For Consumer Loan Officers, yearly average wages total $41K annually. Most Consumer Loan Officers report high levels of job satisfaction. Most report receiving medical coverage from their employers and a majority collect dental insurance. Women account for the majority of Consumer Loan Officers who responded to the questionnaire — 60 percent to be exact. The data for this snapshot was collected from individuals who took PayScale's salary survey.

$30,065 - $55,484
(Median)
$30K
$41K
$55K
MEDIAN: $41,448
10%
50%
90%

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$12.88 - $22.30
(Median)
$13
$17
$22
MEDIAN: $17.00
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$19K$38K$57K
Salary
$30,065 - $55,484  
   
Bonus
$149.50 - $7,956  
Profit Sharing
$1,100  
Commission
$618 - $11,635  
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).
)
$29,316 - $55,227  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | 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
$12.88 - $22.30  
   
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
$149.50 - $7,956  
   
Commission
$618 - $11,635  
Profit Sharing
$1,100  
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).
)
$29,316 - $55,227  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 69
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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.

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, Sales, and Mortgage Loans are correlated to pay that is above average. At the other end of the pay range are skills like Loan Processing. People who know Loan Underwriting usually also know Customer Service. Those proficient in Consumer Loans are, more often than not, 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. Relatively untried employees who have fewer than five years of experience earn around $38K on average. People who have worked for five to 10 years can expect a higher median salary of $39K. The average pay reported by folks with 10 to 20 years of experience is around $46K. More than 20 years of experience mean a somewhat bigger median paycheck of $47K, but it's not much more than what less experienced people make.

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Experience Affects Loan Officer, Consumer Salaries

Late-Career
up arrow 17%

Experienced
up arrow 15%

National Average
$40,000

Mid-Career
up arrow 2%


Skills That Affect Loan Officer, Consumer Salaries

Loan Underwriting
up arrow 3%

Customer Service
0%

National Average
$40,000

Sales
up arrow 1%

Consumer Loans
up arrow 2%

Mortgage Loans
up arrow 2%

Loan Processing
up arrow 10%

Job Satisfaction

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

Gender

Female
60 %
Male
40 %

Years of Experience

Less than 1 year
2%
1-4 years
45%
5-9 years
16%
10-19 years
27%
20 years or more
10%

Common Health Benefits

medical benefits
Medical: 85%
dental benefits
Dental: 68%
medical benefits
Vision: 53%
dental benefits
None: 13%
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