What is a Loan Consultant

If you're interested in helping people fund the house, car, or lifestyle of their dreams, you can give them support as a Loan Consultant. You'll be the guiding force to provide them with the information and help they need to become eligible for a loan.

Communication, finance, and problem-solving skills will help you navigate through being a Loan Consultant. You'll be responsible for reviewing loan applications, speaking with potential clients, verifying documentation, and evaluating financial records. Loan Consultants are also there to provide guidance and answer any questions a client may have over the status, requirements, and details of their loan.

Most companies prefer a Loan Consultant to have a bachelor's degree in business, finance, or a related field. You'll need to have great math skills, as well as thick skin if you need to deliver poor news. This is a position that is at the heart of positive and negative reactions. While this is typically a full-time position, some companies accept part-time employees. On average, a Loan Consultant makes about $41,000 a year.

There is more than meets the eye when it comes to being a Loan Consultant. For example, did you know that they make an average of $19.88 an hour? That's $41,355 a year!

Between 2018 and 2028, the career is expected to grow 8% and produce 24,300 job opportunities across the U.S.

What Does a Loan Consultant Do

There are certain skills that many Loan Consultants have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed Detail oriented, Initiative and Interpersonal skills.

Learn more about what a Loan Consultant does

How To Become a Loan Consultant

If you're interested in becoming a Loan Consultant, one of the first things to consider is how much education you need. We've determined that 62.1% of Loan Consultants have a bachelor's degree. In terms of higher education levels, we found that 6.5% of Loan Consultants have master's degrees. Even though most Loan Consultants have a college degree, it's possible to become one with only a high school degree or GED.

Choosing the right major is always an important step when researching how to become a Loan Consultant. When we researched the most common majors for a Loan Consultant, we found that they most commonly earn Bachelor's Degree degrees or Associate Degree degrees. Other degrees that we often see on Loan Consultant resumes include High School Diploma degrees or Master's Degree degrees.

You may find that experience in other jobs will help you become a Loan Consultant. In fact, many Loan Consultant jobs require experience in a role such as Loan Officer. Meanwhile, many Loan Consultants also have previous career experience in roles such as Customer Service Representative or Account Executive.

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Average Salary
$41,355
Average Salary
Job Growth Rate
8%
Job Growth Rate
Job Openings
36,336
Job Openings
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Loan Consultant Career Paths

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Average Salary for a Loan Consultant

Loan Consultants in America make an average salary of $41,355 per year or $20 per hour. The top 10 percent makes over $57,000 per year, while the bottom 10 percent under $29,000 per year.
Average Salary
$41,355
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Loan Consultant Resumes

Designing and figuring out what to include on your resume can be tough, not to mention time-consuming. That's why we put together a guide that is designed to help you craft the perfect resume for becoming a Loan Consultant. If you're needing extra inspiration, take a look through our selection of templates that are specific to your job.

Learn How To Write a Loan Consultant Resume

At Zippia, we went through countless Loan Consultant resumes and compiled some information about how to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.

View Loan Consultant Resume Examples And Templates

Loan Consultant Demographics

Loan Consultant Gender Statistics

male

52.9 %

female

42.4 %

unknown

4.7 %

Loan Consultant Ethnicity Statistics

White

67.7 %

Hispanic or Latino

14.9 %

Black or African American

8.4 %

Loan Consultant Foreign Languages Spoken Statistics

Spanish

65.4 %

French

5.2 %

Chinese

4.7 %
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Loan Consultant Education

Loan Consultant Majors

36.7 %
10.9 %

Loan Consultant Degrees

Bachelors

62.1 %

Associate

17.2 %

High School Diploma

9.0 %

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None
High School / GED
Associate
Bachelor's
Master's
Doctorate

Top Colleges for Loan Consultants

1. University of Pennsylvania

Philadelphia, PA • Private

In-State Tuition
$55,584
Enrollment
10,764

2. Northwestern University

Evanston, IL • Private

In-State Tuition
$54,568
Enrollment
8,451

3. University of Southern California

Los Angeles, CA • Private

In-State Tuition
$56,225
Enrollment
19,548

4. SUNY at Binghamton

Vestal, NY • Private

In-State Tuition
$9,808
Enrollment
13,990

5. Villanova University

Villanova, PA • Private

In-State Tuition
$53,308
Enrollment
6,819

6. San Diego State University

San Diego, CA • Private

In-State Tuition
$7,488
Enrollment
30,018

7. Bentley University

Waltham, MA • Private

In-State Tuition
$49,880
Enrollment
4,177

8. Boston University

Boston, MA • Private

In-State Tuition
$53,948
Enrollment
17,238

9. SUNY Stony Brook

Stony Brook, NY • Private

In-State Tuition
$9,625
Enrollment
17,407

10. New York University

New York, NY • Private

In-State Tuition
$51,828
Enrollment
26,339
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Top Skills For a Loan Consultant

The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 19.8% of Loan Consultants listed Loan Applications on their resume, but soft skills such as Detail oriented and Initiative are important as well.

  • Loan Applications, 19.8%
  • Loan Portfolio, 10.9%
  • Financial Status, 7.7%
  • Customer Service, 7.7%
  • Outbound Calls, 6.6%
  • Other Skills, 47.3%
  • See All Loan Consultant Skills

12 Loan Consultant RESUME EXAMPLES

Best States For a Loan Consultant

Some places are better than others when it comes to starting a career as a Loan Consultant. The best states for people in this position are Connecticut, New Jersey, New York, and New Hampshire. Loan Consultants make the most in Connecticut with an average salary of $50,745. Whereas in New Jersey and New York, they would average $49,004 and $48,696, respectively. While Loan Consultants would only make an average of $47,704 in New Hampshire, you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.

1. New Jersey

Total Loan Consultant Jobs:
434
Highest 10% Earn:
$82,000
Location Quotient:
1.09
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

2. Minnesota

Total Loan Consultant Jobs:
480
Highest 10% Earn:
$64,000
Location Quotient:
1.45
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

3. Wyoming

Total Loan Consultant Jobs:
37
Highest 10% Earn:
$61,000
Location Quotient:
1.24
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here
Full List Of Best States For Loan Consultants

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