Average Loan Officer Salary in Puerto Rico for 2024

In this article, we will look at the average Loan Officer salary for 2024 in Puerto Rico and how that compares to other countries and professions. We'll also look at interesting salary data points like median salary, 25th and 75th percentile salaries, salary amounts based on experience, bonus ranges and more!

The data in this article has been compiled using official government salary data, salary surveys, and other sources such as job postings which contain salary information.

All salary information is in the local currency, which is the United States dollar. To keep things simple, we are using the USD currency code instead of the currency symbol $.

How Much Does a Loan Officer Make in Puerto Rico?

A Loan Officer working in Puerto Rico will typically earn around 7,490 USD per year, and this can range from the lowest average salary of about 2,840 USD to the highest average salary of 13,400 USD.

Average Annual Salary
7,490 USD
Average Monthly Salary
624 USD

Lowest Annual Salary
2,840 USD
Lowest Monthly Salary
236 USD

Highest Annual Salary
13,400 USD
Highest Monthly Salary
1,116 USD

These are average salaries for a Loan Officer in Puerto Rico and include benefits such as housing and transport. It's also possible for a Loan Officer to earn more or less than the average salaries shown above.

Loan Officer salaries will vary a lot based on your experience, location, skills, and gender. Keep reading below to research more data on each of these areas.

Distribution of Loan Officer Salaries in Puerto Rico

So we've looked at the average salaries a Loan Officer will earn in Puerto Rico. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Loan Officer can earn between 2,840 USD and 13,400 USD on average in Puerto Rico. This is known as the range in statistics.

The difference between the maximum and minimum values is a good indicator of variability in salaries, and can be used by employers to figure out how much they can expect to pay, and for employees to know how much they can earn.

Median salary

The median salary for a Loan Officer in Puerto Rico is 9,100 USD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 9,100 USD, and 50% of the population earn more than 9,100 USD.

If you are earning more than the median salary, that's a good indicator that you are being paid well.

If you're not earning more than the median salary, your objective should be to increase your earnings to be at least as high as the median salary (which you can do by asking for a pay rise, looking for a better paying job, etc).

Percentiles

Percentiles are similar to the median salary, but instead of looking at the middle value, they look at the values in the top and bottom half of the distribution.

For the average Loan Officer salary in Puerto Rico, 25% of the population are earning less than 4,420 USD while 75% of the population earn more than 4,420 USD.

75% of the population earn less than 8,260 USD, and 25% of the population earn more than 8,260 USD.

Like the median salary, the 25th and 75th percentile salaries can be used to determine which quartile you fall into so that you know whether you are being paid well enough compared to others in your profession and location.

The difference between a median and an average salary

The median and average salary are both indicators you can use to see if you are being paid fairly based on the overall population.

  • If your salary is higher than the average and the median salary, you are earning well compared to others.
  • If your salary is lower than the average and the median salary, it could indicate you are not being paid well enough.
  • If you are somewhere in between then it's tricky to determine if you are being paid well enough and you might need to research more closely.

Loan Officer Salary by Experience Level in Puerto Rico

The most important factor in determining your salary after the specific profession is the number of years experience you have. It stands to reason that more years of experience will result in a higher wage.

We have researched the average loan officer salary based on years of experience to give you an idea of how the average changes once you've worked for a certain amount of time.

  • 0 - 2 Years Experience. A Loan Officer in Puerto Rico that has less than two years of experience can expect to earn somewhere in the region of 6,790 USD.
  • 2 - 5 Years Experience. With two to five years of experience the average Loan Officer salary would increase to 5,620 USD.
  • 5 - 10 Years Experience. From five to ten years of experience as a Loan Officer, the average salary would be 8,370 USD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 11,000 USD.
  • 15 - 20 Years Experience. A Loan Officer with 15 to 20 years of experience can earn an average of 13,000 USD.
  • 20+ Years Experience. For a Loan Officer with more than 20 years, the expected average salary increases to 10,200 USD.

Average Salary by Experience Chart

0-2 Years
6,790 USD
2-5 Years +23%
5,620 USD
5-10 Years +42%
8,370 USD
10-15 Years +17%
11,000 USD
15-20 Years +10%
13,000 USD
20+ Years +6%
10,200 USD

Loan Officer Salary by Education Level in Puerto Rico

As well as experience in a job, your education plays a big role in how much you can earn. A lot of higher paying positions require a high level of education, but how much can a degree increase your salary?

In our research we have compared the salaries of employees in the same job and career level with different levels of education to see how much more you can earn at each education level.

The salary you can earn based on your education is very specific to both your location and the career path you choose.

In our research, we looked at the average salary for a Loan Officer in Puerto Rico based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • High School. A Loan Officer in Puerto Rico with a high school education can earn an average salary of 5,620 USD.

  • Certificate or Diploma. A Loan Officer in Puerto Rico with a certificate or diploma education can earn an average salary of 8,450 USD.

  • Bachelor's Degree. A Loan Officer in Puerto Rico with a bachelor's degree education can earn an average salary of 13,900 USD.

Average Salary by Education Chart

High School
5,620 USD
Certificate or Diploma +40%
8,450 USD
Bachelor's Degree +42%
13,900 USD

How Much is a Master's Degree or MBA Program?

The approximate cost of a master's degree or post-graduate program like an MBA in Puerto Rico is around 8,390 to 25,200 USD and takes two years to complete.

As you can see above, there are financial benefits from reaching master's degree level, but don't expect to see much of a salary increase until you have completed the degree.

It's common for people to pursue an MBA or other post-graduate program in order to switch to a a job that pays more. On average, you can expect to earn around 10% more when switching to a new company.

Whether you decide to pursue a master's degree depends on many factors. If you are able to afford it, the numbers suggest that the return on investment is worth it and you could recover the costs in a few years from the salary increase you would receive.

Loan Officer Salary Compared by Gender

In the modern age, we know that there should never be a pay gap between men and women. Unfortunately, in many professions, there is still a significant difference between the salaries earned by men when compared to the salary of women in the same job.

In Puerto Rico, a male loan officer will earn an average of 8,200 USD, while a female loan officer will earn around 7,630 USD.

This means that a male loan officer earns approximately 7% more than a female loan officer for performing the same job.

Average Salary by Gender Chart in Puerto Rico

Male
8,200 USD
Female -7%
7,630 USD

Loan Officer Average Pay Raise in Puerto Rico

In many countries, an annual pay raise is often given to employees to reward their service with a salary increase.

From our research, we can see that the average pay raise for a Loan Officer in Puerto Rico is around 7% every 27 months.

The national average pay raise across all professions and industries in Puerto Rico is around 4% every 29 months.

In this case, we can see that the number of months between the average pay raise is higher than the typical 12 months.

To make the data more meaningful, we can calculate what the approximate annual pay raise would be using a simple formula:

Annual Increase = ( Increase Rate ÷ Months ) × 12

So for this example, it would be:

Annual Increase = ( 7 ÷ 27 ) × 12  = 3%

What this means is that a Loan Officer in Puerto Rico can expect to receive an average pay raise of around 3% every 12 months.

Annual Pay Raise by Industry in Puerto Rico for 2024

In the chart below, you can see the average annual pay raise percentages for each of the major industries in Puerto Rico.

You will see that companies in bigger and more lucrative industries tend to have the higher annual pay raises.

Banking
4%
Energy
8%
Information Technology
3%
Healthcare
7%
Travel
2%
Construction
6%
Education
1%

Loan Officer Bonus and Incentive Rates in Puerto Rico

Another part of your overall compensation in a job is how much bonus you receive. Some job roles will be more likely to pay a bonus than others and also more likely to have higher bonus rates.

