Loan Workout Officer Salary in Chicago, IL

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How much does a Loan Workout Officer make in Chicago, IL?

As of April 01, 2025, the average annual salary for a Loan Workout Officer in Chicago, IL is $98,977. Salary.com reports that pay typically ranges from $83,022 to $116,681, with most professionals earning between $68,496 and $132,799.

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Salary range for a Loan Workout Officer
$83,022 to $116,681
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What is a Loan Workout Officer?

A Loan Workout Officer is responsible for managing and negotiating the restructuring of delinquent or non-performing loans. They work with borrowers to develop and implement workout plans that will help them bring their loans back into good standing. This may involve modifying loan terms, extending repayment periods, or finding alternative solutions to help borrowers meet their financial obligations. Loan Workout Officers also work closely with internal teams and external partners to assess the financial health of borrowers and develop strategies to minimize losses for the lending institution. Additionally, they may be involved in monitoring and reporting on the progress of workout plans and making recommendations for further action if necessary. Strong communication, negotiation, and analytical skills are essential for success in this role.

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Loan Workout Officer Salary By Experience Levels in Chicago, IL

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RELEVANT JOB EXPERIENCE

Length of experience is a pay differentiator. Those with greater experience may have an advantage in negotiating salary. For those with less experience, other factors such as education or special skills could impact your pay. Please visit Professional Salary Report for more details.

Loan Workout Officer Salary By Level of Education in Chicago, IL

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LEVEL OF EDUCATION

Depending on the job, educational levels may have a significant impact on pay levels. Be informed and understand how things like education and certifications can help to increase potential earnings for the career you are interested in. Please visit Professional Salary Report for more details.

Average Salary Range for Loan Workout Officer in Chicago, IL

Average Base Salary

Core compensation

 
 
 
83022
116681
98977

Average Total Cash Compensation

Includes base and annual incentives

 
 
 
89660
132450
108392
What is the average salary for Loan Workout Officer in 2025?
These charts show the average base salary (core compensation), as well as the average total cash compensation for the job of Loan Workout Officer in Chicago, IL. The base salary for Loan Workout Officer ranges from $83,022 to $116,681 with the average base salary of $98,977. The total cash compensation, which includes base, and annual incentives, can vary anywhere from $89,660 to $132,450 with the average total cash compensation of $108,392.

View Average Salary for Loan Workout Officer as table

Average Salary Average Salary Range
Base Salary $98,977 $83,022 - $116,681
Bonus $9,415 $6,637 - $15,769
Total Pay $108,392 $89,660 - $132,450
* Base Salary represents gross income before taxes and deductions. It does not include additional pay such as benefits, bonuses, profit sharing or commissions.
* Total Pay combines base salary, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job.

Loan Workout Officer Salary Near Chicago, IL

CITY, STATE AVERAGE SALARY RANGE COMPARE TO Chicago, IL
CITY, STATE Cicero, IL AVERAGE SALARY RANGE $83,022 - $116,681 COMPARE TO Chicago, IL 0%
CITY, STATE Oak Park, IL AVERAGE SALARY RANGE $83,022 - $116,681 COMPARE TO Chicago, IL 0%
CITY, STATE Oak Lawn, IL AVERAGE SALARY RANGE $82,926 - $116,545 COMPARE TO Chicago, IL
CITY, STATE Evanston, IL AVERAGE SALARY RANGE $82,990 - $116,636 COMPARE TO Chicago, IL
CITY, STATE Skokie, IL AVERAGE SALARY RANGE $82,990 - $116,636 COMPARE TO Chicago, IL
CITY, STATE Arlington Heights, IL AVERAGE SALARY RANGE $81,287 - $114,242 COMPARE TO Chicago, IL
See salaries for Loan Workout Officer in locations close to Chicago, IL. Pay for the same job may vary based on the location and on the location and on other factors such as the size of company, the industry, and other local conditions.

View Salary for Similar Jobs to Loan Workout Officer in Chicago, IL

See Additional Similar Jobs
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JOB TITLE LOCATION MINIMUM SALARY MAXIMUM SALARY
JOB TITLE Entry Loan Workout Officer LOCATION Chicago, IL MINIMUM SALARY $67,500 MAXIMUM SALARY $89,400
JOB TITLE Intermediate Loan Workout Officer LOCATION Chicago, IL MINIMUM SALARY $81,600 MAXIMUM SALARY $115,200
JOB TITLE Senior Loan Workout Officer LOCATION Chicago, IL MINIMUM SALARY $128,690 MAXIMUM SALARY $165,290
JOB TITLE Loan Workout Officer II LOCATION Chicago, IL MINIMUM SALARY $81,581 MAXIMUM SALARY $115,119
JOB TITLE Loan Workout Officer III LOCATION Chicago, IL MINIMUM SALARY $128,689 MAXIMUM SALARY $165,284
JOB TITLE Loan Workout Officer I LOCATION Chicago, IL MINIMUM SALARY $67,498 MAXIMUM SALARY $89,311
The Loan Workout Officer job could be listed using titles that are not exactly the same, but actually are for the same or very similar job. Here are some job titles in Chicago, IL that might be a good fit for the type of job and salary you are looking for.

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83022
116681

 

About Chicago, Illinois    Chicago (/ʃɪˈkɑːɡoʊ/ (listen), locally also /-ˈkɔː-/), officially the City of Chicago, is the most populous city in Illinois, as well as the third mos....More

Chicago, Illinois  area prices were up 0.8% from a year ago

Loan Workout Officer Salary in popular cities: Aurora, Rockford, Joliet

Learn more about: Compensation Packages, Employee Flight Risk, Gender Pay Gap, Job Openings for This Role