Illinois Personal Loans

Personal loans allow you to borrow a fixed amount of cash for almost any purpose without providing collateral at lower rates than credit cards. This flexibility and affordability make them a popular lending option. 

If you live in Illinois, there is an abundance of lenders to choose from. We’ve researched Illinois personal loans offered locally and online to help you make the best choice.

Online personal loans in Illinois

Getting a personal loan through an online lender makes it easy to apply and get your funds quickly—sometimes even on the same day. 

Because you don’t need to provide collateral, your credit score is the top consideration that affects personal loan approval and your rate. The good news is some lenders will offer personal loans to good, fair, and bad-credit borrowers. The credit score ranges are shown in the image below.

Based on where your credit score falls, here are our recommendations for online personal loans in Illinois:

Lender	Loan amounts
Credible1	$1,000 – $200,000
LightStream	$5,000 – $100,000
SoFi	$5,000 – $100,000
Upgrade	$1,000 – $50,000

Credible – Best marketplace

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LendEDU rating: 5.0 out of 5

• Trusted by thousands of borrowers
• Allows comparison of multiple lenders at once
• No hidden fees

Credible is the best choice for personal loan marketplaces because it lets you compare rates and choose from 17 lenders catering to all credit score levels. You can quickly compare offers from lenders like LightStream, Discover, Upstart, and SoFi all in one place. 

Loan amounts are between $1,000 and $200,000, making it easy to get exactly the amount you need.

Credible doesn’t charge fees, so the only cost is the fees each lender charges, like origination fees. You can prequalify for a loan, allowing you to check your rates with no credit impact. Close with a better rate than you prequalify for on Credible, and you’ll get a $200 gift card (terms apply).

In addition to personal loans, the company offers financial loan options such as student loan refinancing, mortgages, and home equity loans.

LightStream – Best for excellent credit

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LendEDU rating: 4.8 out of 5

• Rate Beat Program will beat competitors’ rates
• $100 refund with Loan Experience Guarantee
• No fees whatsoever

LightStream is our top pick for excellent credit in Illinois. Its loans have competitive rates, no fees, and fast funding. The lender specifically works with those with good-to-excellent credit, and the best rates are reserved for borrowers with excellent credit.

In keeping with the low-cost theme, LightStream doesn’t charge loan processing fees, late fees, or prepayment penalties. You’ll also get a 0.50% rate discount if you set up autopay. 

It is important to note that LightStream does not offer preapproval with a soft credit check. Applying will affect your credit score, which is why having excellent credit is best when choosing Lightstream.

If you need flexibility in your loan term, LightStream offers terms of 24 to 240 months. Longer terms generally mean more overall interest costs but can also make payments more manageable, depending on your needs. Funds can be available as soon as the same day if you apply on a banking business day.

SoFi – Best for good credit

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LendEDU rating: 5.0 out of 5

• No required fees
• Same-day funding
• 3 rate discounts

SoFi is our top pick for good credit in Illinois. There are no fees required, and rates are competitive. The rates for SoFi personal loans are fixed, starting with fixed interest rates (APRs) of 8.99% to 29.99% with all discounts included. However, the company also offers rate discounts for autopay if you bank with SoFi or have other financial products through the company.

Speed is of the essence with SoFi personal loans, as you can check your rate in as little as 60 seconds. If approved, you can get funding as soon as the same day. Loans of up to $100,000 are available, with terms ranging from 24 to 84 months.

Upgrade – Best for fair credit

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LendEDU rating: 4.9 out of 5

• Accepts borrowers with fair credit
• Provides free credit monitoring
• Offers hardship plans

Upgrade is our top pick for borrowers with fair credit in Illinois. Loans of $1,000 to $50,000 are available, and you can qualify with fair credit. With rates starting at 8.49% APR, Upgrade is competitive with most other lenders we considered.

If approved for a loan with Upgrade, you’ll receive multiple loan offers from which to choose. Funds can be available before the next business day, and loan terms range from 24 – 84 months.

Upgrade also has a short-term hardship program. If you experience financial hardship, you can make reduced payments for a set period. For fair-credit borrowers needing financial flexibility, Upgrade is a great choice.

Local personal loan lenders in Illinois

You can also research local banks and credit unions if you want a personal loan. Because they’re local, they tend to be in tune with the needs of people in your area.

The downside of using a local lender is that you’re limiting your options. If there are only one or two banks within driving distance, you won’t be able to get many offers to compare. Some brick-and-mortar lenders can also be more conservative than online lenders, making it harder to qualify for a loan.

Lender	Rates (APR)	Loan amounts
BMO Harris Bank	9.89% – 22.14%	$5,000 – $35,000
Old National Bank	Up to 25.00%	$2,500 – $25,000
Central Credit Union of Illinois	Starting at 9.90%	Up to $30,000

Ask the expert

Catherine Valega

CFP®

Local lenders know your market and often your or your family history. I’ve seen larger, more generous mortgage loans sometimes offered by local lenders when they deem you creditworthy and are comfortable with the demographics and prospects of your neighborhood. That said, online lenders may offer quicker/easier underwriting options if you have a good credit score and borrow a small sum. If you have the time, check out both options before you choose.

About personal loans in Illinois

Illinois has legislation limiting payday lenders to help protect consumers from predatory loans. This can help you avoid bad loans.

Keep the following in mind if you’re considering a payday loan in Illinois:

• Your monthly payment can’t exceed 22.5% of your monthly income
• Lenders can’t roll your loan into a new one if it will keep you in debt for longer than six months
• You’re entitled to an interest-free repayment plan if you’ve been in debt with a lender for over 35 days.

Read More

Personal loans by state

How to apply for personal loans in Illinois

When you apply for a personal loan, you must provide identifying and financial information. This includes:

• Your name
• Your address
• Your Social Security number
• Your annual income
• Your monthly housing payment
• Information about other debts or liabilities you have

Many lenders will request proof, so be ready with a copy of your lease or a recent pay stub to prove your income and housing payments. Most loan applications outline what you must provide before final approval, so gather all the required documentation to speed up the process.

Recap: Best online personal loans in Illinois

Lender	Rates (APR)	Loan amounts
Credible	7.49% – 35.99%	$1,000 – $200,000
LightStream	7.49% – 25.49%	$5,000 – $100,000
SoFi	8.99% – 29.49%	$5,000 – $100,000
Upgrade	8.49% – 35.99%	$1,000 – $50,000