How to Become a Loan Officers in Illinois
Loan Officers in Illinois earn a median salary of $79,150/year, which is 3% above the national average. Illinois has a state income tax of ~5.0%. After taxes and rent, a loan officers takes home approximately $3,814/month. Most positions require Bachelor's degree.
What a loan officers can afford in Illinois
Becoming a loan officers in Illinois
Meet education requirements
Loan Officers positions in Illinois typically require Bachelor's degree. Programs are available at colleges and training institutions across Illinois. Research accredited programs in your area.
Gain required experience
Many loan officers positions in Illinois require hands-on experience through internships, apprenticeships, or entry-level roles. Look for training programs and mentorship opportunities in your metro area.
Obtain Illinois licensure or certification
Illinois may require specific licensing or professional certification for loan officerss. Requirements vary by state, contact the Illinois Department of Labor or relevant licensing board for current requirements, exam schedules, and application procedures.
Find positions in Illinois
Illinois employs 10,890 loan officers. The highest concentrations are in Chicago-Naperville-Elgin and Champaign-Urbana.
Loan Officers salary by metro area in Illinois
| Metro area | Median | Hourly | Employment |
|---|---|---|---|
| Chicago-Naperville-Elgin | $80K | $38.48/hr | 7,380 |
| Champaign-Urbana | $79K | $37.96/hr | 210 |
| Springfield | $79K | $37.79/hr | 190 |
| Rockford | $76K | $36.48/hr | 90 |
| Decatur | $75K | $36.15/hr | 90 |
| Peoria | $75K | $35.83/hr | 270 |
| Bloomington | $67K | $32.28/hr | 160 |
| Kankakee | $63K | $30.08/hr | 80 |
Loan Officers salary range in Illinois
Loan Officers careers in other states
Frequently asked questions
How much does a loan officers make in Illinois?▼
The median loan officers salary in Illinois is $79,150 per year ($38.05/hr). This is 3% above the national median of $76,690. Salaries range from $43,020 to $137,080.
What are the requirements to become a loan officers in Illinois?▼
Loan Officers positions in Illinois typically require Bachelor's degree. Illinois may have specific licensing or certification requirements. Check with the Illinois licensing board or department of labor for current requirements.
Can a loan officers afford to live in Illinois?▼
At the median salary of $79,150, a loan officers in Illinois would take home approximately $5,013/month after taxes. With median 2-bedroom rent at $1,199/month, that's 23.9% of take-home pay going to housing. This is within the recommended 30% guideline.
What are the best cities for loan officers in Illinois?▼
The highest paying metro areas for loan officers in Illinois are Chicago-Naperville-Elgin ($80,040), Champaign-Urbana ($78,950), Springfield ($78,600). However, cost of living varies significantly between metros, a higher salary may not mean more purchasing power.
Does Illinois have state income tax for loan officers?▼
Yes, Illinois has a state income tax rate of approximately 5.0%. On a $79,150 salary, this means roughly $3,918/year in state income tax. Use our take-home pay calculator for a detailed breakdown.