Business & Finance Covington, KY Pop. 40,961

Loan Officer Salary in Covington, Kentucky

The median loan officer salary in Covington, KY is $57,851 per year, which is 12% below the national median and 1.1% above the Kentucky state average.

City Median
$57,851
vs State Avg
+$657
vs National
$-7,889
Cost of Living
88%

Loan Officer Pay in Covington: What to Expect (2026)

Covington offers a median loan officer salary of $57,851, which is $657 above the Kentucky state average of $57,194. Compared to the national median of $65,740, Covington pays below the national benchmark for this role.

One of Covington's biggest advantages is its low cost of living at 88% of the national average. This means the $57,851 salary stretches further here — equivalent to roughly $65,740 in an average-cost city. This makes Covington an attractive option for loan officers seeking strong real-dollar compensation.

The salary range for loan officers in Covington spans from $30,976 at the 10th percentile to $135,344 at the 90th percentile — a $104,368 spread. Entry-level professionals start around $33,440, while senior loan officers with 8+ years of experience can earn up to $114,400. Covington is a smaller market (pop. 40,961), which may mean fewer openings but also less competition for available positions.

Loan Officer Salary in Covington by Experience

In Covington, an entry-level loan officer earns around $33,440, while experienced professionals earn up to $114,400 per year. The local cost of living index is 88% of the national average.

Entry Level (0-2 yrs)
$33,440
$-4,560 vs national
Mid Level (3-7 yrs)
$58,080
$-7,920 vs national
Senior Level (8+ yrs)
$114,400
$-15,600 vs national

Salary Percentiles in Covington, KY

Percentile Covington
10th Percentile $30,976
25th Percentile $39,952
Median (50th) $57,851
75th Percentile $88,000
90th Percentile $135,344

Loan Officer Salary in Other Kentucky Cities

Lexington, KY
$61,138
Pop. 322,570
Louisville, KY
$60,481
Pop. 633,045
Bowling Green, KY
$55,222
Pop. 74,735
Owensboro, KY
$53,907
Pop. 60,183

How to Become a Loan Officer in Covington

Education

Most loan officer positions require a bachelor's degree. Covington and the surrounding Kentucky 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 Covington may vary based on local industry and population growth.

Find Loan Officer Jobs in Covington

Browse open loan officer positions in Covington, KY:

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Frequently Asked Questions: Loan Officer Salary in Covington

How much does a Loan Officer make in Covington, KY? ▼
The median loan officer salary in Covington, Kentucky is $57,851 per year, which is 12% below the national median of $65,740. Salaries range from $30,976 (10th percentile) to $135,344 (90th percentile).
How much does a Loan Officer make per hour in Covington? ▼
Based on the median annual salary of $57,851, a loan officer in Covington earns approximately $28 per hour assuming a standard 2,080-hour work year.
How does Covington compare to the Kentucky state average for loan officer pay? ▼
Covington's median loan officer salary of $57,851 is 1.1% above the Kentucky state average of $57,194. The local cost of living index is 88% of the national average.
What is the cost of living in Covington, KY? ▼
Covington has a cost of living index of 88% compared to the national average. This means a loan officer salary of $57,851 in Covington has more purchasing power than the same salary in an average-cost city.
What qualifications do I need to become a loan officer in Covington? ▼
Most loan officer positions in Covington 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.