 | 45 |
| Years of experience | 4 | 6 |
Loan assistants act as support primarily to loan officers in preparing, reviewing, and verifying account documentation pertinent to loans. Also, ensuring the completeness of the loan files and that all collateral has been properly secured. In addition, loan assistants update collateral values on commercial and residential real estate loans as assigned by senior management. They stay within the guidelines established by bank policy and maintain the highest level of confidentiality with all information obtained.
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.
Loan assistants and loan analysts have different pay scales, as shown below.
| Loan Assistant | Loan Analyst | |
| Average salary | $36,962 | $37,857 |
| Salary range | Between $28,000 And $47,000 | Between $24,000 And $58,000 |
| Highest paying City | Olympia, WA | Raleigh, NC |
| Highest paying state | Washington | South Dakota |
| Best paying company | University of California, Berkeley | Barclays |
| Best paying industry | Finance | Finance |
There are a few differences between a loan assistant and a loan analyst in terms of educational background:
| Loan Assistant | Loan Analyst | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan assistants' and loan analysts' demographics:
| Loan Assistant | Loan Analyst | |
| Average age | 42 | 45 |
| Gender ratio | Male, 18.2% Female, 81.8% | Male, 43.2% Female, 56.8% |
| Race ratio | Black or African American, 12.2% Unknown, 4.3% Hispanic or Latino, 15.4% Asian, 7.4% White, 60.2% American Indian and Alaska Native, 0.4% | 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 | 7% | 8% |