Loan Clerk Average Salary in Massachusetts 2024
How much money does a person working as Loan Clerk make in Massachusetts?
LOW
20,700
USD AVERAGE
40,500
USD HIGH
62,400
USD
A person working as Loan Clerk in Massachusetts typically earns around 40,500 USD. Salaries range from 20,700 USD (lowest) to 62,400 USD (highest).
Salary Variance
This is the average salary including housing, transport, and other benefits. Loan Clerk salaries in Massachusetts vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Loan Clerk Pay Scale and Salaries in Massachusetts
Salary Structure and Pay Scale Comparison
37,000 USD or more
32,800 to 37,000 USD
23,700 USD or less
23,700 to 32,800 USD
 20,700 USD |
37,100 USD |
62,400 USD |
Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range
Salary Range, Minimum Wage, and Starting Salary
Salaries for the position Loan Clerk in Massachusetts range from 20,700 USD (starting salary) to 62,400 USD (maximum salary). It should be noted that the given figure is not the legally mandated minimum wage; rather, it represents the lowest figure reported in a salary survey that included thousands of participants and professionals from all regions of the country.
Median Salary
With a median salary of 37,100 USD, half of the professionals who work as Loan Clerk in Massachusetts earn less than this amount, and the other half earn more. The median salary denotes the middle value of salaries. Ideally, you would want to belong to the group earning more than the median salary, located on the right side of the salary distribution graph.
Percentiles and Salary Scale
The median is closely associated with two other values known as the 25th and 75th percentiles. By examining the salary distribution chart, it can be determined that 25% of professionals employed as Loan Clerk in Massachusetts earn less than 30,700 USD, while 75% earn more. Similarly, the chart shows that 75% earn less than 42,300 USD while 25% earn more.
Pay Scale Structure
To provide a better understanding of expected salaries, we categorized the frequently occurring salaries into different ranges. This approach provides a more precise representation of salary distribution for the job title Loan Clerk in Massachusetts compared to simply calculating the average. The majority of reported salaries, approximately 65%, fall within the range of 23,700 USD to 32,800 USD. About 20% of salaries are below the 23,700 USD mark, while 10% fall within the range of 32,800 USD to 37,000 USD. Only 5% of individuals have salaries exceeding 37,000 USD.
Salary Comparison by Years of Experience / Loan Clerk / Massachusetts
How do experience and age affect pay?
| 0 - 2 Years | 23,200 USD | |
| 2 - 5 Years | +31% | 30,200 USD |
| 5 - 10 Years | +40% | 42,300 USD |
| 10 - 15 Years | +20% | 50,900 USD |
| 15 - 20 Years | +9% | 55,300 USD |
| 20+ Years | +8% | 59,600 USD |
The experience level is the most important factor in determining the salary. Naturally, the more years of experience the higher the wage. We broke down salaries by experience level for people working as Loan Clerk and this is what we found.
Employees with less than two years of experience earn approximately 23,200 USD.
While someone with an experience level between two and five years is expected to earn 30,200 USD, 31% more than someone with less than two year's experience.
Moving forward, an experience level between five and ten years lands a salary of 42,300 USD, 40% more than someone with two to five years of experience.
Additionally, professionals whose expertise span anywhere between ten and fifteen years get a salary equivalent to 50,900 USD, 20% more than someone with five to ten years of experience.
If the experience level is between fifteen and twenty years, then the expected wage is 55,300 USD, 9% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 59,600 USD, 8% more than people with fifteen to twenty years of experience.
Typical Salary Progress for Most Careers
Salary Comparison By Education / Loan Clerk / Massachusetts
How do education levels affect salaries?
Displayed below is the average salary variance between different education levels of professionals working as Loan Clerk.
| Certificate or Diploma | 27,300 USD | |
| Bachelor's Degree | +81% | 49,400 USD |
We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down salaries by education level for the position Loan Clerk in order to make a comparison.
Level 1: Certificate or Diploma
Employees at this education level have an average salary of 27,300 USD.
Level 2: Bachelor's Degree
At this level, the average salary becomes 49,400 USD, 81% more than the previous level.
