Credit Officers


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Credit Officers

Credit Officers - Wages & Trends

Some lenders pay loan officers a commission based on the number or amount of the loans they make. A commission is a bonus payment that serves as an incentive to make more loans. The more loans made, the higher their wages. Other employers may pay loan officers a straight salary with no commissions. Still others pay a combination of salary plus commissions or bonuses.

Wages vary by specialization. In general, commercial loan officers earn more than those who specialize in consumer or mortgage loans.

Loan officers who work full time usually receive benefits. Typical benefits include sick leave, paid vacation, and health insurance. Some employers also provide a retirement plan.

Loan officers (SOC 13-2072)
Location
Pay Period
25%
Median
75%
Illinois Hourly $27.51 $37.20 $50.18
Yearly $57,222 $77,368 $104,380
    Champaign Area Hourly $29.11 $36.18 $48.53
Yearly $60,545 $75,261 $100,950
    Charleston-Effingham-Centralia Area Hourly $29.48 $37.51 $48.67
Yearly $61,315 $78,021 $101,229
    Cook County Hourly $28.07 $38.15 $51.47
Yearly $58,381 $79,370 $107,061
    Decatur Area Hourly $24.88 $29.90 $41.44
Yearly $51,754 $62,205 $86,204
    Dekalb-Elgin-Aurora Area Hourly $28.99 $42.25 $51.25
Yearly $60,290 $87,888 $106,607
    Du Page County Hourly $26.69 $37.07 $50.76
Yearly $55,512 $77,119 $105,599
    Edwardsville Area Hourly $24.43 $31.45 $47.89
Yearly $50,833 $65,424 $99,605
    Jacksonville-Carlinville-Litchfield Area Hourly $29.87 $37.41 $49.93
Yearly $62,128 $77,806 $103,863
    Kankakee-Morris-Pontiac Area Hourly $24.72 $31.05 $49.94
Yearly $51,409 $64,577 $103,869
    Lake County Hourly $24.17 $30.71 $48.53
Yearly $50,267 $63,866 $100,952
    Northwest Illinois Area Hourly $26.47 $37.60 $50.25
Yearly $55,068 $78,222 $104,537
    Peoria-Bloomington Area Hourly $24.59 $36.74 $49.16
Yearly $51,145 $76,413 $102,253
    Quincy-Macomb-Galesburg Area Hourly $29.41 $36.95 $50.25
Yearly $61,164 $76,862 $104,530
    Rock Island-Moline Area Hourly $23.76 $29.97 $47.96
Yearly $49,419 $62,326 $99,753
    Rockford Area Hourly $25.38 $31.56 $46.48
Yearly $52,795 $65,664 $96,678
    Shawnee National Forest Area Hourly $30.22 $39.07 $47.92
Yearly $62,868 $81,268 $99,669
    Springfield Area Hourly $25.40 $33.96 $48.74
Yearly $52,833 $70,628 $101,376
    Vermilion County Hourly $24.47 $30.59 $48.11
Yearly $50,889 $63,618 $100,055
    Will County Hourly $29.43 $38.04 $51.97
Yearly $61,208 $79,129 $108,086
United States Hourly $24.26 $35.66 $49.00
Yearly $50,460 $74,180 $101,920

Source: Illinois Career Information System (CIS) brought to you by Illinois Department of Employment Security.