Generally speaking, jobs that are more involved with direct revenue generation will receive higher bonuses based on the performance towards revenue goals.

A Loan Officer is a low bonus based job, with 33% of employees reporting at least one bonus in the last 12 months.

67% reported that they had not received any bonuses in the previous 12 months.

For the employees that did receive a bonus in the previous 12 months, the reported bonuses ranged from 3% to 5%.

Received Bonus
33%
No Bonus
67%

What are the Types of Bonus?

There are a number of difference types of bonus you can receive in a job. Including:

  • Individual performance bonus - This is a bonus that is awarded to an individual employee for general performance in the job. It's the most common type of bonus.
  • Company performance bonus - This is a bonus that is awarded to a company employees to share profit with the staff.
  • Goal based bonus - This is a bonus that is awarded to an individual employee (or a team) for achieving specific goals, objectives, or milestones.
  • Holiday bonus - This type of bonus is usually paid around the holidays, often the end of the year, and is a token of appreciation for the hard work throughout the year.

Government vs Private Sector Salaries

Another commonly asked question is whether you get paid a higher salary working in the public (government) sector or the private sector.

Public sector employees in Puerto Rico earn approximately 23% more than private sector employees in the same role.

Public Sector
23,400 USD
Private Sector -23%
19,000 USD

Salaries for Jobs Similar to a Loan Officer

In the table below, we have salary information for jobs that are similar to a Loan Officer in Puerto Rico.