Typical Salary Difference by Education for Most Careers
Salary and Compensation Comparison By Gender / Loan Clerk / Massachusetts
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? For the people who work as Loan Clerk in United States, the average difference between the salary of male and female employees is 5%.
| Male | 37,900 USD | |
| Female | -5% | 36,200 USD |
Salary Comparison By Gender in United States for all Careers
Average Annual Salary Increment Percentage / Loan Clerk / Massachusetts
How much are annual salary increments in Massachusetts for individuals working as Loan Clerk? How often do employees get salary raises?
Individuals working as Loan Clerk in United States are likely to observe a salary increase of approximately % every months. The national average annual increment for all professions combined is 8% granted to employees every 16 months.
United States / All Professions
The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare that people get their salaries reviewed exactly on the one-year mark, it is more meaningful to know the frequency and the rate at the time of the increase.
How to calculate the salary increment percentage?
The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 / Increase Frequency
Worldwide Salary Raises: All Countries and All Jobs
Salary Packages and Schemes
Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.
Bonus and Incentive Rates / Loan Clerk / United States
How much and how often are bonuses being awarded?
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100% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while % said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from % to % of their annual salary.
| Received Bonus | % | |
| No Bonus | 100% |
Types of Bonuses Considered
Individual Performance-Based BonusesThe most standard form of bonus, where the employee is awarded based on their exceptional performance.
Company Performance BonusesOccasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.
Goal-Based BonusesGranted upon achieving an important goal or milestone.
Holiday / End of Year BonusesThese types of bonuses are given without a reason and usually resemble an appreciation token.
Bonuses Are Not Commissions!
People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.
What makes a position worthy of good bonuses and a high salary?
The main two types of jobs | |
| Revenue Generators | Supporting Cast |
Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business. | Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations. |
Example: | Example: |
Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.
Bonus Comparison by Seniority Level
Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.
Average Hourly Wage / Loan Clerk / Massachusetts
19 USD per hourThe average hourly wage (pay per hour) for individuals working as Loan Clerk in Massachusetts is 19 USD.This is the rate they get paid for every worked hour.
About The Hourly Pay Rate
The hourly wage is the salary paid in one worked hour. Usually, jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fixed amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.
What is the minimum hourly rate of pay?
The minimum pay rate per hour for people working as Loan Clerk in Massachusetts is 10 USD. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.
Salary comparison with similar jobs
| Job Title | Average Salary |
| Banking |  -100% | |
| AML Analyst | 149,000 USD |  +270% |
| Assistant Bank Branch Manager | 130,000 USD | +220% |
| Assistant Bank Manager | 183,000 USD | +350% |
| ATM Manager | 153,000 USD | +280% |
| ATM Service Technician | 41,700 USD | +3% |
| Bank Accounts Analyst | 59,800 USD | +48% |
| Bank Accounts Collector | 34,500 USD | -15% |
| Bank Accounts Controller | 74,200 USD | +83% |
| Bank Accounts Executive | 109,000 USD | +170% |
| Bank Accounts Manager | 125,000 USD | +210% |
| Bank Auditing Manager | 133,000 USD | +230% |
| Bank Branch Manager | 179,000 USD | +340% |
| Bank Branch Operations Coordinator | 77,700 USD | +92% |
| Bank Clerk | 34,800 USD | -14% |
| Bank Client Service Associate | 49,200 USD | +22% |
| Bank Collector | 37,500 USD | -7% |
| Bank Compliance Specialist | 94,300 USD | +130% |
| Bank Manager | 216,000 USD | +430% |
| Bank Operational Risk Manager | 214,000 USD | +430% |
| Bank Operations Head | 226,000 USD | +460% |
| Bank Operations Officer | 85,900 USD | +110% |
| Bank Operations Specialist | 134,000 USD | +230% |
| Bank Process Manager | 118,000 USD | +190% |
| Bank Product Manager | 142,000 USD | +250% |
| Bank Programme Manager | 141,000 USD | +250% |
| Bank Project Manager | 162,000 USD | +300% |
| Bank Propositions Manager | 152,000 USD | +280% |
| Bank Quantitative Analyst | 107,000 USD | +160% |
| Bank Regional Manager | 212,000 USD | +420% |
| Bank Regional Risk Officer | 109,000 USD | +170% |
| Bank Relationship Manager | 154,000 USD | +280% |
| Bank Relationship Officer | 75,900 USD | +87% |
| Bank Sustainability Analyst | 121,000 USD | +200% |
| Bank Teller | 38,800 USD | -4% |
| Banker | 73,300 USD | +81% |
| Banking Business Analyst | 113,000 USD | +180% |
| Banking Business Development Officer | 72,200 USD | +78% |
| Banking Business Planning Executive | 164,000 USD | +310% |
| Banking Data Analyst | 122,000 USD | +200% |
| Banking Product Manager | 140,000 USD | +250% |
| Banking Reference Data Manager | 125,000 USD | +210% |
| Banking Regulatory Compliance Officer | 137,000 USD | +240% |
| Banking Risk Analyst | 106,000 USD | +160% |
| Banking Technical Analyst | 61,700 USD | +52% |
| Bankruptcy Coordinator | 78,500 USD | +94% |
| Bill and Account Collector | 38,900 USD | -4% |
| Blockchain Analyst | 90,400 USD | +120% |
| Blockchain Architect | 115,000 USD | +180% |
| Blockchain Auditor | 100,000 USD | +150% |
| Blockchain Compliance Analyst | 103,000 USD | +150% |
| Blockchain Consultant | 106,000 USD | +160% |
| Blockchain Trade Facilitator | 95,700 USD | +140% |
| Budget Analyst | 105,000 USD | +160% |
| Capital Risk Manager | 200,000 USD | +390% |
| Cards Marketing Manager | 141,000 USD | +250% |
| Cash Management Manager | 199,000 USD | +390% |
| Check Processing Manager | 146,000 USD | +260% |
| Chief Blockchain Officer | 118,000 USD | +190% |
| Commercial Vault Associate | 108,000 USD | +170% |
| Corporate Banker | 82,200 USD | +100% |
| Corporate Dealer | 114,000 USD | +180% |
| Credit Analyst | 84,300 USD | +110% |
| Credit and Collections Manager | 145,000 USD | +260% |
| Credit Card Fraud Investigator | 109,000 USD | +170% |
| Credit Portfolio Manager | 203,000 USD | +400% |
| Credit Risk Analyst | 121,000 USD | +200% |
| Credit Risk Associate | 116,000 USD | +190% |
| Cryptocurrency Accountant | 71,200 USD | +76% |
| Cryptocurrency Adviser | 137,000 USD | +240% |
| Cryptocurrency Analyst | 101,000 USD | +150% |
| Cryptocurrency Compliance Manager | 124,000 USD | +210% |
| Cryptocurrency Trader | 110,000 USD | +170% |
| Digital Banking Manager | 150,000 USD | +270% |
| Digital Currency Analyst | 114,000 USD | +180% |
| Direct Bank Sales Representative | 81,900 USD | +100% |
| Exchange Control Consultant | 116,000 USD | +190% |
| Executive Account Analyst | 104,000 USD | +160% |
| Financial Bank Planning Consultant | 139,000 USD | +240% |
| Financial Banking Analysis Manager | 166,000 USD | +310% |
| Financial Banking Assistant | 53,200 USD | +31% |
| Financial Banking Systems Manager | 150,000 USD | +270% |
| Foreign Exchange Manager | 159,000 USD | +290% |
| Fraud Analyst | 114,000 USD | +180% |
| Fraud Detection Associate | 77,700 USD | +92% |
| Fraud Detection Manager | 170,000 USD | +320% |
| Fraud Detection Supervisor | 92,700 USD | +130% |
