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The differences between loan services representatives and loan consultants 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 loan consultant takes usually requires 4-6 years. Additionally, a loan consultant has an average salary of $38,876, which is higher than the $38,603 average annual salary of a loan services representative.
The top three skills for a loan services representative include customer service, loan payments and outbound calls. The most important skills for a loan consultant are loan applications, origination, and customer service.
| Loan Services Representative | Loan Consultant | |
| Yearly salary | $38,603 | $38,876 |
| Hourly rate | $18.56 | $18.69 |
| Growth rate | -3% | 4% |
| Number of jobs | 85,475 | 23,448 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 47% | Bachelor's Degree, 62% |
| Average age | 42 | 45 |
| Years of experience | 4 | 6 |
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.
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.
Loan services representatives and loan consultants have different pay scales, as shown below.
| Loan Services Representative | Loan Consultant | |
| Average salary | $38,603 | $38,876 |
| Salary range | Between $15,000 And $98,000 | Between $27,000 And $54,000 |
| Highest paying City | Baltimore, MD | Sioux Falls, SD |
| Highest paying state | New York | South Dakota |
| Best paying company | Jersey Shore State Bank | Accion |
| Best paying industry | Finance | Finance |
There are a few differences between a loan services representative and a loan consultant in terms of educational background:
| Loan Services Representative | Loan Consultant | |
| Most common degree | Bachelor's Degree, 47% | Bachelor's Degree, 62% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan services representatives' and loan consultants' demographics:
| Loan Services Representative | Loan Consultant | |
| Average age | 42 | 45 |
| Gender ratio | Male, 26.8% Female, 73.2% | Male, 57.2% Female, 42.8% |
| 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, 9.2% Unknown, 4.6% Hispanic or Latino, 16.0% Asian, 6.4% White, 63.3% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 7% | 8% |