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The differences between loan consultants and loan managers 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 manager. Additionally, a loan manager has an average salary of $39,623, 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 manager are loan applications, customer service, and real estate.
| Loan Consultant | Loan Manager | |
| Yearly salary | $38,876 | $39,623 |
| Hourly rate | $18.69 | $19.05 |
| Growth rate | 4% | 4% |
| Number of jobs | 23,448 | 11,965 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 62% | Bachelor's Degree, 59% |
| 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 manager is a person who supervises and oversees the financial system and the cash flow of a company. They are responsible for the assessment, examination, approval, and even rejection of loan application based on the financial capacity and capability of a loan applicant. A loan manager determines and classifies the possible financial risk and problems that could be encountered. Also, they are the one who controls lending activities for all loan programs, manages all collections, as well as ensuring that the policies of the company are implemented.
Loan consultants and loan managers have different pay scales, as shown below.
| Loan Consultant | Loan Manager | |
| Average salary | $38,876 | $39,623 |
| Salary range | Between $27,000 And $54,000 | Between $27,000 And $58,000 |
| Highest paying City | Sioux Falls, SD | Jersey City, NJ |
| Highest paying state | South Dakota | New Jersey |
| Best paying company | Accion | Pacific Investment Management Company LLC |
| Best paying industry | Finance | Finance |
There are a few differences between a loan consultant and a loan manager in terms of educational background:
| Loan Consultant | Loan Manager | |
| Most common degree | Bachelor's Degree, 62% | Bachelor's Degree, 59% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan consultants' and loan managers' demographics:
| Loan Consultant | Loan Manager | |
| Average age | 45 | 45 |
| Gender ratio | Male, 57.2% Female, 42.8% | Male, 46.5% Female, 53.5% |
| 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, 63.5% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |