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Loan Officer, Consumer Salary

Consumer Loan Officers in the United States can expect only a modest salary, with average pay of just $38K per year. In the world of Consumer Loan Officers, overall cash earnings stretch from $27K near the bottom to $52K near the top; these packages encompass bonuses that run close to $5K and profit sharing that can (albeit rarely) exceed $3K, along with commissions approaching $10K. The majority of workers are highly satisfied with their job. Women Consumer Loan Officers who took the survey just slightly outnumber men. Medical benefits are awarded to a large number, and a fair number earn dental coverage.
$27,781 - $52,759
(Median)
28K
32K
38K
45K
53K
MEDIAN: $38,369
10%
25%
50%
75%
90%

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$11.96 - $20.25
(Median)
12
15
17
20
MEDIAN: $15.00
10%
50%
75%
90%

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National Salary Data

 (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$18K$36K$54K
Salary
$27,781 - $52,759  
   
Bonus
$0.00 - $5,068  
Profit Sharing
$502 - $3,109  
Commission
$0.00 - $10,213  
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).
)
$26,937 - $52,270  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 209
National Hourly Rate Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$11$22$33
Hourly Rate
$11.96 - $20.25  
   
Overtime
$17.76 - $31.65  
National Annualized Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$22K$44K$66K
Bonus
$0.00 - $5,068  
   
Commission
$0.00 - $10,213  
Profit Sharing
$502 - $3,109  
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).
)
$26,937 - $52,270  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 141
United States (change)

Job Description for Loan Officer, Consumer

A consumer loan officer works at a financial institution, interacts with individuals, and helps them secure lines of credit such as mortgages, car loans, and individual loans. Much of the work is done one on one with customers, so it is important to be a friendly and professional individual. It is important to be able to determine what the customer’s needs are and then determine which loan should be applied for. The loan officer may carry out pre-qualification procedures and determine what the payments will be on loans.

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Loan Officer, Consumer Tasks

  • Obtain, investigate, and validate application information.
  • Market, solicit, and process consumer loans.
  • Determine repayment plan.
  • Interview and accept consumer loan applications.
  • Solicit lending institutions and finance companies to find money for customers.

Loan Officer, Consumer Job Listings

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Consumer Loan Officers who responded to the survey indicated only a few skills that they use on the job. Those who have experience with Loan Underwriting, Mortgage Loans, and Consumer Loans can expect to be compensated well for these skills, typically earning between 4 percent to 14 percent more than the national average. Experience with Consumer Loans is often linked with knowledge of Loan Underwriting.

Pay by Experience Level for Loan Officer, Consumer

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


For many Consumer Loan Officers, extensive experience does not lead to significantly more money. Workers in their first five years can expect to earn $34K, but people who have been around for five to 10 years earn a noticeably bigger sum of $38K. For Consumer Loan Officers, 10 to 20 years of experience on the job amounts to an average salary of $42K. More than 20 years of experience mean a somewhat bigger median paycheck of $45K, but it's not much more than what less experienced people make.

Related Job Salaries

Experience Affects Loan Officer, Consumer Salaries

Late-Career
up arrow 22%

Experienced
up arrow 14%

Mid-Career
up arrow 2%

National Average
$37,000

Entry-Level
up arrow 9%

Skills That Affect Loan Officer, Consumer Salaries

Loan Underwriting
up arrow 14%

Mortgage Loans
up arrow 9%

Consumer Loans
up arrow 4%

National Average
$37,000

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 78 votes.

Gender

Female
58 %
Male
42 %

Years of Experience

Less than 1 year
3%
1-4 years
36%
5-9 years
26%
10-19 years
25%
20 years or more
11%

Common Health Benefits

medical benefits Medical: 88% dental benefits Dental: 74%
vision benefits Vision: 51% employee benefits None: 8%