How much does a loan officer make?

The median pay is $36.87 per hour — roughly $76,500 a year, with the real range running from about $18.96/hr (10th percentile) to $73.65/hr (90th percentile). Source: U.S. Bureau of Labor Statistics.

Do you need a degree to be a loan officer?

The typical entry-level education is: Bachelor's degree. Overall preparation level: considerable preparation (Job Zone 4 of 5).

What does a loan officer actually do all day?

Meet with applicants to obtain information for loan applications and to answer questions about the process. Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans. Approve loans within specified limits, and refer loan applications outside those limits to management for approval.

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Loan Officers

Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and payment methods. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, loan underwriters, and payday loan officers.

What it pays
Loan Officers earn a median of $36.87/hr — about $76,500 a year. The lowest-paid 10% earn $18.96/hr; the top 10% earn $73.65/hr. (Annual figures are approximate: hourly × 2,080.)

What you'd actually do

Meet with applicants to obtain information for loan applications and to answer questions about the process.
Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
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.

How you get there

Typical entry-level education: Bachelor's degree. Overall preparation: considerable preparation (Job Zone 4 of 5).

The feel of the work

You're around people constantly; it rewards working independently; precision matters — small details carry weight. (Compared against the other 818 careers in the guide.)

Working for yourself

About 2.1% of loan officers are self-employed.

Who it tends to fit

This work tends to fit people who are organized and detail-focused, take-charge and people-focused.

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Quick questions

How much does a loan officer make?: The median pay is $36.87 per hour — roughly $76,500 a year, with the real range running from about $18.96/hr (10th percentile) to $73.65/hr (90th percentile). Source: U.S. Bureau of Labor Statistics.
Do you need a degree to be a loan officer?: The typical entry-level education is: Bachelor's degree. Overall preparation level: considerable preparation (Job Zone 4 of 5).
What does a loan officer actually do all day?: Meet with applicants to obtain information for loan applications and to answer questions about the process. Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans. Approve loans within specified limits, and refer loan applications outside those limits to management for approval.

Wages: U.S. Bureau of Labor Statistics, OEWS. Tasks & interests: O*NET. Career pathways shown in the app are draft archetypes — verify before relying on them. Trailhead is a free career guide for students — honest numbers, no hype.

Trailhead is operated by FLEXVermont LLC. It is intended for high-school students age 13 and older, and the educators and families who support them, and is not directed to children under 13. Trailhead is provided for general informational and educational purposes only. It does not offer professional, financial, or career advice, and its wage figures and pathways are estimates that may not fit your situation — they should not be relied on as the sole basis for any decision.