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The differences between loan consultants and loan advisers 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 loan adviser. Additionally, a loan adviser has an average salary of $40,365, 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 loan adviser are customer service, origination, and mortgage loans.
| Loan Consultant | Loan Adviser | |
| Yearly salary | $38,876 | $40,365 |
| Hourly rate | $18.69 | $19.41 |
| Growth rate | 4% | 4% |
| Number of jobs | 23,448 | 24,189 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 62% | Bachelor's Degree, 52% |
| 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.
A loan adviser evaluates and assesses mortgage applications to ensure that the client is capable and capacitated to pay their finances and obligations. They conduct one on one interviews with the client, verifies the documents presented, and handles the approval process. They can often be seen in a bank or a credit institution that gives support to the clients and borrowers. This career is considered a vital part of a bank as it determines the possible increase of a company's profit by their loan programs.
Loan consultants and loan advisers have different pay scales, as shown below.
| Loan Consultant | Loan Adviser | |
| Average salary | $38,876 | $40,365 |
| Salary range | Between $27,000 And $54,000 | Between $28,000 And $56,000 |
| Highest paying City | Sioux Falls, SD | - |
| Highest paying state | South Dakota | - |
| Best paying company | Accion | - |
| Best paying industry | Finance | - |
There are a few differences between a loan consultant and a loan adviser in terms of educational background:
| Loan Consultant | Loan Adviser | |
| Most common degree | Bachelor's Degree, 62% | Bachelor's Degree, 52% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan consultants' and loan advisers' demographics:
| Loan Consultant | Loan Adviser | |
| Average age | 45 | 45 |
| Gender ratio | Male, 57.2% Female, 42.8% | Male, 47.7% Female, 52.3% |
| 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, 16.1% Asian, 6.4% White, 63.1% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |