Business & Finance Rapid City, SD Pop. 74,703

Loan Officer Salary in Rapid City, South Dakota

The median loan officer salary in Rapid City, SD is $59,166 per year, which is 10% below the national median and 2.3% above the South Dakota state average.

City Median
$59,166
vs State Avg
+$1,315
vs National
$-6,574
Cost of Living
90%

Loan Officer Pay in Rapid City: What to Expect (2026)

Rapid City offers a median loan officer salary of $59,166, which is $1,315 above the South Dakota state average of $57,851. Compared to the national median of $65,740, Rapid City pays below the national benchmark for this role.

Rapid City's cost of living is 90% 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 Rapid City spans from $31,680 at the 10th percentile to $138,420 at the 90th percentile — a $106,740 spread. Entry-level professionals start around $34,200, while senior loan officers with 8+ years of experience can earn up to $117,000. Rapid City is a smaller market (pop. 74,703), which may mean fewer openings but also less competition for available positions.

Loan Officer Salary in Rapid City by Experience

In Rapid City, an entry-level loan officer earns around $34,200, while experienced professionals earn up to $117,000 per year. The local cost of living index is 90% of the national average.

Entry Level (0-2 yrs)
$34,200
$-3,800 vs national
Mid Level (3-7 yrs)
$59,400
$-6,600 vs national
Senior Level (8+ yrs)
$117,000
$-13,000 vs national

Salary Percentiles in Rapid City, SD

Percentile Rapid City
10th Percentile $31,680
25th Percentile $40,860
Median (50th) $59,166
75th Percentile $90,000
90th Percentile $138,420

Loan Officer Salary in Other South Dakota Cities

Sioux Falls, SD
$60,481
Pop. 192,517
Brookings, SD
$56,536
Pop. 24,194
Aberdeen, SD
$55,222
Pop. 28,324
Mitchell, SD
$53,907
Pop. 15,660

How to Become a Loan Officer in Rapid City

Education

Most loan officer positions require a bachelor's degree. Rapid City and the surrounding South Dakota 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 Rapid City may vary based on local industry and population growth.

Find Loan Officer Jobs in Rapid City

Browse open loan officer positions in Rapid City, SD:

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Frequently Asked Questions: Loan Officer Salary in Rapid City

How much does a Loan Officer make in Rapid City, SD? ▼
The median loan officer salary in Rapid City, South Dakota is $59,166 per year, which is 10% below the national median of $65,740. Salaries range from $31,680 (10th percentile) to $138,420 (90th percentile).
How much does a Loan Officer make per hour in Rapid City? ▼
Based on the median annual salary of $59,166, a loan officer in Rapid City earns approximately $28 per hour assuming a standard 2,080-hour work year.
How does Rapid City compare to the South Dakota state average for loan officer pay? ▼
Rapid City's median loan officer salary of $59,166 is 2.3% above the South Dakota state average of $57,851. The local cost of living index is 90% of the national average.
What is the cost of living in Rapid City, SD? ▼
Rapid City has a cost of living index of 90% compared to the national average. This means a loan officer salary of $59,166 in Rapid City has more purchasing power than the same salary in an average-cost city.
What qualifications do I need to become a loan officer in Rapid City? ▼
Most loan officer positions in Rapid City 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.