Loan Collector, Commercial Salary

Approximately three-fifths of Commercial Loan Collectors in the United States have been in the field for more than 10 years. Pay can fall anywhere from $33K to $51K per year, but median earnings come to around $37K per year. This field is filled with high levels of job satisfaction; most Commercial Loan Collectors are happy with their jobs. Men are slightly outnumbered by their female counterparts who answered the questionnaire, who make up a slight majority at 56 percent. Health benefits are not enjoyed by everyone in this line of work, and nearly one in four lack any coverage at all. Medical benefits are reported by more than half and dental coverage is claimed by a majority. Respondents to the PayScale salary survey provided the data for this report.

$34,292 - $49,495
$37K
MEDIAN: $37,200
50%

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$15.64 - $18.89
$18
MEDIAN: $17.88
50%

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National Salary Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$18K$36K$54K
Salary
$37,200  
   
Bonus
$4,422  
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$33,057 - $51,283  
Country: United States | Currency: USD | Updated: 25 Mar 2017 | Individuals Reporting: 9
© PayScale, Inc. @ www.payscale.com
National Hourly Rate Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$9$18$27
Hourly Rate
$17.88  
   
Overtime
$21.00  
National Annualized Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$18K$36K$54K
Bonus
$4,422  
   
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$33,057 - $51,283  
Country: United States | Currency: USD | Updated: 25 Mar 2017 | Individuals Reporting: 9
© PayScale, Inc. @ www.payscale.com

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Job Description for Loan Collector, Commercial

  • Monitors the sale of collateral property to recover value of the loan.
  • Negotiates repayment plans, recommends accounts for legal action.
  • Maintains files and documentation, handles issues that may arise in the effort to recover money from loans.
  • Contacts customer in order to collect money on charged-off loans or existing delinquent loans.

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Pay by Experience Level for Loan Collector, Commercial

Median of all compensation (including tips, bonus, and overtime) by years of experience.


Commercial Loan Collectors with a lot of experience do not necessarily enjoy more money. Workers in their first five years can expect to earn $32K, but people who have been around for five to 10 years earn a noticeably bigger sum of $39K. Commercial Loan Collectors claiming one to two decades of experience make an estimated median of $41K. Respondents who claim more than 20 years of experience may encounter pay that doesn't quite reflect their extensive experience; these veterans report a median income of around $42K.

Key Stats for Loan Collector, Commercial

Gender

Female
56 %
Male
44 %
1-4 years
22%
5-9 years
17%
10-19 years
39%
20 years or more
22%
Location:
Years in Fields/Career:
United States (change)

Related Jobs

Experience Affects Loan Collector, Commercial Salaries

Late-Career
▲10%

Experienced
▲8%

Mid-Career
▲2%

National Average
$38,000

Entry-Level
▼15%

Gender

Female
56 %
Male
44 %

Years of Experience

1-4 years
22%
5-9 years
17%
10-19 years
39%
20 years or more
22%

Common Health Benefits

medical benefits
Medical: 67%
dental benefits
Dental: 60%
vision benefits
Vision: 47%
dental benefits
None: 27%
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