Loan Officer Salary in Chicago, Illinois
The median loan officer salary in Chicago, IL is $74,286 per year, which is 13.0% above the national median and 11.9% above the Illinois state average.
Loan Officer Pay in Chicago: What to Expect (2026)
Chicago offers a median loan officer salary of $74,286, which is $7,889 above the Illinois state average of $66,397. Compared to the national median of $65,740, Chicago pays above average for this role.
Chicago's cost of living is 107% of the national average, meaning salary figures here closely reflect actual purchasing power. This makes direct comparisons to other cities straightforward.
The salary range for loan officers in Chicago spans from $39,776 at the 10th percentile to $173,794 at the 90th percentile — a $134,018 spread. Entry-level professionals start around $42,940, while senior loan officers with 8+ years of experience can earn up to $146,900. As a major metro area with a population of 2,693,976, Chicago typically offers more job opportunities and employer competition, which can drive salaries higher.
Loan Officer Salary in Chicago by Experience
In Chicago, an entry-level loan officer earns around $42,940, while experienced professionals earn up to $146,900 per year. The local cost of living index is 107% of the national average.
Salary Percentiles in Chicago, IL
| Percentile | Chicago |
|---|---|
| 10th Percentile | $39,776 |
| 25th Percentile | $51,302 |
| Median (50th) | $74,286 |
| 75th Percentile | $113,000 |
| 90th Percentile | $173,794 |
Loan Officer Salary in Other Illinois Cities
How to Become a Loan Officer in Chicago
Education
Most loan officer positions require a bachelor's degree. Chicago and the surrounding Illinois area have institutions offering relevant programs.
Key Skills
Job Outlook
Nationally, loan officer employment is projected to grow 3% over the next decade (as fast as average). Demand in Chicago may vary based on local industry and population growth.
Find Loan Officer Jobs in Chicago
Browse open loan officer positions in Chicago, IL: