Loan Officer, Consumer Salary

Median pay for Consumer Loan Officers in the United States is around $41K per year. With bonuses occasionally running north of $9K, profit sharing proceeds sometimes surpassing $5K, and a few commissions as high as $10K, total income for Consumer Loan Officers can range between $30K and $56K according to individual performance. Women Consumer Loan Officers who took the survey just slightly outnumber men. A large number enjoy medical while a majority get dental coverage. Vision coverage is also available to the greater part. The majority of Consumer Loan Officers claim high levels of job satisfaction. Respondents to the PayScale salary survey provided the data for this report.

$29,935 - $55,960
$30K
$41K
$56K
MEDIAN: $41,352
10%
50%
90%

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$12.96 - $22.44
$13
$17
$22
MEDIAN: $17.28
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
$29,935 - $55,960  
   
Bonus
$325.00 - $9,044  
Profit Sharing
$0.00 - $4,932  
Commission
$582 - $10,304  
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).
)
$29,520 - $55,860  
Country: United States | Currency: USD | Updated: 25 Mar 2017 | Individuals Reporting: 80
© 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$11$22$33
Hourly Rate
$12.96 - $22.44  
   
Overtime
$19.51 - $31.44  
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$22K$44K$66K
Bonus
$325.00 - $9,044  
   
Commission
$582 - $10,304  
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).
)
$29,520 - $55,860  
Country: United States | Currency: USD | Updated: 25 Mar 2017 | Individuals Reporting: 63
© PayScale, Inc. @ www.payscale.com

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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

  • 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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Consumer Loan Officers who go on to become Loan Officers may see somewhat stagnant compensation. On average, a Loan Officer, an upper-level role, pays $41K.

Loan Officer, Consumer Job Listings

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Popular Skills for Loan Officer, Consumer


Survey results imply that Consumer Loan Officers put a diverse skill set to use. 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 and Mortgage Loans. Those who learned Loan Underwriting also tend to know Customer Service. Most people experienced in Consumer Loans also know Mortgage Loans.

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. Someone who has worked for fewer than five years earns around $38K on average. Individuals with five to 10 years of experience don't get much more, though; the average income in this group is $42K. People with 10 to 20 years of experience make an average of about $45K in this role. In the end, the overall pattern seems to be that more experience generally corresponds to higher pay; a Consumer Loan Officer with more than 20 years of experience can earn $54K on average.

Related Job Salaries

Key Stats for Loan Officer, Consumer

Gender

Female
53 %
Male
47 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 21 votes.
Less than 1 year
2%
1-4 years
45%
5-9 years
17%
10-19 years
25%
20 years or more
10%
Location:
Years in Fields/Career:
United States (change)

Experience Affects Loan Officer, Consumer Salaries

▲32%

▲11%

▲2%

National Average
$41,000

▼5%

Skills That Affect Loan Officer, Consumer Salaries


National Average
$41,000


Customer Service
▼1%

Sales
▼2%

Mortgage Loans
▼3%

Loan Processing
▼11%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 21 votes.

Gender

Female
53 %
Male
47 %

Years of Experience

Less than 1 year
2%
1-4 years
45%
5-9 years
17%
10-19 years
25%
20 years or more
10%

Common Health Benefits

medical benefits
Medical: 85%
dental benefits
Dental: 69%
vision benefits
Vision: 59%
dental benefits
None: 13%
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