Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between loan consultants and consultants can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a loan consultant, becoming a consultant takes usually requires 2-4 years. Additionally, a consultant has an average salary of $78,912, 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 consultant are customer service, strong analytical, and project management.
| Loan Consultant | Consultant | |
| Yearly salary | $38,876 | $78,912 |
| Hourly rate | $18.69 | $37.94 |
| Growth rate | 4% | 11% |
| Number of jobs | 23,448 | 171,733 |
| Job satisfaction | - | 4 |
| Most common degree | Bachelor's Degree, 62% | Bachelor's Degree, 64% |
| Average age | 45 | 44 |
| Years of experience | 6 | 4 |
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.
Consultants are individuals who were tapped by a company or an organization to work on a specific activity, depending on their field of expertise. They act as guides for the organization in undertaking projects that are related to their field. Consultants would usually assist organizations in planning, often giving advice when the need arises. They would, at times, take the lead in activities that involve data gathering and interpretation of data gathering results so that they can provide solid recommendations on actions that the organization may undertake. They may also guide the organization in implementing any changes brought about by their consultancy and in evaluating the effectiveness of the changes.
Loan consultants and consultants have different pay scales, as shown below.
| Loan Consultant | Consultant | |
| Average salary | $38,876 | $78,912 |
| Salary range | Between $27,000 And $54,000 | Between $58,000 And $107,000 |
| Highest paying City | Sioux Falls, SD | Washington, DC |
| Highest paying state | South Dakota | New Jersey |
| Best paying company | Accion | L.E.K. Consulting |
| Best paying industry | Finance | Technology |
There are a few differences between a loan consultant and a consultant in terms of educational background:
| Loan Consultant | Consultant | |
| Most common degree | Bachelor's Degree, 62% | Bachelor's Degree, 64% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | Northwestern University |
Here are the differences between loan consultants' and consultants' demographics:
| Loan Consultant | Consultant | |
| Average age | 45 | 44 |
| Gender ratio | Male, 57.2% Female, 42.8% | Male, 58.4% Female, 41.6% |
| 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, 7.8% Unknown, 4.5% Hispanic or Latino, 8.7% Asian, 13.8% White, 65.0% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 8% | 12% |