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Loan Officer, Consumer Salary

Pay for Consumer Loan Officers in the United States is very modest at just $39K annually. Total cash compensation to Consumer Loan Officers bottoms out near $27K and approaches $53K on the high end; the biggest paychecks include approximately $5K from bonuses and almost $3K from profit sharing. Consumer Loan Officers survey participants are largely women, dominating at 62 percent. The majority of workers are highly satisfied with their job. Most enjoy medical while a strong majority get dental coverage. Vision coverage is also available to approximately one-half.

$28,115 - $53,394
(Median)
$28K
$39K
$53K
MEDIAN: $39,190
10%
50%
90%

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$12.03 - $20.28
(Median)
$12
$15
$20
MEDIAN: $15.00
10%
50%
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
$28,115 - $53,394  
   
Bonus
$0.00 - $5,131  
Profit Sharing
$502 - $3,109  
Commission
$0.00 - $12,200  
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).
)
$27,236 - $53,398  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 205
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
$12.03 - $20.28  
   
Overtime
$17.66 - $32.55  
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 - $5,131  
   
Commission
$0.00 - $12,200  
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).
)
$27,236 - $53,398  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 138

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United States (change)


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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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Survey takers who work as Consumer Loan Officers typically report just a few professional skills. Skill set and salary are closely correlated, and individuals who are practiced in Loan Underwriting, Mortgage Loans and Consumer Loans abilities will see corresponding pay increases between 3 percent and 16 percent. 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.


More years of relevant experience do not necessarily translate to higher paychecks. Although individuals who have less than five years' experience earn $34K on average, people with five to 10 years benefit from a notably larger average of $38K. Consumer Loan Officers claiming one to two decades of experience make an estimated median of $42K. People who have worked for more than 20 years report a median income of $46K, which is barely higher than the median for folks with 10 to 20 years of experience.

Related Job Salaries

United States (change)

Experience Affects Loan Officer, Consumer Salaries

Late-Career
up arrow 23%

Experienced
up arrow 13%

Mid-Career
up arrow 2%

National Average
$37,000

Entry-Level
up arrow 9%

Skills That Affect Loan Officer, Consumer Salaries


Mortgage Loans
up arrow 7%

Consumer Loans
up arrow 3%

National Average
$37,000

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 72 votes.

Gender

Female
62 %
Male
38 %

Years of Experience

Less than 1 year
3%
1-4 years
36%
5-9 years
26%
10-19 years
24%
20 years or more
10%

Common Health Benefits

medical benefits Medical: 88% dental benefits Dental: 74%
vision benefits Vision: 49% employee benefits None: 9%
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