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The differences between loan consultants and loan analysts 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 analyst. Additionally, a loan consultant has an average salary of $38,876, which is higher than the $37,857 average annual salary of a loan analyst.
The top three skills for a loan consultant include loan applications, origination and customer service. The most important skills for a loan analyst are loan documentation, customer service, and real estate.
| Loan Consultant | Loan Analyst | |
| Yearly salary | $38,876 | $37,857 |
| Hourly rate | $18.69 | $18.20 |
| Growth rate | 4% | 4% |
| Number of jobs | 23,448 | 24,756 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 62% | Bachelor's Degree, 66% |
| 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 analyst is responsible for determining the eligibility of loan applicants in purchasing loan services by analyzing their application documents, account statements, and financial and credit status. Loan analysts evaluate loan agreements and payment plans and explain feasibility to the customers and loan officers before granting the loan. They also provide loan options and alternatives to the clients according to their needs and risk limitations. A loan analyst must have excellent knowledge of the loan and financial industry, especially in handling credit policies and loan processes and ensuring timely submission of reports.
Loan consultants and loan analysts have different pay scales, as shown below.
| Loan Consultant | Loan Analyst | |
| Average salary | $38,876 | $37,857 |
| Salary range | Between $27,000 And $54,000 | Between $24,000 And $58,000 |
| Highest paying City | Sioux Falls, SD | Raleigh, NC |
| Highest paying state | South Dakota | South Dakota |
| Best paying company | Accion | Barclays |
| Best paying industry | Finance | Finance |
There are a few differences between a loan consultant and a loan analyst in terms of educational background:
| Loan Consultant | Loan Analyst | |
| Most common degree | Bachelor's Degree, 62% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan consultants' and loan analysts' demographics:
| Loan Consultant | Loan Analyst | |
| Average age | 45 | 45 |
| Gender ratio | Male, 57.2% Female, 42.8% | Male, 43.2% Female, 56.8% |
| 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, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.4% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |