Consumer Loan Officers in the United States take home approximately $41K per year on average. Total cash compensation to Consumer Loan Officers bottoms out near $30K and approaches $56K on the high end; the biggest paychecks include approximately $8K from bonuses and almost $5K from profit sharing. Most Consumer Loan Officers report high levels of job satisfaction. Women make up a slight majority of Consumer Loan Officers (57 percent) survey respondents. Medical benefits are awarded to a large number, and more than half earn dental coverage. The data for this snapshot was collected from individuals who took PayScale's salary survey.

$30,065 - $57,391
$30K
$41K
$57K
MEDIAN: $41,354
10%
50%
90%

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$13.03 - $23.83
$13
$17
$24
MEDIAN: $17.33
10%
50%
90%

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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$20K$40K$60K
Salary
$30,065 - $57,391  
   
Bonus
$479.71 - $8,352  
Profit Sharing
$0.00 - $4,932  
Commission
$450.00 - $11,000  
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).
)
$29,671 - $56,171  
Country: United States | Currency: USD | Updated: 18 Jan 2017 | Individuals Reporting: 84
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$12$24$36
Hourly Rate
$13.03 - $23.83  
   
Overtime
$19.51 - $33.08  
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$24K$48K$72K
Bonus
$479.71 - $8,352  
   
Commission
$450.00 - $11,000  
Profit Sharing
$0.00 - $4,932  
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).
)
$29,671 - $56,171  
Country: United States | Currency: USD | Updated: 18 Jan 2017 | Individuals Reporting: 66

Find Out Exactly What You Should Be Paid

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

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

Common Career Paths for Loan Officer, Consumer


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Many Consumer Loan Officers move into a Loan Officer role, which does not lead to a big boost in pay. Loan Officers on average bring in a similar salary to Consumer Loan Officers.

Loan Officer, Consumer Job Listings

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Popular Skills for Loan Officer, Consumer


Consumer Loan Officers report using a diverse set of skills on the job. Most notably, skills in Loan Underwriting, Customer Service, Consumer Loans, and Sales are correlated to pay that is above average. Skills that are correlated to lower pay, on the other hand, include Loan Processing. People who know Loan Underwriting usually also know Customer Service. It is often found that people who know Consumer Loans are also skilled in Mortgage Loans.

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. In this position, someone who has worked for fewer than five years can expect a median salary of $38K. The median for people with five to 10 years of experience is only a little bit higher at $41K. Consumer Loan Officers bring in $46K after working for 10 to 20 years. After two decades in the workforce, the average Consumer Loan Officer generally earns more than ever; median pay for this group is estimated at $54K.

Related Job Salaries

Key Stats for Loan Officer, Consumer

Gender

Female
57 %
Male
43 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 23 votes.
044
Less than 1 year
2%
1-4 years
45%
5-9 years
17%
10-19 years
26%
20 years or more
10%
Location:
Years in Fields/Career:
United States (change)

Experience Affects Loan Officer, Consumer Salaries

Late-Career
up arrow 32%

Experienced
up arrow 12%

Mid-Career
0%

National Average
$41,000


Skills That Affect Loan Officer, Consumer Salaries


National Average
$41,000


Customer Service
up arrow 1%

Sales
up arrow 2%

Mortgage Loans
up arrow 3%

Loan Processing
up arrow 11%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 23 votes.

Gender

Female
57 %
Male
43 %

Years of Experience

Less than 1 year
2%
1-4 years
45%
5-9 years
17%
10-19 years
26%
20 years or more
10%

Common Health Benefits

medical benefits
Medical: 84%
dental benefits
Dental: 68%
vision benefits
Vision: 58%
dental benefits
None: 14%
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