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METRO DATA PROFILE · 2024

Loan Officers salary in Chicago, Illinois

Metro-level median, range, and employment from BLS Occupational Employment Statistics for the Chicago metropolitan area. Skills and task data from O*NET. State and national figures shown for context.

Adrian Serafin, founder and editor of RateOrchardBy Adrian SerafinFounderUpdated April 30, 2026
Median annual$77,270
Mean annual$92,600
Range (10th to 90th)$47,940 to $152,530
Chicago, Illinois employment7,040
State vs national+5.8% vs national

Salary distribution

Where Chicago loan officers fall on the wage curve.

Annual wage distribution

Shaded band = interquartile range (where most full-time workers fall)

10TH$47,94025TH$56,440MEDIAN$77,27075TH$105,11090TH$152,530

The middle 50% of workers earn between $56,440 and $105,110, with a median of $77,270.

Typical entry

  • Education

    Bachelor's degree

  • Experience

    None

  • On-the-job training

    Moderate-term on-the-job training

Top skills (O*NET)

  • Customer and Personal Service

    Knowledge

    4.7 / 5

  • Written Comprehension

    Ability

    4.0 / 5

  • Speaking

    Basic skill

    4.0 / 5

  • Active Listening

    Basic skill

    4.0 / 5

  • Oral Expression

    Ability

    4.0 / 5

  • Oral Comprehension

    Ability

    4.0 / 5

  • Reading Comprehension

    Basic skill

    3.9 / 5

  • Judgment and Decision Making

    Technical

    3.9 / 5

Common tasks (O*NET)

  1. 01

    Meet with applicants to obtain information for loan applications and to answer questions about the process.

  2. 02

    Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.

  3. 03

    Approve loans within specified limits, and refer loan applications outside those limits to management for approval.

  4. 04

    Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.

  5. 05

    Submit applications to credit analysts for verification and recommendation.

  6. 06

    Review loan agreements to ensure that they are complete and accurate according to policy.

  7. 07

    Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.

  8. 08

    Review and update credit and loan files.

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Frequently asked questions

What is the median salary for Loan Officers in Chicago, Illinois?
According to BLS Occupational Employment and Wage Statistics, the median annual wage for Loan Officers in the Chicago metropolitan area is $77,270.
Does Chicago pay more than the Illinois state average for Loan Officers?
The Chicago metro median is +1.7% versus the Illinois state median of $75,960.
How does Chicago compare to the national median for Loan Officers?
The Chicago metro median is +5.8% versus the BLS national figure of $73,019.
What is the salary range for Loan Officers in Chicago?
BLS reports the 10th-percentile annual wage at $47,940 and the 90th-percentile at $152,530 for the Chicago metro area.
What education is required for Loan Officers?
BLS lists the typical entry-level education as Bachelor's degree. Many employers also weigh prior experience and credentials.
Disclaimer

Information on this page is for general educational purposes only. It is not career, financial, or tax advice. BLS metro estimates reflect the Chicago CBSA boundary for the reference year shown and may not match individual offers, employer-specific ranges, or current market conditions. Confirm with a licensed professional before making career or compensation decisions.