Top Lenders & Best Picks for You

Best Personal Loans in Illinois

You may need to borrow money to cover home repairs, a wedding or medical bills, or to consolidate debts into one payment. Personal loans are one solution that covers needs like these. When applying for a personal loan, lenders consider your income, credit score, debt-to-income ratio and age. You will receive funds if the lender authorizes the loan and you comply with the terms. Illinois residents owe $5,552 on credit cards and $22,553 on personal loans, on average. The average interest rate for personal loans in Illinois is 9.31% and the average credit score in the state is 720.

Last Updated: 6/9/2022
Advertising & Editorial Disclosure
Reviewed By     |  
tip icon

MoneyGeek’s Best Personal Loan Lender in Illinois:: LightStream

MoneyGeek examined Illinois' loan providers' performance using more than 30 distinct metrics. We evaluated APR and term ranges, fees, credit score and income criteria, customer service and BBB ratings while determining the best lenders in the state.

LightStream is the best overall lender for personal loans in Illinois. On the other hand, the best company for you depends on factors like credit rating and your reason for seeking a loan.

Best Overall Personal Loan Lender in Illinois: LighStream


  • LightStream

    • 4.49% to 20.49%APR Range
    • 660Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Same DayTime To Recieve Funds

    on LightStream Website

Best Personal Loan Lender for Bad Credit in Illinois: Upstart


  • Upstart

    • 3.22% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime To Recieve Funds

    on Upstart Website

Best Personal Loan Lender for Good Credit in Illinois: SoFi


  • SoFi

    • 5.74% to 20.28%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime To Recieve Funds

    on SoFi Website

Best Personal Loan Lender for Debt Consolidation in Illinois: Upgrade


  • Upgrade

    • 5.94% to 35.47%APR Range
    • 560Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime To Recieve Funds

    on Upgrade Website

Best Personal Loan Lender for Home Improvement in Illinois: Best Egg


  • Best Egg

    • 4.99% to 35.99%APR Range
    • 700Minimum Credit Score
    • $2,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime To Recieve Funds

    on Best Egg Website

How to Choose the Best Personal Loan Lender in Illinois for You

More than 21.1 million borrowers owe a total of $143 billion in personal loan debt in the U.S. per Chamber of Commerce’s personal loan statistics. In Illinois, the average amount owed on personal loans is $22,553. When applying for a personal loan in Illinois, your income, employment history, debt-to-income ratio and credit score are all considered by your lender. The following steps are necessary to choose the best lender in your area:

1

Ask Yourself the Important Questions

It’s a good idea to complete a preliminary assessment of your financial situation and fund requirements before proceeding with the application. Answers to the following questions are required before choosing a lender and submitting an application for a personal loan:

  • How much do I need to borrow?
  • How much debt do I have now?
  • What is my credit score?
  • How much can I pay each month?
  • What must be my loan term?
  • When do I need the loan?
  • What kind of loan should I choose?
2

Do Your Research

When you've determined your financial needs, it's time to find a lender that can meet them. Because each lender has its own rules, it's vital to understand how they differ. It's also important to evaluate the features of the lenders you're considering to find the one that fits your needs. Also, consider the long-term impact of the loan's length on your financial well-being. Long-term loans will cost more, but offer lower monthly payments. The loan term should not jeopardize any long-term financial objectives you have.

A hard credit inquiry can impact your credit score. If you can't afford for your credit score go down, look for a lender performing soft checks. Because you have a unique financial situation, it’s smart to do your own research for personal loan options.

3

Wait

It might be difficult to choose a loan with all the options available from different lenders. It's wise to give yourself a few days before deciding which company to go with. When you take out a personal loan, you are making a big financial commitment, and you want to make sure that you make the best choice possible for your money.

4

Read the Fine Print

When researching lenders and personal loans, it's easy to overlook critical information that seems trivial. This could result in missing additional or hidden fees that some lenders impose. Before settling on a lender, evaluate and understand all the costs such as interest, penalties and late fees associated with the loan. Additional considerations include collateral requirements or restrictions on the loan's usage. You may discover something unexpected by reading the fine print. Over time, these seemingly inconsequential details could make a big impact on your finances.

5

Apply

After you've done your homework, it's time to submit your application. You will need to provide proof of identification, address and income-related information as part of the loan application process. It can be helpful to call or visit the company in person, if its possible, to understand the loan better and clear up any doubts you may have.

What To Do if You Can’t Get a Personal Loan in Illinois

A bad credit score, failing to satisfy income requirements, exceeding the maximum debt-to-income ratio or inaccuracy in your application are reasons a lender may reject your application. Contact the lender to ask about the reasons for the rejection and suggestions on how you might enhance your chances for approval in the future. A shorter term or a lower loan amount may help you get approved if you meet all the other conditions. Co-signing your loan or using collateral as security can also enhance your chances of approval. However, wait to reapply for a personal loan until you resolve the reason for the rejection.

Rejections can tempt some people in dire financial need to take out a payday loan, a small loan of up to $500 with a high interest rate that you must repay on your next payday. Note that paying off a payday loan on time will not improve your credit score. In addition to the high cost of these loans, the lender may hire a collection agency if you don't pay on time, which can seriously affect your credit score.

Frequently Asked Questions About Personal Loans in Illinois

Your circumstances, credit history and income will determine the best personal loans in Illinois for you. Below is a list of frequently asked questions about Illinois's personal loans and lending institutions.

tip icon
METHODOLOGY

We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking criteria category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender within each ranking criteria category. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.

Here at MoneyGeek, we value you, the consumer, so we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible — like prequalification, payment options and mobile apps.

After careful consideration and calculation, our picks are decided and chosen with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.

sources
*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings for our coverage of credit card products. MoneyGeek and CardRatings may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.