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As of August 01, 2026, the average salary for a Loan Collector in Michigan is $43,620 per year, which breaks down to an hourly rate of $21.
However, a Loan Collector's salary can vary significantly. Here’s a look at the typical salary range:
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Loan Collector Salaries by Percentile
| Annual Salary |
Monthly Pay |
Weekly Pay |
Hourly Wage |
|
| 75th Percentile | $48,380 | $4,032 | $930 | $23 |
| Average | $43,620 | $3,635 | $839 | $21 |
| 25th Percentile | $39,293 | $3,274 | $756 | $19 |
Reliance Savings Bank - ALTOONA, PA
Lutheran Social Services of WI & Upper MI - EAU CLAIRE, WI
Community Financial Services Bank - BENTON, KY
Reliance Savings Bank - ALTOONA, PA
A Loan Collector's salary isn't a fixed number. It's shaped by several important factors. Below, we'll explore how your years of experience, geographic location and company size can directly affect your earning potential.
Experience is a primary driver of a Loan Collector's salary. As you build your skills and take on more complex tasks, your compensation generally increases. Here’s how the average salary grows at different career stages:
| Levels | Salary |
|---|---|
| Consumer ... Level Loan Collector | $39,102 |
| Loan Coll... Level Loan Collector | $43,921 |
| Consumer ... Level Loan Collector | $49,141 |
| Consumer ... Level Loan Collector | $61,289 |
| Consumer ... Level Loan Collector | $72,444 |
What Am I Worth?
Your salary can change significantly depending on where you work. States with a higher cost of living and strong industrial sectors often pay more to attract Loan Collectors. For example, consider the average annual salaries in these key locations:
Salaries can also vary between different cities. Major metropolitan areas or cities with a high demand for technicians often offer more competitive pay. Here are a few examples of average annual salaries in different U.S. cities:
For Loan Collector roles, the industry you choose can impact your earning potential by as much as 40% (the gap between the highest and lowest paying industries). Data shows that the highest-paying industry, Financial Services, offers compensation 20% above the average. Conversely, Loan Collector positions in Business Services typically offer lower base pay, as this sector often view Loan Collector as a support function rather than a direct revenue driver.
| Industry Sector | Average Annual Salary | Average Hourly Rate | Pay vs.Avg |
|---|---|---|---|
| Financial Services | $52,344 | $25.0 | 20% |
Understanding how a Loan Collector's annual salary breaks down can help with budgeting. Below, you can see the average hourly rate, weekly pay, and monthly pay for this role. Use the buttons to switch between different pay periods.
| Annual Salary | Monthly Pay | Weekly Pay | Hourly Wage | |
|---|---|---|---|---|
| 75th Percentile | $48,380 | $4,032 | $930 | $23 |
| Average | $43,620 | $3,635 | $839 | $21 |
| 25th Percentile | $39,293 | $3,274 | $756 | $19 |
Ready to take the next step in your career? Browse thousands of current Loan Collector job openings on our job board. Use the search bar below to find your perfect match.
Altra Federal Credit Union
CLARKSVILLE, TN
Altra Federal Credit Union | CLARKSVILLE, TN
Real Estate / Mortgage Loan Originator, Madison Street Office, Clarksville TN Since 1931, Altra Federal Credit Union has been committed to helping members ... more
3 Days Ago
SAS Retail Services
BANGOR, ME
SAS Retail Services | BANGOR, ME
SAS Retail Services is seeking a detail-oriented and analytics-driven Retail Data Collector to join our dynamic team. In this role, you will be pivotal in ... more
4 Days Ago
SAS Retail Services
SACO, ME
SAS Retail Services | SACO, ME
SAS Retail Services is seeking a detail-oriented and analytics-driven Retail Data Collector to join our dynamic team. In this role, you will be pivotal in ... more
10 Days Ago
Achieve
TEMPE, AZ
Achieve | TEMPE, AZ
Company Description Achieve is a leading digital personal finance company. We help everyday people move from struggling to thriving by providing innovative... more
3 Days Ago
Generations Home Loans
STOCKTON, CA
Generations Home Loans | STOCKTON, CA
Generations Home Loans in Seattle, WA is seeking a driven Mortgage Loan Officer to grow production and build a high-performing team. You’ll originate purch... more
19 Days Ago
Lendmark Financial Services, Inc.
JOHNSON CITY, NY
Lendmark Financial Services, Inc. | JOHNSON CITY, NY
At Lendmark Financial Services, we believe the success of our company is specifically attributable to the quality of our employees and their commitment to ... more
3 Days Ago
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