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The differences between loan services representatives and customer service representatives can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a loan services representative, becoming a customer service representative takes usually requires 6-12 months. Additionally, a loan services representative has an average salary of $38,603, which is higher than the $32,260 average annual salary of a customer service representative.
The top three skills for a loan services representative include customer service, loan payments and outbound calls. The most important skills for a customer service representative are cleanliness, POS, and data entry.
| Loan Services Representative | Customer Service Representative | |
| Yearly salary | $38,603 | $32,260 |
| Hourly rate | $18.56 | $15.51 |
| Growth rate | -3% | -4% |
| Number of jobs | 85,475 | 209,515 |
| Job satisfaction | - | 4 |
| Most common degree | Bachelor's Degree, 47% | High School Diploma, 33% |
| Average age | 42 | 40 |
| Years of experience | 4 | 12 |
A loan service representative is responsible for communicating and interacting with clients and serves as a back-up or reliever in a company. They are the first person that the client must go through if they want to apply for a loan. Loan representatives monitor and ensure that all data and information is properly documented using a loan processing system. Also, they are the ones who inspect and verify if a company is complying with the transaction rules as well as the loan procedures and regulations.
Customer service representatives are the first point of contact of the customers, acting as the frontiers of the company and help in driving customer loyalty and retention by leaving a great impression and resolving all of their concerns. They accommodate customer queries by providing useful and comprehensive information about any products or services. Some would use that as an opportunity to market and promote more sales. The most challenging issues they use to handle are customer complaints and processing of refunds and returns. They also assist in basic troubleshooting or accounts and payment setup with the use of specific guidelines or step by step procedures. At most, they help and solve customer issues on their own, but sometimes they would need support from supervisors or other departments.
Loan services representatives and customer service representatives have different pay scales, as shown below.
| Loan Services Representative | Customer Service Representative | |
| Average salary | $38,603 | $32,260 |
| Salary range | Between $15,000 And $98,000 | Between $25,000 And $41,000 |
| Highest paying City | Baltimore, MD | Des Moines, WA |
| Highest paying state | New York | Washington |
| Best paying company | Jersey Shore State Bank | Oracle |
| Best paying industry | Finance | Insurance |
There are a few differences between a loan services representative and a customer service representative in terms of educational background:
| Loan Services Representative | Customer Service Representative | |
| Most common degree | Bachelor's Degree, 47% | High School Diploma, 33% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | - |
Here are the differences between loan services representatives' and customer service representatives' demographics:
| Loan Services Representative | Customer Service Representative | |
| Average age | 42 | 40 |
| Gender ratio | Male, 26.8% Female, 73.2% | Male, 30.5% Female, 69.5% |
| Race ratio | Black or African American, 11.7% Unknown, 4.4% Hispanic or Latino, 17.0% Asian, 7.1% White, 59.4% American Indian and Alaska Native, 0.4% | Black or African American, 11.6% Unknown, 5.2% Hispanic or Latino, 21.2% Asian, 6.3% White, 55.0% American Indian and Alaska Native, 0.7% |
| LGBT Percentage | 7% | 7% |