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The differences between loan consultants and commercial loan officers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a loan consultant and a commercial loan officer. Additionally, a commercial loan officer has an average salary of $70,876, which is higher than the $38,876 average annual salary of a loan consultant.
The top three skills for a loan consultant include loan applications, origination and customer service. The most important skills for a commercial loan officer are customer service, loan portfolio, and financial statements.
| Loan Consultant | Commercial Loan Officer | |
| Yearly salary | $38,876 | $70,876 |
| Hourly rate | $18.69 | $34.08 |
| Growth rate | 4% | 4% |
| Number of jobs | 23,448 | 91,582 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 62% | Bachelor's Degree, 76% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
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.
Commercial loan officers are financial professionals who are responsible for assessing and processing business loan applications at financial institutions. These loan officers must advise clients about their suitable loan and credit options while consulting with managers on credit policies, credit lines, and procedures. They are required to obtain and assess the financial information of applicants that includes their financial statements and credit histories. Commercial loan officers must also collaborate with other financial institutions to set up loan packages for extensive loans.
Loan consultants and commercial loan officers have different pay scales, as shown below.
| Loan Consultant | Commercial Loan Officer | |
| Average salary | $38,876 | $70,876 |
| Salary range | Between $27,000 And $54,000 | Between $50,000 And $100,000 |
| Highest paying City | Sioux Falls, SD | Fort Lee, NJ |
| Highest paying state | South Dakota | Maine |
| Best paying company | Accion | Glacier Ban |
| Best paying industry | Finance | Finance |
There are a few differences between a loan consultant and a commercial loan officer in terms of educational background:
| Loan Consultant | Commercial Loan Officer | |
| Most common degree | Bachelor's Degree, 62% | Bachelor's Degree, 76% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan consultants' and commercial loan officers' demographics:
| Loan Consultant | Commercial Loan Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 57.2% Female, 42.8% | Male, 73.8% Female, 26.2% |
| Race ratio | 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% | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 15.5% Asian, 6.5% White, 63.6% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |