Loan Broker Salary

Average Loan Broker Base Salary in the United States

Average Base Salary

$92,587 Per Year

Salary Range: $37,779 to $199,573

Loan Broker Salary

$37,779

10%

$48,198

25% 

$ 92,587

AVERAGE

$114,482

75%  

$199,573

90%  

How Much Does a Loan Broker Make Per Year in the United States?

The national average salary for a  Loan Broker is $92,587 per year in the United States. It can vary depending on the employer and the skills required for that position, but generally, it will be about $92,587 or more annually for a gross salary. Taxes impact salaries, so to get the net salary we’ve crunched the data and gotten the tax information on what the take-home pay would be after the effective income tax rates. 

Technology Used

Microsoft Excel – Spreadsheet software

Microsoft PowerPoint – Presentation software

SAP business and customer relations management software – Enterprise resource planning ERP software

Microsoft SharePoint – Cloud-based data access and sharing software

The MathWorks MATLAB – Analytical or scientific software

Linux – Operating system software

Python – Object or component oriented development software

IBM Notes – Electronic mail software

Knowledge and Expertise

Economics and Accounting

Customer and Personal Service

Mathematics

Sales and Marketing

Computers and Electronics

Administration and Management

Soft Skills

Critical Thinking

Active Listening

Reading Comprehension

Speaking

Persuasion

Judgment and Decision Making

What is the salary range of a Loan Broker?

Loan Broker salaries vary depending on the company you work for, your experience level, industry, education, and years of experience. The average annual salary is around $92,587 but a Loan Broker can earn a base salary anywhere from $37,779 to $199,573 per year with some companies paying more than others.

Pay ranges on average for a Loan Broker job title only vary a good amount, which may mean that there are many opportunities to earn more income in the future regardless of the employers or your location, industry, and experience.

A salary range that varies also means there is ability to move up within the company, as there may be as many opportunities for advancement or to change your job title. This opportunity for  advancement can help with can increase their job satisfaction and motivation.

What are the Highest Salaries for a Loan Broker?

The highest Loan Broker salaries in the top 10% earn more than $199,573 per year. The salary range for the top 75% – 90% is between and $114,482 and $199,573 annually.

This salary data and salary estimates come from our Average Pay’s salary database of carefully collected and detailed information about pay across many industries and categories, along with different types of labor data.

What are the Lowest Salaries for a Loan Broker?

The lowest Loan Broker salaries are in the bottom 10% of earners who make less than $37,779 per year. The salary range for the lowest 10% – 25% is between $37,779 and $48,198 annually.   

This salary data and salary estimates come from our Average Pay’s salary database of carefully collected and detailed information about pay across many industries and categories, along with different types of labor data.

What is a Good Salary for a Loan Broker?

If we only look at the data for Loan Broker salaries and we don’t compare it to any other jobs, a good salary for a Loan Broker job would be over $92,587 per year. This is the average salary for this position in the United States. An excellent pay for a Loan Broker would be anything over the top 75%, which is $114,482 annually.

How Can I Increase My Salary as a Loan Broker?

There are a few ways you can increase your average salary for a profession as a Loan Broker. One way is to get promoted to a higher level and take on more duties within your employer. Another way is to gain more experience and skills in your career. You can also try negotiating higher compensation next performance review, when you are up for renewal or starting a new contract with a business.

Finally, you can look for a new job at a different employer that pays more. One thing not to overlook is companies often give their employees incentives and benefits outside of salaries. The total compensation, like healthcare, paid vacation days, 401k matches, bonuses, overtime, professional development, a career path in the company, and other benefits, need to be considered, which can add up to a lot more money than just a salary increase.

What are the Top Paying Industries for a Loan Broker?

The top paying industries for a Loan Broker job vary depending on the position’s specific responsibilities, employers, and qualifications. However, some common reported high-paying industries for include the following:

  • Professional, Scientific, and Technical Services
  • Securities, Commodity Contracts, and Other Financial Investments and Related Activities
  • Credit Intermediation and Related Activities
  • Credit Intermediation and Related Activities (5221 And 5223 only)
  • Management of Companies and Enterprises
  • Finance and Insurance

Does a Loan Broker Have a Good Quality of Life?

Based on an average 2-bedroom apartment rental price, a Loan Broker would pay 15.63% of their monthly take-home pay towards rent. That’s $1,310 per month or $15,720 yearly for a two-bedroom apartment.

The rent is less than 30% of the monthly take-home pay for an Loan Broker, which can helps lessen a financial burden and impact their quality of life.

This is because a high rent-to-income ratio would leave less money each month for other expenses, such as food, transportation, recreation, and activities. It can lead to financial stress, impacting overall job satisfaction and motivation.

Considering the cost of living in a city when considering whether to accept a job offer is essential. If the cost of living is too high, it might not be worth it, even if the salary is good.

Does a Loan Broker make good money?

 In general, a Loan Broker can make a good salary. The national average salary is $52,632 annually which is less than the average Loan Broker salary, meaning most earn a livable wage. According to data and labor statistics from the Bureau of Labor Statistics, the average Loan Broker pay is above the median salary.

However, salaries can vary depending on the company you work for, what you are responsible for, education, college degree, work experience, job market, and your experience level. The highest-paid can earn upwards of 199,573 per year, while the lowest-paid income is less than 37,779 annually.

If you want to maximize your earnings as a Loan Broker, take on more responsibility, and gain more experience in related skills. Also, build interpersonal skills and strong leadership skills, get a certification in your field and then negotiate for a higher salary next performance review, when you are up for renewal or starting a new contract with a business.

The best thing you can do is develop yourself and gain knowledge. Many courses, additional training, and professional development opportunities in your area can help increase your skills and development in your job or related field.

You can also get your resume reviewed and look for a new employer that will hire and pay more or look for a career change that is hiring and may interest you more.

Salaries are also relative to the cost of living in different parts of the country. For example, the compensation for a Loan Broker will need to be higher if it is in or closer to larger cities like New York City or some states like California. The increase in pay in these areas is because of the higher than average cost of living and more interested applicants for employment versus someone living in a small town. With the cost of housing increasing and medical care premium costs, it is essential to ensure you are getting paid what you are worth.

How do I know I’m being paid fairly as a Loan Broker?

The easiest way is to see how close your current salary is to the average pay for your position in your state and city. If your income is below the estimated average wage in your area, you can try to negotiate for a raise.

You can use our research and tools to discover the average salary for a Loan Broker in your city or region to see if you are being compensated fairly. You may also compare your income to similar jobs and careers to determine whether you are underpaid or overpaid. Lastly, you can set up job alerts to see how the job market trends.

A few other ways you can research whether you’re being paid fairly as a Loan Broker is to do a job search to look at job postings for similar positions and see the estimate for the listed salary range. You can also talk to people in your network who have similar jobs and ask them what they earn. Finally, you can try negotiating a higher pay when you are up for renewal, having a performance evaluation, or starting a new contract.

What Factors Determine the Salary of a Loan Broker?

The money a Loan Broker can make each year greatly depends on a few components that determine an average base salary.

The company you work for is one of the main factors that affect how much a Loan Broker earns.

The compensation will also depend on the location, as some states and cities have a higher cost of living than others. Other factors that affect compensation are the number of hours worked, company size, job type, level of experience in your career, and location.