Business Loan Officer Salaries in Michigan
How Much Does a Business Loan Officer Make in Michigan?
Updated April 01, 2025
As of April 01, 2025,
the average annual pay of Business Loan Officer in Michigan is $93,807.
While Salary.com is seeing that Business Loan Officer salary in MI can go up to $121,609
or down to $64,111, but most earn between $78,263 and $108,360.
Salary ranges can vary widely depending on many important factors,
including education, certifications, additional skills, and your experience levels.
With more online, real-time compensation data than any other website, Salary.com helps you determine your exact pay target.
Related Job Titles to Business Loan Officer
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Similar Job Salaries to Business Loan Officer by Company
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| Company | average base salary in (usd) | range |
|---|---|---|
|
Oxford Bank
Business Banking Loan Officer
|
$98,044/yr
|
RANGE: $87,893 - $108,196
|
|
Rapid Home Lending
Loan Officer
|
$76,533/yr
|
RANGE: $68,775 - $84,291
|
|
Lend-A-Loan LLC
Loan Officer
|
$76,410/yr
|
RANGE: $68,664 - $84,156
|
|
Inspire Home Loans Inc.
Loan Officer
|
$72,867/yr
|
RANGE: $65,481 - $80,254
|
|
Extreme Loans
Loan Officer
|
$76,410/yr
|
RANGE: $68,664 - $84,156
|
|
Innovation Mortgage
Mortgage Loan Officer
|
$76,364/yr
|
RANGE: $68,623 - $84,106
|
Top 10 Highest Paying Cities For Business Loan Officer Jobs in Michigan
It is important to understand how location impacts your career prospects in the United States.
There are some cities where a Business Loan Officer can find a job easily with a greater salary paid then achieve a higher standard of living.
Below is the top cities list for Business Loan Officer job salaries in Michigan.
Some cities can pay higher salaries for Business Loan Officer jobs, which can indicate that there is a large demand for Business Loan Officer positions in this city.
The following table shows top 10 cities where the Business Loan Officer salary is higher than other cities in Michigan.
Ann Arbor takes first place in this list, followed by Canton, Novi.
The Business Loan Officer salary is $95,760 in Ann Arbor,
which is higher than the national average. There are 6 cities' Business Loan Officer salary higher than national average in Michigan.
The average salary for a Business Loan Officer in Michigan is $93,807,
but we found that the city with the highest salary for Business Loan Officer jobs is Ann Arbor, MI, and it is higher than Canton.
Business Loan Officer jobs in Ann Arbor can have the opportunity to earn higher salaries than in other cities in Michigan.
| CITY | ANNUAL SALARY | MONTHLY PAY | WEEKLY PAY | HOURLY WAGE |
| Ann Arbor | $95,760 | $7,980 | $1,842 | $46 |
| Canton | $95,607 | $7,967 | $1,839 | $46 |
| Novi | $95,303 | $7,942 | $1,833 | $46 |
| Detroit | $95,264 | $7,939 | $1,832 | $46 |
| Warren | $95,264 | $7,939 | $1,832 | $46 |
| Dearborn | $95,264 | $7,939 | $1,832 | $46 |
| Dearborn Heights | $95,217 | $7,935 | $1,831 | $46 |
| Royal Oak | $95,160 | $7,930 | $1,830 | $46 |
| Westland | $95,131 | $7,928 | $1,829 | $46 |
| Taylor | $95,112 | $7,926 | $1,829 | $46 |
What Does a Business Loan Officer Do?
Once a loan has been approved and money given to a commercial client, the loan officer is responsible for making sure that loan payments are made on time.
Updated November 27, 2021
Loan officers are knowledgable about all of the various types of loans offered by the financial institutions they represent and can advise borrowers on the best options for their needs.
Updated September 29, 2021
– while commercial loan officers make their decisions based on what they see on paper, customer service is still a big part of the job because they often meet with applicants face to face.
Updated December 20, 2021
Commercial loan officers work in credit unions, commercial banks, mortgage companies, and financial institutions of all types.
Updated December 16, 2021
Commercial loan officers receive health insurance and other job perks, including profit-sharing and bonuses for completing successful loans.
Updated December 15, 2021
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Explore JobArchitectFrequently Asked Questions About a Business Loan Officer Salaries
What is the average of a Business Loan Officer in Michigan?
The Business Loan Officer salary range is from $78,263 to $108,360, and the average Business Loan Officer salary is $93,807/year in Michigan.
The Business Loan Officer's salary will change in different locations.
Which location pays the highest Business Loan Officer salary in the United States?
The Business Loan Officer salary in San Jose, CA is $120,145
which is the highest in the US.
What kinds of reasons will influence the Business Loan Officer's salary?
Besides the location, employees' education degree, related skills, and work experience also will influence the salary.
Try to improve your skills and experience to get a higher salary for the position of Business Loan Officer.
What is the growth rate of the Business Loan Officer's salary?
If you are thinking of becoming a Business Loan Officer or planning the next step in your career, find the detailed salary report of a Business Loan Officer.
