Loan Officer salary in Chicago-Naperville-Elgin, IL-IN
Loan Officers in the Chicago-Naperville-Elgin, IL-IN metro area earn a median of $80,040 a year ($38.48 an hour), based on BLS data for 7,380 workers.
Pay ranges from $40,710 for the lowest-paid 10% to $143,160 for the top 10%. That is 4% higher than the national median of $76,690. Pay here is 1% higher than the Illinois statewide median of $79,150. There are 1.6 loan officers per 1,000 jobs here — close to the national average. The average (mean) salary is $91,650, above the median because a few high earners pull it up.
Pay range for loan officers in Chicago-Naperville-Elgin, IL-IN
| Pay level | Yearly | Hourly |
|---|---|---|
| 10th percentile (entry level) | $40,710 | $19.57 |
| 25th percentile | $60,430 | $29.05 |
| Median | $80,040 | $38.48 |
| 75th percentile | $105,210 | $50.58 |
| 90th percentile (top earners) | $143,160 | $68.83 |
| Average (mean) | $91,650 | $44.06 |
Half of loan officers earn more than the median and half earn less. Percentiles show the spread: 10% earn less than the 10th percentile, and 10% earn more than the 90th.
Median paycheck, before taxes
| Pay period | Amount |
|---|---|
| Monthly | $6,670 |
| Semi-monthly (24 a year) | $3,335 |
| Biweekly (26 a year) | $3,078.46 |
| Weekly | $1,539.23 |
| Hourly | $38.48 |
Based on a full-time year of 2,080 hours. Convert any amount with the hourly to salary converter.
Buying a home? On a $80,040 salary, see how much house you can afford in Illinois at today's mortgage rates, or work out a payment with the mortgage calculator.
Loan Officer salary in other metro areas nearby
| Metro area | Median salary | Workers |
|---|---|---|
| Champaign-Urbana, IL | $78,950 | 210 |
| Springfield, IL | $78,600 | 190 |
| Cape Girardeau, MO-IL | $76,400 | 70 |
| Lafayette-West Lafayette, IN | $75,980 | 110 |
| Rockford, IL | $75,880 | 90 |
| Davenport-Moline-Rock Island, IA-IL | $75,380 | 350 |
| Cincinnati, OH-KY-IN | $75,300 | 2,060 |
| Decatur, IL | $75,190 | 90 |
| Terre Haute, IN | $74,890 | 70 |
| Indianapolis-Carmel-Greenwood, IN | $74,790 | 1,690 |
| Peoria, IL | $74,530 | 270 |
| St. Louis, MO-IL | $74,510 | 2,690 |
| Elkhart-Goshen, IN | $74,060 | 110 |
| Bloomington, IL | $67,140 | 160 |
| Louisville/Jefferson County, KY-IN | $64,460 | 1,120 |
| Evansville, IN | $63,560 | 240 |
| Muncie, IN | $63,460 | 150 |
| Fort Wayne, IN | $63,320 | 410 |
| South Bend-Mishawaka, IN-MI | $63,130 | 160 |
| Bloomington, IN | $62,720 | 90 |
| Kankakee, IL | $62,570 | 80 |
| Kokomo, IN | $60,780 | 60 |
| Paducah, KY-IL | $60,080 | 90 |
| Michigan City-La Porte, IN | $59,700 | 60 |
| Columbus, IN | $59,040 | 50 |
Highest-paying states for loan officers
| State | Median salary |
|---|---|
| Massachusetts | $101,600 |
| Connecticut | $95,730 |
| New York | $95,710 |
| Minnesota | $95,170 |
| Colorado | $94,520 |
| Oregon | $94,440 |
| New Jersey | $92,920 |
| District of Columbia | $92,890 |
| Vermont | $88,710 |
| Kansas | $86,970 |
See Loan Officer pay in every state or the Illinois statewide figures.
Related jobs in Chicago-Naperville-Elgin, IL-IN
| Job | Median salary | Hourly |
|---|---|---|
| Accountants and Auditors | $82,360 | $39.60 |
| Financial and Investment Analysts | $101,750 | $48.92 |
| Personal Financial Advisor | $113,210 | $54.43 |
| Financial Specialists, All Other | $81,740 | $39.30 |
| Insurance Underwriter | $99,840 | $48.00 |
| Financial Examiner | $98,470 | $47.34 |
| Credit Analyst | $92,900 | $44.67 |
| Financial Risk Specialist | $105,370 | $50.66 |
| Tax Preparer | $48,670 | $23.40 |
| Property Appraisers and Assessors | $76,520 | $36.79 |
| Credit Counselor | $57,210 | $27.51 |
| Tax Examiners and Collectors, and Revenue Agents | $93,590 | $45.00 |
| Budget Analyst | $88,460 | $42.53 |
| Management Analyst | $105,090 | $50.53 |
More: Business and Financial Operations Occupations · all salaries in Chicago-Naperville-Elgin, IL-IN
Source: U.S. Bureau of Labor Statistics, Occupational Employment and Wage Statistics, May 2025 estimates, occupation code 13-2072. Wages include base pay, tips, commissions and shift pay, but not overtime, bonuses or benefits, and exclude the self-employed.
Frequently asked questions
How much does a loan officer make in Chicago-Naperville-Elgin, IL-IN?
The median salary for loan officers in the Chicago-Naperville-Elgin, IL-IN metro area is $80,040 a year, or $38.48 an hour. Pay ranges from $40,710 for the lowest-paid 10% to $143,160 for the top 10%.
How much do the highest-paid loan officers make in Chicago-Naperville-Elgin, IL-IN?
The top 10% of loan officers in the Chicago-Naperville-Elgin, IL-IN metro area earn at least $143,160 a year. The top 25% earn $105,210 or more.
What is the starting pay for loan officers in Chicago-Naperville-Elgin, IL-IN?
Entry-level pay (the 10th percentile) is about $40,710 a year, and a quarter of loan officers earn $60,430 or less.
How many loan officers work in Chicago-Naperville-Elgin, IL-IN?
About 7,380 loan officers are employed in the Chicago-Naperville-Elgin, IL-IN metro area, not counting the self-employed.