Best Personal Loans in Chicago, IL

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MWRD Employees’ Credit Union is the best personal loan lender in Chicago, Illinois, with a MoneyGeek score of 95 out of 100, providing quality service, competitive interest rates and credibility and transparency about its loan terms and process. Laurel Road is the best lender for online personal loans, with a MoneyGeek score of 93 out of 100, offering strong customer service, broad repayment terms and a quick application and approval process.

MoneyGeek prioritized local lenders and scored them based on factors like interest rates, loan terms, loan application process, and speed of loan funding to gather our best city recommendations. If you're looking for national lenders, we compiled our top picks in the best personal loans in Illinois.

MoneyGeek analyzed hundreds of lenders based on a rubric that includes APR ranges, loan amounts and repayment terms, among other key areas. We use a point-based system, assigning scores according to the presence or absence of certain desirable features in various critical categories.

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Our overall analysis was completed in August 2024. Here we considered banks and credit unions with brick and mortar locations in Chicago, Illinois. We also looked at online-only lenders licensed to do business in the state.

325Lenders Analyzed Nationally

Overall Best Personal Loan in Chicago, IL

Company logo for MWRD Employees’ Credit Union
MWRD Employees’ Credit Union

MoneyGeek Score95
APR Range6.9% to 21.9%
Loan Amount RangeUndisclosed
Repayment TermsUp to 60 months
Time to Receive FundsUndisclosed
Overview

MWRD Employees’ Credit Union is the best personal loan lender in Chicago, Illinois, with a MoneyGeek score of 95 out of 100. It stands out due to being federally insured by the NCUA, ensuring deposit security for its members, and offering low APR rates starting at 6.9%, making it affordable for borrowers. Additionally, borrowers can opt for joint applications, which can increase the likelihood of loan approval due to combined credit histories. However, borrowers should be aware that membership is required to apply for its loans, which could be a hurdle for some, and the lender does not offer rate discounts, possibly making the overall cost higher compared to other lenders.

Best Online Personal Loan in Chicago, IL

Company logo for Laurel Road
Laurel Road

MoneyGeek Score93
APR Range9.49% to 24.50%
Loan Amount Range$5,000 to $45,000
Repayment Terms36 to 60 months
Time to Receive FundsWithin 7 Days
Overview

For borrowers looking for the best online lender for personal loans in Chicago, Illinois, Laurel Road shines with a MoneyGeek score of 93 out of 100. It offers loans ranging from $5,000 to $45,000 with repayment terms of three to five years and provides funding within seven days. While considering Laurel Road, borrowers will appreciate that they can get a 0.25% discount on interest rates with autopay and won't have to pay origination fees, which can ease the initial burden of additional costs. On the other hand, it's important to note their $5,000 minimum might be higher than some borrowers need, and there's a late fee which is the greater of 5% or $28, potentially adding to the cost if a payment is missed.

Calculate Your Monthly Payment in Chicago, IL

According to the United States Census Bureau, the median annual household income in Chicago, Illinois in 2022 was $70,386. Regardless of whether your actual income is above or below this median value, what matters is your ability to afford the monthly loan payments. Use our personal loan calculator to estimate your monthly loan payments and the total cost of the loan by entering the loan amount, rate and terms.

For instance, calculating the monthly loan payments for a $10,000 personal loan, with a 10% interest rate and three years in repayment terms, results in $323 per month and $3,876 per year. This equates to around 6% of the median annual household income.

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Updated: Dec 5, 2024

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Runner-Up for Best Personal Loan in Chicago, IL

Company logo for U.S. Employees Credit Union
U.S. Employees Credit Union

MoneyGeek Score95
APR RangeFrom 10.15%
Loan Amount RangeUp to $30,000
Repayment TermsUndisclosed
Time to Receive FundsSame Day
Overview

U.S. Employees Credit Union stands out as the runner-up for personal loans in Chicago, Illinois, with a MoneyGeek score of 95 out of 100. Borrowers should consider its same-day funding availability and the option to include co-borrowers as significant perks. However, the maximum loan amount is limited to $30,000, which might not meet everyone's needs. Additionally, there's a $25 late payment fee that potential borrowers should be aware of.

