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The differences between loan assistants and loan consultants 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 consultant takes usually requires 4-6 years. Additionally, a loan consultant has an average salary of $38,876, 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 consultant are loan applications, origination, and customer service.
| Loan Assistant | Loan Consultant | |
| Yearly salary | $36,962 | $38,876 |
| Hourly rate | $17.77 | $18.69 |
| Growth rate | -3% | 4% |
| Number of jobs | 8,923 | 23,448 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 62% |
| 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 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.
Loan assistants and loan consultants have different pay scales, as shown below.
| Loan Assistant | Loan Consultant | |
| Average salary | $36,962 | $38,876 |
| Salary range | Between $28,000 And $47,000 | Between $27,000 And $54,000 |
| Highest paying City | Olympia, WA | Sioux Falls, SD |
| Highest paying state | Washington | South Dakota |
| Best paying company | University of California, Berkeley | Accion |
| Best paying industry | Finance | Finance |
There are a few differences between a loan assistant and a loan consultant in terms of educational background:
| Loan Assistant | Loan Consultant | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 62% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan assistants' and loan consultants' demographics:
| Loan Assistant | Loan Consultant | |
| Average age | 42 | 45 |
| Gender ratio | Male, 18.2% Female, 81.8% | Male, 57.2% Female, 42.8% |
| 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, 16.0% Asian, 6.4% White, 63.3% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 7% | 8% |