Business & Finance Springfield, IL Pop. 114,394

Loan Officer Salary in Springfield, Illinois

The median loan officer salary in Springfield, IL is $59,823 per year, which is 9% below the national median and 9.9% below the Illinois state average.

City Median
$59,823
vs State Avg
$-6,574
vs National
$-5,917
Cost of Living
85%

Loan Officer Salary in Springfield by Experience

In Springfield, an entry-level loan officer earns around $34,580, while experienced professionals earn up to $118,300 per year. The local cost of living index is 85% of the national average.

Entry Level (0-2 yrs)
$34,580
$-3,420 vs national
Mid Level (3-7 yrs)
$60,060
$-5,940 vs national
Senior Level (8+ yrs)
$118,300
$-11,700 vs national

Salary Percentiles in Springfield, IL

Percentile Springfield
10th Percentile $32,032
25th Percentile $41,314
Median (50th) $59,823
75th Percentile $91,000
90th Percentile $139,958

Loan Officer Salary in Other Illinois Cities

Naperville, IL
$74,944
Pop. 149,540
Chicago, IL
$74,286
Pop. 2,693,976
Aurora, IL
$66,397
Pop. 197,757
Rockford, IL
$57,851
Pop. 148,655

How to Become a Loan Officer in Springfield

Education

Most loan officer positions require a bachelor's degree. Springfield and the surrounding Illinois area have institutions offering relevant programs.

Key Skills

Credit AnalysisMortgage LendingCustomer ServiceRegulatory ComplianceSalesFinancial Software

Job Outlook

Nationally, loan officer employment is projected to grow 3% over the next decade (as fast as average). Demand in Springfield may vary based on local industry and population growth.

Find Loan Officer Jobs in Springfield

Browse open loan officer positions in Springfield, IL:

Indeed → LinkedIn → ZipRecruiter → Glassdoor →

Frequently Asked Questions: Loan Officer Salary in Springfield

How much does a Loan Officer make in Springfield, IL? ▼
The median loan officer salary in Springfield, Illinois is $59,823 per year, which is 9% below the national median of $65,740. Salaries range from $32,032 (10th percentile) to $139,958 (90th percentile).
How much does a Loan Officer make per hour in Springfield? ▼
Based on the median annual salary of $59,823, a loan officer in Springfield earns approximately $29 per hour assuming a standard 2,080-hour work year.
How does Springfield compare to the Illinois state average for loan officer pay? ▼
Springfield's median loan officer salary of $59,823 is 9.9% below the Illinois state average of $66,397. The local cost of living index is 85% of the national average.
What is the cost of living in Springfield, IL? ▼
Springfield has a cost of living index of 85% compared to the national average. This means a loan officer salary of $59,823 in Springfield has more purchasing power than the same salary in an average-cost city.
What qualifications do I need to become a loan officer in Springfield? ▼
Most loan officer positions in Springfield require a bachelor's degree. Key skills include Credit Analysis, Mortgage Lending, Customer Service, Regulatory Compliance. The job market is projected to grow 3% nationally over the next decade.