Loan Officer, Consumer Salary

Those pursuing careers as Consumer Loan Officers in the United States may have to make do with less; average incomes for people in this area hover around only $41K per year. Overall incomes of Consumer Loan Officers generally bottom out at around $29K and peak near $55K; the final number can, in exceptional cases, include upwards of $5K each for bonuses and profit sharing proceeds. There are more female Consumer Loan Officers who answered the questionnaire than male, making up 63 percent. Most workers in this position report high levels of job satisfaction. A large number enjoy medical while a fair number get dental coverage. Vision coverage is also available to a little over a half.

$29,388 - $54,093
(Median)
$29K
$41K
$54K
MEDIAN: $40,602
10%
50%
90%

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$12.56 - $21.94
(Median)
$13
$16
$22
MEDIAN: $15.00
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
$29,388 - $54,093  
   
Bonus
$0.00 - $5,287  
Profit Sharing
$376.80 - $5,106  
Commission
$0.00 - $18,422  
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).
)
$28,778 - $54,942  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 171
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
$12.56 - $21.94  
   
Overtime
$19.28 - $33.30  
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
$0.00 - $5,287  
   
Commission
$0.00 - $18,422  
Profit Sharing
$376.80 - $5,106  
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).
)
$28,778 - $54,942  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 128
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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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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


Consumer Loan Officers report using a wide range of professional skills. Most notably, skills in Loan Underwriting, Sales, Mortgage Loans, and Customer Service are correlated to pay that is above average. Most people skilled in Consumer Loans are similarly competent in Mortgage Loans.

Pay by Experience Level for Loan Officer, Consumer

Median of all compensation (including tips, bonus, and overtime) by years of experience.


For Consumer Loan Officers, experience does not seem to be a major factor in determining pay. Those who have worked for fewer than five years take home a median salary of $35K, and workers with five to 10 years of experience earn a higher $39K on average. The average pay reported by folks with 10 to 20 years of experience is around $44K. Individuals who report more than two decades of experience seem to make only slightly more than folks in the 10-to-20 year range; the more senior group sees median earnings in the comparatively modest ballpark of $46K.

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Experience Affects Loan Officer, Consumer Salaries

Late-Career
up arrow 19%

Experienced
up arrow 13%

Mid-Career
0%

National Average
$39,000

Entry-Level
up arrow 9%

Skills That Affect Loan Officer, Consumer Salaries


Sales
up arrow 5%

Consumer Loans
up arrow 1%

Mortgage Loans
up arrow 1%

Customer Service
up arrow 1%

Loan Processing
0%

National Average
$39,000

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 55 votes.

Gender

Female
63 %
Male
37 %

Years of Experience

Less than 1 year
2%
1-4 years
35%
5-9 years
27%
10-19 years
26%
20 years or more
10%

Common Health Benefits

medical benefits
Medical: 89%
dental benefits
Dental: 76%
medical benefits
Vision: 54%
dental benefits
None: 9%
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