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The differences between loan specialists and service specialists 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 specialist, becoming a service specialist takes usually requires 6-12 months. Additionally, a service specialist has an average salary of $44,150, which is higher than the $43,081 average annual salary of a loan specialist.
The top three skills for a loan specialist include loan applications, customer service and financial statements. The most important skills for a service specialist are patients, social work, and criminal justice.
| Loan Specialist | Service Specialist | |
| Yearly salary | $43,081 | $44,150 |
| Hourly rate | $20.71 | $21.23 |
| Growth rate | -3% | -4% |
| Number of jobs | 29,041 | 207,020 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 53% |
| Average age | 42 | 40 |
| Years of experience | 4 | 12 |
A loan specialist is in charge of processing loans to make transactions easier for the clients. They usually work in banks, lending firms, and other financial institutions. One of their primary responsibilities is to guide clients to understand what program works best for them, assist in filling out forms, gathering requirements, and verifying authenticity. There are also instances where a loan specialist must discern whether a client can uphold financial obligations using the information collected. Furthermore, it is also their responsibility to produce and submit reports to creditors or lenders.
A service specialist is responsible for assisting customers with their inquiries and concerns about the services offered by the organization. Service specialists' duties include responding to customers' requests, updating customers of promotional offers and new services, escalating high-level concerns to the appropriate department, and keeping accurate records of clients' issues and resolutions. Service specialists are also in charge of preparing customer surveys to rate their satisfaction and identifying opportunities for service improvement. A service specialist must display excellent customer service and communication skills to address clients' concerns efficiently and accurately.
Loan specialists and service specialists have different pay scales, as shown below.
| Loan Specialist | Service Specialist | |
| Average salary | $43,081 | $44,150 |
| Salary range | Between $26,000 And $68,000 | Between $27,000 And $71,000 |
| Highest paying City | Mount Laurel, NJ | Boston, MA |
| Highest paying state | Maryland | Massachusetts |
| Best paying company | FNB | Ropes & Gray |
| Best paying industry | Finance | Technology |
There are a few differences between a loan specialist and a service specialist in terms of educational background:
| Loan Specialist | Service Specialist | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 53% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | - |
Here are the differences between loan specialists' and service specialists' demographics:
| Loan Specialist | Service Specialist | |
| Average age | 42 | 40 |
| Gender ratio | Male, 30.9% Female, 69.1% | Male, 40.1% Female, 59.9% |
| Race ratio | Black or African American, 12.7% Unknown, 4.3% Hispanic or Latino, 16.7% Asian, 7.3% White, 58.6% American Indian and Alaska Native, 0.4% | Black or African American, 11.2% Unknown, 5.4% Hispanic or Latino, 20.9% Asian, 7.5% White, 54.2% American Indian and Alaska Native, 0.7% |
| LGBT Percentage | 7% | 7% |