| Internal Bank Audit Manager | 209,000 USD | +420% |
| Internal Bank Auditor | 110,000 USD | +170% |
| Internal Private Banker | 80,600 USD | +99% |
| International Banking Manager | 229,000 USD | +470% |
| Investment Banking Analyst | 167,000 USD | +310% |
| Loan Analyst | 105,000 USD | +160% |
| Loan Area Manager | 130,000 USD | +220% |
| Loan Audit Team Leader | 122,000 USD | +200% |
| Loan Branch Manager | 119,000 USD | +190% |
| Loan Business Development Officer | 70,100 USD | +73% |
| Loan Clerk | 40,500 USD | +0% |
| Loan Collection and Recovery Manager | 134,000 USD | +230% |
| Loan Collection Manager | 135,000 USD | +230% |
| Loan Collector | 36,100 USD | -11% |
| Loan Examiner | 47,500 USD | +17% |
| Loan Officer | 41,700 USD | +3% |
| Loan Processing Manager | 116,000 USD | +190% |
| Loan Processor | 47,800 USD | +18% |
| Loan Quality Assurance Auditor | 117,000 USD | +190% |
| Loan Quality Assurance Manager | 129,000 USD | +220% |
| Loan Quality Assurance Representative | 85,000 USD | +110% |
| Loan Review Manager | 127,000 USD | +210% |
| Loan Team Leader | 112,000 USD | +180% |
| Loans Manager | 150,000 USD | +270% |
| Mortgage Advisor | 76,000 USD | +88% |
| Mortgage Collection Manager | 127,000 USD | +210% |
| Mortgage Collector | 34,900 USD | -14% |
| Mortgage Credit Analyst | 56,000 USD | +38% |
| Mortgage Credit Manager | 129,000 USD | +220% |
| Mortgage Development Manager | 146,000 USD | +260% |
| Mortgage Document Reviewer | 49,100 USD | +21% |
| Mortgage Funding Manager | 144,000 USD | +260% |
| Mortgage Operations Manager | 200,000 USD | +390% |
| Mortgage Payment Processing Clerk | 43,600 USD | +8% |
| Mortgage Processing Manager | 126,000 USD | +210% |
| Mortgage Processor | 48,800 USD | +21% |
| Mortgage Quality Assurance Auditor | 112,000 USD | +180% |
| Mortgage Quality Assurance Manager | 126,000 USD | +210% |
| Mortgage Servicing Clerk | 37,200 USD | -8% |
| Mortgage Servicing Manager | 117,000 USD | +190% |
| Mortgage Underwriter | 46,600 USD | +15% |
| Online Banking Manager | 192,000 USD | +370% |
| Open Banking Strategist | 120,000 USD | +200% |
| Payment Processing Clerk | 38,800 USD | -4% |
| Personal Banker | 77,400 USD | +91% |
| Personal Banking Advisor | 85,100 USD | +110% |
| Phone Banker | 55,000 USD | +36% |
| Private Banker | 78,000 USD | +93% |
| Reconciliation and Investigation Specialist | 90,200 USD | +120% |
| Tax Officer | 67,500 USD | +67% |
| Teller | 39,200 USD | -3% |
| Trade Officer | 46,700 USD | +15% |
| Trade Product Manager | 132,000 USD | +230% |
| Trader | 54,800 USD | +35% |
| Treasury Operations Officer | 102,000 USD | +150% |
| Wealth Management Advisor | 169,000 USD | +320% |
Government vs Private Sector Salary Comparison
Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in United States is 5% on average across all career fields.
| Private Sector | 92,800 USD | |
| Public Sector | +5% | 97,500 USD |
Salary Statistics and Calculation Guide
What is considered to be a good and competitive salary for the job title Loan Clerk in Massachusetts?
A good and competitive compensation would range anywhere between 37,100 USD and 42,300 USD. This is a very rough estimate. Experience and education play a very huge part in the final earnings.
Gross Salary (before tax) and Net Salary (after tax)
All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.
Base / Basic Salary
The base salary for a careers like Loan Clerk in Massachusetts ranges from 20,700 USD to 30,700 USD. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range with a grain of salt.
What is the difference between the median and the average salary?
Both are indicators. If your salary is higher than both the average and the median then you are doing very well. If your salary is lower than both, then many people earn more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary
