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Loan processor: pay, job outlook and how to become one

Updated October 26, 2026. Based on U.S. Bureau of Labor Statistics and O*NET data. Published by Humblebee.

$50,020median pay per year, or $24.05 an hour, May 2025[1]
  1. $37,330lowest 10% earn less
  2. $45,12025th percentile
  3. $50,020median
  4. $60,60075th percentile
  5. $69,770top 10% earn more
Middle half of workers in the inner band[3]Median for all US jobs, $50,980[4]

Loan processors, which BLS counts as loan interviewers and clerks, had median pay of $50,020 a year in May 2025[1]. BLS projects employment to fall 2.4% from 2025 to 2035[2].

Job growth, 2025–35
-2.4%[2]
Openings per year
10,500[5]
Typical entry education
High school diploma or equivalent[6]

How much do loan processors make?

The median wage for loan interviewers and clerks was $50,020 a year, or $24.05 an hour[1]. Half earned more and half earned less. The average was $52,520 a year, or $25.25 an hour[7]. The median for all occupations in the US was $50,980[4], so the typical pay here was close to, and a little under, that figure.

The lowest-paid 10% earned less than $37,330 a year, and the highest-paid 10% earned more than $69,770[3]. By the hour, those two boundaries were $17.95 and $33.55[8].

Percentile Annual wage Hourly wage
10th[3][8] $37,330 $17.95
25th[3][8] $45,120 $21.69
Median[1] $50,020 $24.05
75th[3][8] $60,600 $29.14
90th[3][8] $69,770 $33.55

A percentile is a boundary, and BLS does not publish a starting salary[9]. These figures cover wage and salary workers only. They leave out the self-employed and do not include benefits or certain bonuses[10]. About 0.4% of workers in this group were self-employed in 2025[11].

Pay by state and city

The District of Columbia had the highest median wage at $77,080, followed by Maryland at $59,430 and Connecticut at $58,980[12]. Mississippi was last in the list at $39,120[12].

The most jobs were in Texas (17,090), California (14,680) and Florida (10,690)[13]. Among metro areas, San Jose-Sunnyvale-Santa Clara, CA had the highest median at $62,530, then Vallejo, CA at $62,160 and Santa Maria-Santa Barbara, CA at $61,630[14]. The Dallas-Fort Worth-Arlington area had the most jobs, at 6,300, with a median of $51,470[15].

Show median pay in 50 states and DC
StateMedian per yearJobs
District of Columbia[12]$77,080140
Maryland$59,4301,590
Connecticut$58,980970
Massachusetts$58,9402,080
New Jersey$58,7603,620
Washington$58,7403,290
New York$58,1204,780
North Carolina$57,7804,800
Delaware$57,760950
Oregon$57,6501,920
California$57,30014,680
Nevada$57,0701,520
Colorado$56,7602,500
New Hampshire$56,040520
Hawaii$55,410450
Minnesota$51,7602,850
Rhode Island$51,560650
Michigan$51,5007,930
Alaska$51,470330
North Dakota$51,290980
Florida$50,51010,690
Virginia$50,1403,990
Arizona$50,1204,700
Iowa$50,0802,380
Vermont$50,060290
Maine$50,020650
Illinois$50,0006,850
Texas$49,98017,090
Ohio$49,1505,800
Nebraska$48,9701,010
Wisconsin$48,9304,270
Montana$48,460640
Georgia$48,3104,020
Utah$48,1102,820
Idaho$48,0901,240
Wyoming$47,950300
Kentucky$47,9103,690
Kansas$47,6402,770
South Carolina$47,5002,820
Pennsylvania$47,3504,330
Indiana$47,3103,350
Oklahoma$47,2103,300
Missouri$47,1705,080
South Dakota$47,0001,710
Louisiana$46,7002,010
New Mexico$46,100880
Tennessee$45,2303,990
Arkansas$45,1401,970
West Virginia$42,490840
Alabama$40,3002,960
Mississippi$39,1201,770

How to become a loan processor

The typical path asks for a high school diploma or equivalent, no work experience in a related job, and short-term on-the-job training[6]. The BLS handbook profile is about financial clerks, a wider group than loan interviewers and clerks, so the details below describe that group[16].

In an O*NET survey of 20 workers, 43% said a high school diploma or equivalent was required[21]. Another 38% named a bachelor's degree, 12% a post-secondary certificate and 7% an associate's or other 2-year degree[21]. Treat these as survey answers from a small group.

What loan processors do

O*NET describes the work as interviewing loan applicants, checking their backgrounds and references, preparing loan papers and passing findings on to an appraisal department. Clerks also review the papers for completeness and finish transactions once a loan is approved[22]. Typical tasks include:

The handbook lists communication, math and organizational skills as important for financial clerks[24][25][26].

Where they work

Financial clerks work in many industries, usually in offices[27]. In the handbook profile, insurance carriers and related activities were listed as the largest employer group, at 19%[28]. Most financial clerks work full time[29].

Job outlook

BLS projects employment of loan interviewers and clerks to decline 2.4% from 2025 to 2035. That would take employment from roughly 169,100 down to 165,000[2]. Employment in all occupations is projected to grow 3.5%[30]. These counts include self-employed workers[2].

Even so, BLS expects about 10,500 openings a year on average[5]. Openings come from retirements and moves to other occupations as well as new jobs[5]. Each year, 2.6% of workers leave the labor force and 3.9% move to a different occupation[31].

Is it a good fit?

The facts point to a job with a low entry bar. It asks for a high school diploma or equivalent and short-term on-the-job training[6]. Pay is close to the all-occupations median[1][4]. The number of jobs is projected to shrink slightly, though openings from turnover continue[2][5]. Anyone aiming for loan officer work should know that moving up may need more education and a license[20].

Related occupations from O*NET, with BLS median pay and projected growth[32].

Frequently asked questions

How much does a loan processor make an hour?
The median was $24.05 an hour in May 2025, and the average was $25.25[1][7].
What education do you need to be a loan processor?
The typical entry level is a high school diploma or equivalent[6].
Is loan processing in demand?
BLS projects a 2.4% decline from 2025 to 2035, against 3.5% growth for all occupations, with about 10,500 openings a year[2][30][5].
Which state pays loan processors the most?
The District of Columbia had the highest median at $77,080 a year[12]. Maryland was next at $59,430[12].

