Best Personal Loans in Naperville, IL: Top Lenders & Best Picks for You

MoneyGeek's Picks for Best Personal Loan Lenders in Naperville, IL

MoneyGeek used more than 35 different data points to pick the best personal loan company in Naperville. APR ranges, fees, loan duration, credit and income requirements, loan accessibility and Better Business Bureau (BBB) ratings are a few of those factors examined.

The ideal lender for each borrower may differ since each individual has different financial needs and credit profiles. Using these varied factors, MoneyGeek assessed which Naperville loan lenders were the best for borrowers with good credit, bad credit and those who needed loans for debt consolidation and home repair.

Best Overall Personal Loan Lender in Naperville: LightStream


  • 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 Receive Funds

    LightStream is the best personal loan lender in Naperville, and its A+ BBB rating only cements its position. The lender operates online and is a division of Truist Financial Corporation.

    Qualified customers have access to loans ranging from $5,000 to $100,000 with same-day funding and no origination fees. Long repayment periods of up to 84 months are available from the lender, which suits those looking for smaller monthly payments. If you decide to pay off your loan earlier than the term, you can do so without paying a fee.

    However, LightStream loans are only available to those with a good credit score of at least 660. Also note that the lender forbids using the funds for activities like repaying an existing LightStream loan, financing a business, postsecondary education expenses or for the purchase of bonds and stocks.

    Pros

    • No origination fee or prepayment penalty
    • Maximum loan of $100,000
    • Autopay discount
    • Quick funding
    • Many options for repayment terms

    Cons

    • Requires good-to-excellent credit score
    • Minimum loan of $5,000
    • Loan usage restrictions
    • Hard credit inquiry
    LightStream

Best Personal Loan Lender for Bad Credit in Naperville: 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 Receive Funds

    If you don't yet have a financial foundation or have a bad credit score, getting a personal loan may be tricky. Upstart is an online bank that connects first-time and low-credit-score borrowers with lenders using artificial intelligence.

    MoneyGeek found that because the company lends to customers with credit scores as low as 300, it's great for those with little credit history. All loans range from $1,000 to $50,000 and carry a one-time origination charge.

    Note that borrowers with bad credit may see their score drop due to the company's rigorous credit checks. Although the company accepts full-time, part-time and self-employed individuals, unstable income may disqualify applicants for an Upstart loan.

    Pros

    • Low minimum APR
    • Minimum credit score of 300
    • Soft credit inquiry to check eligibility
    • Accepts part-time, full-time and self-employed individuals
    • No prepayment penalty

    Cons

    • Potentially high interest rates
    • Origination fees
    • Low maximum loan amount
    • Limited repayment term options
    • Has usage restrictions
    Upstart

Best Personal Loan Lender for Good Credit in Naperville: 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 Receive Funds

    For people with good credit, SoFi is the best option in Naperville. You need to have a credit score of at least 680 to get a SoFi personal loan of up to $100,000. Borrowers choosing automatic payments receive a discount on their interest rates.

    SoFi provides unemployment protection, which allows borrowers to delay or reduce their monthly loan payments if they lose their jobs unexpectedly.

    However, note that the lender runs a hard credit inquiry, which can temporarily lower your credit score. Also, those who need smaller loans than $5,000 may not find this lender a good fit. People who are uncertain about their loan application's prospects might raise those possibilities by submitting it with a co-applicant.

    Pros

    • Loans of up to $100,000
    • No origination fee or prepayment penalty
    • Autopay discount of 0.25%
    • Offers unemployment protection
    • Broad range of repayment terms

    Cons

    • High minimum credit score requirement
    • High minimum loan of $5,000
    • High minimum APR
    SoFi

Best Personal Loan Lender for Debt Consolidation in Naperville: 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 Receive Funds

    Upgrade is a fintech startup that provides its consumers with free access to tools for evaluating their credit health to encourage responsible financial conduct. It has an A+ BBB rating, and according to MoneyGeek, the company is the best option for borrowers needing a loan for debt consolidation in Naperville, Illinois. That’s partly due to Upgrade’s offer to pay third-party creditors directly.

    Upgrade has a reasonable minimum APR for well-qualified borrowers. However, you can expect the APR on an Upgrade personal loan to go high if your credit score is low.

    Every Upgrade loan also includes an origination charge of between 1.85% and 8.99%. However, prepayment penalties do not apply to loans paid off ahead of schedule. That said, there are limitations on how Upgrade loans may be used, so make sure you read the fine print.