Job Title Category Salary
AML Analyst Banking 30,800 USD
Assistant Bank Branch Manager Banking 27,600 USD
Assistant Bank Manager Banking 30,300 USD
ATM Manager Banking 30,800 USD
ATM Service Technician Banking 7,090 USD
Bank Accounts Analyst Banking 12,300 USD
Bank Accounts Collector Banking 6,390 USD
Bank Accounts Controller Banking 13,100 USD
Bank Accounts Executive Banking 22,300 USD
Bank Accounts Manager Banking 25,400 USD
Bank Auditing Manager Banking 26,400 USD
Bank Branch Manager Banking 35,000 USD
Bank Branch Operations Coordinator Banking 14,200 USD
Bank Clerk Banking 6,290 USD
Bank Client Service Associate Banking 9,660 USD
Bank Collector Banking 6,390 USD
Bank Compliance Specialist Banking 19,200 USD
Bank Manager Banking 40,600 USD
Bank Operational Risk Manager Banking 42,500 USD
Bank Operations Head Banking 41,900 USD
Bank Operations Officer Banking 17,500 USD
Bank Operations Specialist Banking 27,400 USD
Bank Process Manager Banking 24,400 USD
Bank Product Manager Banking 26,500 USD
Bank Programme Manager Banking 29,000 USD
Bank Project Manager Banking 33,000 USD
Bank Propositions Manager Banking 29,300 USD
Bank Quantitative Analyst Banking 22,000 USD
Bank Regional Manager Banking 39,500 USD
Bank Regional Risk Officer Banking 20,000 USD
Bank Relationship Manager Banking 31,700 USD
Bank Relationship Officer Banking 14,200 USD
Bank Teller Banking 7,910 USD
Banker Banking 13,100 USD
Banking Business Analyst Banking 20,100 USD
Banking Business Development Officer Banking 12,000 USD
Banking Business Planning Executive Banking 29,100 USD
Banking Product Manager Banking 28,800 USD
Banking Reference Data Manager Banking 22,400 USD
Banking Risk Analyst Banking 22,300 USD
Banking Technical Analyst Banking 10,000 USD
Bankruptcy Coordinator Banking 12,900 USD
Bill and Account Collector Banking 7,800 USD
Budget Analyst Banking 22,600 USD
Capital Risk Manager Banking 42,500 USD
Cards Marketing Manager Banking 27,400 USD
Cash Management Manager Banking 36,400 USD
Check Processing Manager Banking 26,900 USD
Commercial Vault Associate Banking 23,200 USD
Corporate Banker Banking 14,200 USD
Corporate Dealer Banking 21,300 USD
Credit Analyst Banking 18,300 USD
Credit and Collections Manager Banking 26,400 USD
Credit Card Fraud Investigator Banking 23,000 USD
Credit Portfolio Manager Banking 36,900 USD
Credit Risk Analyst Banking 21,300 USD
Credit Risk Associate Banking 20,100 USD
Direct Bank Sales Representative Banking 17,100 USD
Exchange Control Consultant Banking 23,700 USD
Executive Account Analyst Banking 20,000 USD
Financial Bank Planning Consultant Banking 25,800 USD
Financial Banking Analysis Manager Banking 30,000 USD
Financial Banking Assistant Banking 7,820 USD
Financial Banking Systems Manager Banking 30,700 USD
Foreign Exchange Manager Banking 30,200 USD
Fraud Analyst Banking 23,500 USD
Fraud Detection Associate Banking 14,500 USD
Fraud Detection Manager Banking 30,200 USD
Fraud Detection Supervisor Banking 19,300 USD
Internal Bank Audit Manager Banking 39,800 USD
Internal Bank Auditor Banking 22,000 USD
Internal Private Banker Banking 16,300 USD
International Banking Manager Banking 42,500 USD
Investment Banking Analyst Banking 32,200 USD
Loan Analyst Banking 23,000 USD
Loan Area Manager Banking 27,000 USD
Loan Audit Team Leader Banking 23,600 USD
Loan Branch Manager Banking 22,400 USD
Loan Business Development Officer Banking 12,800 USD
Loan Clerk Banking 8,420 USD
Loan Collection and Recovery Manager Banking 27,600 USD
Loan Collection Manager Banking 27,300 USD
Loan Collector Banking 8,440 USD
Loan Examiner Banking 6,990 USD
Loan Processing Manager Banking 22,000 USD
Loan Processor Banking 7,850 USD
Loan Quality Assurance Auditor Banking 23,000 USD
Loan Quality Assurance Manager Banking 21,500 USD
Loan Quality Assurance Representative Banking 16,100 USD
Loan Review Manager Banking 26,200 USD
Loan Team Leader Banking 23,000 USD
Loans Manager Banking 26,200 USD
Mortgage Advisor Banking 15,300 USD
Mortgage Collection Manager Banking 24,200 USD
Mortgage Collector Banking 7,320 USD
Mortgage Credit Analyst Banking 13,000 USD
Mortgage Credit Manager Banking 21,300 USD
Mortgage Development Manager Banking 26,400 USD
Mortgage Document Reviewer Banking 8,560 USD
Mortgage Funding Manager Banking 26,900 USD
Mortgage Operations Manager Banking 34,300 USD
Mortgage Payment Processing Clerk Banking 7,090 USD
Mortgage Processing Manager Banking 22,200 USD
Mortgage Processor Banking 8,390 USD
Mortgage Quality Assurance Auditor Banking 23,000 USD
Mortgage Quality Assurance Manager Banking 22,000 USD
Mortgage Servicing Clerk Banking 7,650 USD
Mortgage Servicing Manager Banking 22,800 USD
Mortgage Underwriter Banking 10,210 USD
Online Banking Manager Banking 36,500 USD
Payment Processing Clerk Banking 7,800 USD
Personal Banker Banking 14,300 USD
Personal Banking Advisor Banking 16,400 USD
Phone Banker Banking 11,900 USD
Private Banker Banking 14,500 USD
Reconciliation and Investigation Specialist Banking 18,300 USD
Tax Officer Banking 12,800 USD
Teller Banking 7,910 USD
Trade Officer Banking 7,290 USD
Trade Product Manager Banking 23,600 USD
Trader Banking 11,900 USD
Treasury Operations Officer Banking 19,400 USD

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