Loan Officers Salary
Business and Financial Operations Occupations · 274K employed in the U.S.
Median annual
$76,690
Median hourly
$37
Average annual
$87,790
Typical range
$39,430–$153,180
Pay distribution
10th to 90th percentile, with the median marked.
What this role pays
The median annual salary for Loan Officers is $76,690 as of May 2025, based on the U.S. Bureau of Labor Statistics Occupational Employment and Wage Statistics (OEWS) survey. That works out to about $37 an hour at a full-time schedule.
Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and payment methods.
Most earn between $39,430 and $153,180 a year. There are roughly 274K people employed as loan officers in the United States. Use the state and metro pages below to see how pay changes by location, and the calculator to convert any hourly or annual figure.
Salary calculator
Convert your pay and see where it lands for Loan Officers.
- Hourly
- $36.87
- Daily
- $295
- Weekly
- $1,475
- Bi-weekly
- $2,950
- Monthly
- $6,391
- Annual
- $76,690
$76,690 a year is around the 50th percentile for Loan Officerss. The median is $76,690.
Highest-paying states
Median annual wage by state.
- 1Massachusetts$101,600
- 2Connecticut$95,730
- 3New York$95,710
- 4Minnesota$95,170
- 5Colorado$94,520
- 6Oregon$94,440
- 7New Jersey$92,920
- 8District of Columbia$92,890
- 9Vermont$88,710
- 10Kansas$86,970
- 11North Dakota$84,650
- 12Iowa$83,670
Top-paying metro areas
Median annual wage by metro area.
- 1Enid, OK$104,990
- 2Bridgeport-Stamford-Danbury, CT$103,850
- 3Boston-Cambridge-Newton, MA-NH$103,400
- 4San Francisco-Oakland-Fremont, CA$103,000
- 5Minneapolis-St. Paul-Bloomington, MN-WI$102,200
- 6New York-Newark-Jersey City, NY-NJ$101,570
- 7Des Moines-West Des Moines, IA$101,190
- 8Lawrence, KS$100,480
- 9Denver-Aurora-Centennial, CO$100,130
- 10Wichita, KS$99,170
- 11New Haven, CT$98,930
- 12Iowa City, IA$98,630
Related job titles
Employers advertise Loan Officers roles under these titles.
- Agricultural Loan Officer
- Bank Officer
- Banking Services Officer
- Branch Lending Officer
- Business Banking Officer
- Commercial Banker
- Commercial Lender
- Commercial Loan Collection Officer
- Commercial Loan Officer
- Commercial Mortgage Broker
- Commercial Relationship Manager
- Consumer Lending Specialist
- Consumer Loan Officer
- Consumer Loan Specialist
- Corporate Banking Officer
- Eligibility Consultant
Related occupations
What a Loan Officers does
- Meet with applicants to obtain information for loan applications and to answer questions about the process.
- Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
- Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
- Submit applications to credit analysts for verification and recommendation.
- Review loan agreements to ensure that they are complete and accurate according to policy.
- Review and update credit and loan files.
- Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
- Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
Frequently asked questions
- How much does a Loan Officers make?
- The median annual wage for Loan Officers is $76,690 ($37 per hour). Pay ranges from about $39,430 at the 10th percentile to $153,180 at the 90th percentile.
- What is the average salary for a Loan Officers?
- The average (mean) annual salary is $87,790, which is higher than the median because a small number of high earners pull the average up.
- Which state pays Loan Officerss the most?
- Massachusetts has the highest median annual wage for this occupation at $101,600.
- Is Loan Officers a growing occupation?
- BLS employment data for May 2025 counts about 274K people in this occupation. Projected growth is published separately in the BLS Employment Projections program.
- What does a Loan Officers do?
- Meet with applicants to obtain information for loan applications and to answer questions about the process.; Approve loans within specified limits, and refer loan applications outside those limits to management for approval.; Explain to customers the different types of loans and credit options that are available, as well as the terms of those services..