Top Lenders & Best Picks for You
Best Personal Loans in Aurora, IL
Updated: December 28, 2023
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- The Best Overall Personal Loan Lender in Aurora
- The Best Personal Loan Lender for Bad Credit in Aurora
- The Best Personal Loan Lender for Good Credit in Aurora
- The Best Personal Loan Lender for Debt Consolidation in Aurora
- The Best Personal Loan Lender for Home Improvements in Aurora
- How to Choose the Right Personal Loan for You
- Frequently Asked Questions About Personal Loans in Aurora
MoneyGeek's Picks for Best Personal Loan Lenders in Aurora, IL
MoneyGeek ranked personal loan lenders in Aurora using more than 30 data points, summarized into fewer categories. We weighed their loan limits, interest rates, BBB ratings, repayment terms, credit score limits and origination fees.
Although the best option will vary based on the borrower's profile, MoneyGeek found that LightStream offers the best personal loans in Aurora. Upstart is the best lender for borrowers with a poor credit score, whereas SoFi is the best if you have good credit. Upgrade and Best Egg would be the ideal lenders for debt consolidation and home improvement, respectively.
Best Overall Personal Loan Lender in Aurora: Lightstream
Best Personal Loan Lender for Bad Credit in Aurora: Upstart
Best Personal Loan Lender for Good Credit in Aurora: SoFi
Best Personal Loan Lender for Debt Consolidation in Aurora: Upgrade
Best Personal Loan Lender for Home Improvement in Aurora: Best Egg
How to Choose the Best Personal Loan Lender in San Jose for You
Personal loans grant you access to quick funding during emergencies and other vital expenses. In the state of Illinois, the average personal loan debt is $22,553. When applying for a personal loan, you should consider the loan amount and repayment terms. The best lender in Aurora will vary based on your income level, credit score and other important factors.
The following steps should guide you through the process of applying for a personal loan in Aurora:
Ask Yourself the Important Questions
You need to consider several aspects of your loan application to make the right financial decision. For instance, you need to understand whether getting alternative funding may be cheaper. The following are some of the critical questions to ask yourself before applying for a loan:
- What is the exact amount you need?
- What’s your credit score?
- Are you comfortable with the proposed repayment plan?
- How much existing debt do you have?
Do Your Research
MoneyGeek's guide thoroughly looks at the best lenders for specific situations. That said, we suggest you conduct your own research to help you identify other options that best suit your financial needs. Pay attention to the details of each loan product, including the amount, interest rates, repayment schedule and any associated fees. Getting a personal loan is a huge commitment, as it will take an average of two to four years to complete the repayment process.
Wait
After receiving the proposed terms from your preferred lender, spend a few more days going through every detail to determine the implications of accepting the offer. Evaluate your decision to take the loan against your financial objectives and ensure you have all the information about the lender before applying.
Read the Fine Print
Once you confirm that you are happy with the loan details, you will receive the loan agreement. It would be best if you read through the fine print before proceeding. You should review the fees, interest rates, penalties, and hidden costs keenly. Rates and fee types vary across each lender, so assess your options and choose one with the best repayment amounts.
Call or email your preferred lender with any questions or concerns before applying.
Apply
If you are happy with the offer, the last step is to submit your application. You can do this either online through the lender's website or in person at one of their offices in Aurora.
Ensure that you give enough details as required and that these are accurate. Typically, lenders ask for your proof of income and personal and contact information. However, some may not have restrictions on the gross income and may not need any proof.
What to Do if You Can’t Get a Personal Loan in Aurora
After reviewing your application, lenders will advise on whether you qualify for the loan or not. Several factors will determine your eligibility for a personal loan. For example, if you do not meet the minimum credit limit or income requirement outlined in the loan agreement, your lender will decline your application. The same applies if you provide inaccurate or incomplete information.
When this happens, contact your lender to establish why your application failed to go through and whether you can make adjustments and resubmit. If the application failed due to income or credit score issues, you might need to improve your scores before submitting another application. Another option is to consider other lenders.
While payday and other short-term loans may offer you a quick alternative, you may pay more since such loans feature shorter repayment periods and higher interest rates.
Frequently Asked Questions About Personal Loans in Aurora
The best personal loans in Aurora depend on your income level, credit score requirements and other essential factors. Below are frequently asked questions about personal loans in the city to get you started.
Based on MoneyGeek's rankings, LightStream provides the best personal loans in Aurora. However, the best option depends on specific situations. If you have good credit, the best provider is SoFi. Upstart is the best lender for bad credit scores. Best Egg ranks top if you plan to use the borrowed funds for home improvement, whereas Upgrade is the best fit for debt consolidation.
The lender with the lowest interest rate is Upstart. Borrowers pay as little as 3.22% for a personal loan in Aurora.
You can use your personal loan to cover different funding needs in Aurora, including vacation expenses. However, some lenders restrict how you spend the funds. Always check with your preferred lender about these limitations.
You can use your personal loan to repair or renovate your home in Aurora. Based on MoneyGeek's analysis, Best Egg is the best lender in Aurora for home improvement purposes.
Typically, lenders will allow you to use the funds for various purposes. However, a few lenders may restrict you from using the funds to refinance existing loans, pay post-secondary education costs, finance illegal activities or invest in stocks and bonds.
In Aurora, Illinois, how much you receive as a personal loan is different for each lender. Depending on your needs, you can get as low as $1,000 and as high as $100,000. However, you may need to compare terms across lenders before submitting your application.
Every lender has a different loan disbursement time. Some companies deposit the funds in your account the same day you apply for a loan, while others may delay up to a week.
Yes. However, some lenders may charge a prepayment fee for doing this. Always seek clarification from your lender before making the payment.
Our Personal Loan Methodology
MoneyGeek reviewed more than 30 personal loan lenders using over 35 individual data points spread across six categories. These include accessibility, affordability, flexibility, consumer friendliness, customer service and lender transparency.
We considered numerous data points under each ranking criteria that hold the most weight when choosing a personal loan lender. APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time are all factors to consider.
Here at MoneyGeek, we value you, the consumer. That is why we consider each lender's customer support, business ratings and additional features like prequalification, payment options and mobile apps that could make your experience easier and more accessible.
After careful consideration and calculation, we determine our picks 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
- LightStream. "Loans for Practically Anything." Accessed June 16, 2022.
- LightStream. "FAQ | LightStream." Accessed June 16, 2022.
- Upstart. "Personal Loans." Accessed June 16, 2022.
- SoFi. "Frequently Asked Questions." Accessed June 16, 2022.
- Upgrade. "Are There Any Late Fees?." Accessed June 16, 2022.
- Upgrade. "What Are the Different Uses for a Personal Loan?." Accessed June 16, 2022.
- Best Egg. "What Is an Origination Fee and Why Is It There?." Accessed June 16, 2022.
The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender'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, lender or other entity. Learn more about
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