Facts and sources

  1. BLS OEWS, May 2025: the median wage for Loan Interviewers and Clerks in the US was $50,020 per year and $24.05 per hour. Half of workers earned more and half earned less. BLS OEWS, May 2025
  2. BLS Employment Projections: employment of Loan Interviewers and Clerks is projected to decline 2.4% from 2025 to 2035, from about 169,100 to 165,000 jobs (a change of -4,100). These counts include self-employed workers. BLS Employment Projections
  3. BLS OEWS, May 2025, annual wage percentiles for Loan Interviewers and Clerks: 10th percentile $37,330, 25th percentile $45,120, 75th percentile $60,600, 90th percentile $69,770. The 10th percentile means 10% of workers earned less. BLS OEWS, May 2025
  4. BLS OEWS, May 2025: the median annual wage for all occupations in the US was $50,980. BLS OEWS, May 2025
  5. BLS Employment Projections: about 10,500 openings for Loan Interviewers and Clerks are projected each year, on average, from 2025 to 2035. Openings include jobs that open when workers retire or move to other occupations, not only new jobs. BLS Employment Projections
  6. BLS Employment Projections, typical path into Loan Interviewers and Clerks: education needed for entry: High school diploma or equivalent; work experience in a related occupation: None; typical on-the-job training: Short-term on-the-job training. BLS Employment Projections
  7. BLS OEWS, May 2025: the mean (average) wage for Loan Interviewers and Clerks was $52,520 per year and $25.25 per hour. BLS OEWS, May 2025
  8. BLS OEWS, May 2025, hourly wage percentiles for Loan Interviewers and Clerks: 10th percentile $17.95, 25th percentile $21.69, 75th percentile $29.14, 90th percentile $33.55. BLS OEWS, May 2025
  9. BLS OEWS FAQ: a percentile wage is a boundary. The median (50th percentile) separates the highest-paid 50% from the lowest-paid 50% of workers in the occupation. OEWS publishes percentile wages, not a starting salary. BLS OEWS, May 2025
  10. BLS OEWS FAQ: OEWS covers part-time and full-time workers paid a wage or salary. It does not cover the self-employed, owners and partners in unincorporated firms, household workers or unpaid family workers. OEWS wages do not include nonproduction bonuses or employer costs of benefits such as health insurance or retirement contributions. BLS OEWS, May 2025
  11. BLS Employment Projections: 0.4% of Loan Interviewers and Clerks were self-employed in 2025. BLS Employment Projections
  12. Median annual wage for Loan Interviewers and Clerks in every state with published data, May 2025 (table on this page). BLS OEWS, May 2025
  13. BLS OEWS, May 2025, states with the most Loan Interviewers and Clerks jobs: Texas 17,090; California 14,680; Florida 10,690; Michigan 7,930; Illinois 6,850. BLS OEWS, May 2025
  14. BLS OEWS, May 2025, metro areas with the highest median annual wage for Loan Interviewers and Clerks (areas with at least 100 jobs): San Jose-Sunnyvale-Santa Clara, CA $62,530; Vallejo, CA $62,160; Santa Maria-Santa Barbara, CA $61,630; Seattle-Tacoma-Bellevue, WA $61,330; San Francisco-Oakland-Fremont, CA $61,060; Bridgeport-Stamford-Danbury, CT $61,010; Santa Rosa-Petaluma, CA $60,680; Charlotte-Concord-Gastonia, NC-SC $60,510. BLS OEWS, May 2025
  15. BLS OEWS, May 2025, metro areas with the most Loan Interviewers and Clerks jobs: Dallas-Fort Worth-Arlington, TX 6,300 (median $51,470); Los Angeles-Long Beach-Anaheim, CA 5,410 (median $54,430); Detroit-Warren-Dearborn, MI 4,910 (median $51,500); New York-Newark-Jersey City, NY-NJ 4,710 (median $60,190); Chicago-Naperville-Elgin, IL-IN 4,560 (median $53,870); Phoenix-Mesa-Chandler, AZ 3,930 (median $50,970). BLS OEWS, May 2025
  16. The BLS Occupational Outlook Handbook profile "Financial Clerks" covers Loan Interviewers and Clerks together with other related occupations, so its text describes the wider group. BLS Occupational Outlook Handbook
  17. Occupational Outlook Handbook, How to Become One. BLS Occupational Outlook Handbook
  18. Occupational Outlook Handbook, How to Become One: Education. BLS Occupational Outlook Handbook
  19. Occupational Outlook Handbook, How to Become One: Training. BLS Occupational Outlook Handbook
  20. Occupational Outlook Handbook, How to Become One: Advancement. BLS Occupational Outlook Handbook
  21. O*NET 43-4131.00 survey of workers (20 respondents), education level they say is required: High School Diploma or the equivalent (such as a GED) 43%, Bachelor's Degree 38%, Post-Secondary Certificate 12%, Associate's Degree or other 2-year degree 7% (levels under 5% not listed). O*NET OnLine
  22. O*NET description of Loan Interviewers and Clerks. O*NET OnLine
  23. O*NET task list for Loan Interviewers and Clerks. O*NET OnLine
  24. Occupational Outlook Handbook, How to Become One: Important Qualities. BLS Occupational Outlook Handbook
  25. Occupational Outlook Handbook, How to Become One: Important Qualities. BLS Occupational Outlook Handbook
  26. Occupational Outlook Handbook, How to Become One: Important Qualities. BLS Occupational Outlook Handbook
  27. Occupational Outlook Handbook, Work Environment. BLS Occupational Outlook Handbook
  28. BLS Occupational Outlook Handbook, largest employers of financial clerks in 2025: Insurance carriers and related activities 19%. BLS Occupational Outlook Handbook
  29. Occupational Outlook Handbook, Work Environment: Work Schedules. BLS Occupational Outlook Handbook
  30. BLS Employment Projections: employment in all occupations is projected to grow 3.5% from 2025 to 2035. BLS Employment Projections
  31. BLS Employment Projections, 2025-35 annual average for Loan Interviewers and Clerks: 2.6% of workers leave the labor force each year and 3.9% move to a different occupation. BLS Employment Projections
  32. Related occupations (O*NET) with BLS pay, growth and entry education. O*NET OnLine

Notes are for reading the data only. They are not facts and cannot be cited: use the wage_scope and percentile_meaning facts instead. OEWS employment (jobs in May 2025) and Employment Projections employment (2025, includes self-employed) are different measures and can differ. O*NET education shares come from a small survey of workers in the occupation, not from all workers. The Occupational Outlook Handbook text covers a wider group of occupations than this page.

This page includes information from the O*NET 31.0 Database by the U.S. Department of Labor, Employment and Training Administration (USDOL/ETA). Used under the CC BY 4.0 license. O*NET® is a trademark of USDOL/ETA. CareerFacts has modified all or some of this information. USDOL/ETA has not approved, endorsed, or tested these modifications.