What am I worth?
Get a free salary report »
What should I pay?
Pay the right way »

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 $39K per year. In the world of Consumer Loan Officers, total cash compensation ranges from $27K on the lower end to $53K on the higher end; this includes bonuses that reach $5K and profit sharing that approaches $3K in rare cases, with some high rollers snagging commissions as high as $10K. More than half of Consumer Loan Officers (61 percent) survey participants are women. The majority of Consumer Loan Officers claim high levels of job satisfaction. Medical benefits are awarded to a large number, and a fair number earn dental coverage. This snapshot results from replies to PayScale's salary survey.

$27,994 - $53,347
(Median)
$28K
$39K
$53K
MEDIAN: $38,996
10%
50%
90%

Add this chart to your site: 640px    300px

$12.05 - $20.22
(Median)
$12
$15
$20
MEDIAN: $15.00
10%
50%
90%

Add this chart to your site: 640px    300px

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
$27,994 - $53,347  
   
Bonus
$0.00 - $5,117  
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).
)
$27,228 - $53,315  
Country: United States | Currency: USD | Updated: 31 Mar 2015 | Individuals Reporting: 209
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
$12.05 - $20.22  
   
Overtime
$17.88 - $32.39  
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 - $5,117  
   
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).
)
$27,228 - $53,315  
Country: United States | Currency: USD | Updated: 31 Mar 2015 | Individuals Reporting: 140

Find Out Exactly What You Should Be Paid

United States (change)

- OR -

Log in with LinkedIn

Comp Managers Click Here »

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.

Read More...

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.

Loan Officer, Consumer Job Listings

Search for more jobs:


Job skills reported by Consumer Loan Officers are limited. Loan Underwriting and Mortgage Loans are considered valuable skills and can increase employee pay by 16 percent and 7 percent, respectively. Loan Underwriting is a skill commonly found among those who know Consumer Loans.

Pay by Experience Level for Loan Officer, Consumer

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


Consumer Loan Officers with a lot of experience do not necessarily enjoy more money. Although individuals who have less than five years' experience earn $34K on average, people with five to 10 years benefit from a notably larger average of $38K. Consumer Loan Officers claiming one to two decades of experience make an estimated median of $43K. Veterans who have surpassed the 20-year mark may make only slightly more than those who are navigating the mid-career stage; the more senior group reports median earnings of around $47K.

Related Job Salaries

United States (change)

Experience Affects Loan Officer, Consumer Salaries

Late-Career
up arrow 25%

Experienced
up arrow 14%

Mid-Career
up arrow 2%

National Average
$37,000

Entry-Level
up arrow 9%

Skills That Affect Loan Officer, Consumer Salaries


Mortgage Loans
up arrow 7%

Consumer Loans
up arrow 3%

National Average
$37,000

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 74 votes.

Gender

Female
61 %
Male
39 %

Years of Experience

Less than 1 year
3%
1-4 years
36%
5-9 years
26%
10-19 years
25%
20 years or more
10%

Common Health Benefits

medical benefits Medical: 88% dental benefits Dental: 74%
vision benefits Vision: 49% employee benefits None: 9%