Loan Officer, Consumer Salary

It's impossible to make it big as a Consumer Loan Officers in the United States; the average employee scrapes together only around $39K per year. With some bonuses approaching $5K and certain profit sharing proceeds approaching $3K, overall incomes of Consumer Loan Officers spread between $27K and $53K depending on individual performance. Medical benefits are awarded to a large number, and a fair number earn dental coverage. Job satisfaction is high and work is enjoyable for most Consumer Loan Officers. Women account for the majority of Consumer Loan Officers who responded to the questionnaire — 63 percent to be exact.

$28,130 - $53,373
(Median)
$28K
$39K
$53K
MEDIAN: $39,260
10%
50%
90%

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$12.09 - $20.47
(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
$28,130 - $53,373  
   
Bonus
$0.00 - $5,100  
Profit Sharing
$502 - $3,109  
Commission
$0.00 - $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).
)
$27,384 - $53,426  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 199
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
$12.09 - $20.47  
   
Overtime
$18.72 - $32.72  
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 - $5,100  
   
Commission
$0.00 - $10,304  
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).
)
$27,384 - $53,426  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 138
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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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Professional skills reported by Consumer Loan Officers are few in number. Those who have experience with Loan Underwriting, Mortgage Loans, and Consumer Loans can expect to be compensated well for these skills, typically earning between 3 percent to 16 percent more than the national average. It is not unusual for someone who knows Consumer Loans to be familiar with Loan Underwriting as well.

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. Relatively untried employees who have fewer than five years of experience earn around $34K on average. People who have worked for five to 10 years can expect a higher median salary of $38K. Consumer Loan Officers claiming one to two decades of experience make an estimated median of $42K. Consumer Loan Officers who surpass 20 years on the job report pay that isn't as high as one would expect; the median compensation for this crowd sits around $47K.

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Experience Affects Loan Officer, Consumer Salaries

Late-Career
up arrow 25%

Experienced
up arrow 13%

Mid-Career
up arrow 1%

National Average
$38,000

Entry-Level
up arrow 8%

Skills That Affect Loan Officer, Consumer Salaries


Mortgage Loans
up arrow 7%

Consumer Loans
up arrow 3%

National Average
$38,000

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 70 votes.

Gender

Female
63 %
Male
37 %

Years of Experience

Less than 1 year
3%
1-4 years
37%
5-9 years
25%
10-19 years
25%
20 years or more
10%

Common Health Benefits

medical benefits Medical: 88% dental benefits Dental: 73%
vision benefits Vision: 49% employee benefits None: 9%
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