Business & Finance Cleveland, OH Pop. 372,624

Loan Officer Salary in Cleveland, Ohio

The median loan officer salary in Cleveland, OH is $56,536 per year, which is 14% below the national median and 4.4% below the Ohio state average.

City Median
$56,536
vs State Avg
$-2,630
vs National
$-9,204
Cost of Living
86%

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

Cleveland offers a median loan officer salary of $56,536, which is $2,630 below the Ohio state average of $59,166. Compared to the national median of $65,740, Cleveland pays below the national benchmark for this role.

One of Cleveland's biggest advantages is its low cost of living at 86% of the national average. This means the $56,536 salary stretches further here — equivalent to roughly $65,740 in an average-cost city. This makes Cleveland an attractive option for loan officers seeking strong real-dollar compensation.

The salary range for loan officers in Cleveland spans from $30,272 at the 10th percentile to $132,268 at the 90th percentile — a $101,996 spread. Entry-level professionals start around $32,680, while senior loan officers with 8+ years of experience can earn up to $111,800. With a population of 372,624, Cleveland is a mid-sized metro with a growing job market.

Loan Officer Salary in Cleveland by Experience

In Cleveland, an entry-level loan officer earns around $32,680, while experienced professionals earn up to $111,800 per year. The local cost of living index is 86% of the national average.

Entry Level (0-2 yrs)
$32,680
$-5,320 vs national
Mid Level (3-7 yrs)
$56,760
$-9,240 vs national
Senior Level (8+ yrs)
$111,800
$-18,200 vs national

Salary Percentiles in Cleveland, OH

Percentile Cleveland
10th Percentile $30,272
25th Percentile $39,044
Median (50th) $56,536
75th Percentile $86,000
90th Percentile $132,268

Loan Officer Salary in Other Ohio Cities

Columbus, OH
$62,453
Pop. 905,748
Cincinnati, OH
$59,166
Pop. 309,317
Akron, OH
$55,222
Pop. 190,469
Toledo, OH
$53,907
Pop. 270,871

How to Become a Loan Officer in Cleveland

Education

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

Find Loan Officer Jobs in Cleveland

Browse open loan officer positions in Cleveland, OH:

Indeed → LinkedIn → ZipRecruiter → Glassdoor →

Frequently Asked Questions: Loan Officer Salary in Cleveland

How much does a Loan Officer make in Cleveland, OH? ▼
The median loan officer salary in Cleveland, Ohio is $56,536 per year, which is 14% below the national median of $65,740. Salaries range from $30,272 (10th percentile) to $132,268 (90th percentile).
How much does a Loan Officer make per hour in Cleveland? ▼
Based on the median annual salary of $56,536, a loan officer in Cleveland earns approximately $27 per hour assuming a standard 2,080-hour work year.
How does Cleveland compare to the Ohio state average for loan officer pay? ▼
Cleveland's median loan officer salary of $56,536 is 4.4% below the Ohio state average of $59,166. The local cost of living index is 86% of the national average.
What is the cost of living in Cleveland, OH? ▼
Cleveland has a cost of living index of 86% compared to the national average. This means a loan officer salary of $56,536 in Cleveland has more purchasing power than the same salary in an average-cost city.
What qualifications do I need to become a loan officer in Cleveland? ▼
Most loan officer positions in Cleveland 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.