Other Options for Personal Loans in Chicago, IL

Company logo for Maroon Financial Credit Union
Maroon Financial Credit Union

MoneyGeek Score93
APR RangeFrom 9.49%
Loan Amount Range$1,000 to $25,000
Repayment TermsUp to 48 months
Time to Receive FundsUndisclosed
Overview

Maroon Financial Credit Union stands out as a reliable option for personal loans in Chicago, Illinois, with a MoneyGeek score of 93 out of 100. Its status as a federally insured institution by the NCUA assures borrowers of protection and stability. Additionally, the credit union offers a low minimum loan amount of $1,000, making it accessible for smaller financial needs. On the downside, borrowers cannot prequalify, which may affect those wanting to check rates without impacting their credit score. Additionally, it charges a $25 application fee for repeat applicants, which could deter frequent borrowers.

Company logo for Great Lakes Credit Union
Great Lakes Credit Union

MoneyGeek Score87
APR RangeFrom 13.99%
Loan Amount Range$500 to $10,000
Repayment TermsUndisclosed
Time to Receive FundsUndisclosed
Overview

Great Lakes Credit Union is another good choice for personal loans in Chicago, Illinois, receiving a MoneyGeek score of 87 out of 100. It is federally insured by the NCUA, ensuring added security for your funds. Additionally, the minimum loan amount is $500, making it accessible for borrowers needing smaller loan amounts. However, you must be a member to apply, which could add an extra step to the process. It also charges a $25 fee for late payments, which can increase your loan costs if deadlines are missed.

National Lenders With Physical Locations in Chicago, IL

Borrowers in Chicago, Illinois seeking the best personal loans with a preference for face-to-face interactions can consider multiple national lenders in the area. These lenders include Wells Fargo, PNC, U.S. Bank, OneMain Financial and Old National Bank, each offering a range of options for personal financing that meet various needs.

Old National BankUndisclosed$2,500 to $25,00036 to 72 months
OneMain Financial18.00% to 35.99%$1,500 to $20,00024 to 60 months
PNCUndisclosed$1,000 to $35,0006 to 60 months
U.S. Bank8.74% to 24.99%$1,000 to $50,00012 to 84 months
Wells Fargo7.49% to 23.24%$3,000 to $100,00012 to 84 months

What to Do if You Can't Get a Personal Loan in Chicago, IL

Your personal loan application in Chicago, Illinois can get denied due to various reasons, like a low credit score, negative financial history, or an unfavorable debt-to-income ratio. If this happens, there are steps you can take to navigate this setback.

  1. 1
    Find out the reason for the denial

    Some lenders may deny your loan application due to a poor credit score, high debt-to-income ratio, low income level, or errors in your application. Emphasize the importance of reviewing the reasons to improve your weak areas and prevent another loan application denial in the future.

  2. 2
    Modify your loan terms

    You can try asking your lender if you can adjust the loan amount or repayment terms to get approved.

  3. 3
    Look for another lender

    Different lenders have varying eligibility criteria for personal loan approval. Shopping around and considering factors such as minimum credit score requirements, interest rates, loan terms, additional fees and customer service can help you find the best lender for your particular needs and circumstances.

  4. 4
    Explore credit counseling services

    Lenders often look at your debt-to-income ratio when evaluating your loan application. You may consider a credit counseling agency to better manage your credit card debt and develop your budget. You can get credit counseling services from Illinois Department of Financial & Professional Regulation's consumer credit resources. Another option is the Department of Justice's list of approved credit counseling agencies.

FAQ About Personal Loans in Chicago, IL

We addressed some common questions about the best personal loans in Chicago, Illinois, offering valuable insight to assist you in making informed decisions.

Who is the best overall personal loan lender in Chicago, Illinois?

What are personal loans used for in Chicago, Illinois?

What are the interest rates on personal loans in Chicago, Illinois?

What are the benefits and drawbacks of personal loans?

What are some personal loan red flags to look out for?

How to apply for a personal loan online?

Can I get a personal loan with bad credit in Chicago, Illinois?

What are the best low-interest personal loans in Chicago, Illinois?

What is an installment loan? Is there a difference between personal loans and installment loans in Chicago, Illinois?

Is there a difference between credit union loans and bank loans in Chicago, Illinois?

About Zachary Romeo, CBCA


Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.


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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 our editorial policies and expert editorial team.