    Pros

    • Reasonable baseline APR
    • No prepayment penalty
    • Has a mobile app
    • Flexible repayment terms

    Cons

    • Potentially high APR
    • Origination fee of up to 8.99%
    • Late payment fee
    • Loan usage restrictions apply
    Upgrade

Best Personal Loan Lender for Home Improvement in Naperville: 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 Receive Funds

    Through its collaboration with the Cross River Bank financial technology company, Best Egg has funded more than 1 million personal loans since 2014. It is managed by the online lender Marlette Funding and enjoys an A+ rating with the BBB.

    Best Egg home improvement loans can range from $2,000 to $50,000. The creditworthiness of the borrower determines the loan's APR.

    However, you will be eligible for a Best Egg loan only if you meet the minimum requirements, which include a very good credit score of 700 or above. Online loan applications are accepted, and approval and funding can occur as soon as the next business day. Furthermore, this loan does not include a prepayment penalty. Keep in mind, though, that Best Egg loans might carry an origination cost of up to 8.99%.

    Pros

    • Soft credit check for eligibility
    • No prepayment penalty
    • A+ BBB rating

    Cons

    • Minimum credit score of 700 required
    • Loans limited to $50,000
    • Limited repayment term options
    • Potentially high APR
    • Origination fee between 0.99% and 8.99%
    Best Egg

Where to Start: How to Choose the Best Personal Loan Lender in Naperville for You

People seek out personal loans to cover significant expenses, such as debt consolidation, medical bills, home improvement, moving and higher education. Lenders use a number of criteria to decide if you qualify for a loan, including your income, credit history, credit score and debt-to-income ratio. The average borrower in Illinois has $22,553 in personal loan debt and an interest rate of 9.31%.

The steps listed below by MoneyGeek can help you choose the best personal loan lender in Naperville.

  1. 1
    Ask Yourself the Important Questions

    Before you settle on a lender, you should give some thought to the following questions:

    • How much funding do I need?
    • What is my credit score?
    • Can I afford the monthly payment?
    • How much debt do I already have?
  2. 2
    Do Your Research

    Remember that a personal loan has interest and sometimes additional fees, so you will end up repaying a significant amount of money for a specific term. As a result, you should research various loan companies to find the one that best fits your requirements. You should still do your own research to make sure the loan and lender are a good fit for you, as MoneyGeek's recommendations are only general advice.

  3. 3
    Wait

    It's a good idea to allow yourself some time to collect your thoughts after selecting a lender. Instead of accepting a loan offer immediately, take a day or two to carefully consider your alternatives before signing.

  4. 4
    Read the Fine Print

    Before agreeing to a loan with a lender, understand the costs, interest rates, fees and any penalties that may be applicable. The smallest of details may be easily overlooked, which can lead to costly repercussions later on. To avoid being surprised by any future hidden expenses or fees, it is crucial to thoroughly review the loan's terms and conditions, which are available in its fine print.

  5. 5
    Apply

    The lender will need to verify your identity, address and income. They will ask you to furnish proof of these details to verify your eligibility and process your application. Applications are often accepted in person or online.

What to Do if You Can’t Get a Personal Loan in Naperville

Low credit ratings, inadequate income, a high debt-to-income ratio and a lack of supporting documentation are just some of the reasons a lender can use to reject a loan application.

You shouldn't let a rejection letter kill your spirit. It’s best to contact your lender to know the reason for your rejection. To be approved, your lender may recommend a shorter loan term or a lesser loan amount. If you are uncertain about your loan eligibility, you may apply with a cosigner or use collateral as security.

Avoid taking out a payday loan at all costs if possible. These loans often have extremely high interest rates and short repayment terms. Repayment of a payday loan has no impact on a borrower's credit rating, but your credit score could suffer significantly if you fail to pay it back in time.

Frequently Asked Questions About Personal Loans in Naperville

Finding a suitable lender may become less of a challenge if you assess your credit history, income, existing debts, loan amount needed and the purpose of the loan before starting your search. If you want to learn about personal loans in Naperville quickly, you can start by perusing MoneyGeek's answers to the following questions.

What is the best personal loan lender in Naperville?

Which lender in Naperville has the lowest interest rate?

Can I use a personal loan for vacations in Naperville?

Can I use a personal loan for home improvement in Naperville?

What can I not use my personal loan for in Naperville?

How much can I borrow in Naperville?

How long does it take to get a personal loan in Naperville?

Can I pay off my loan early in Naperville?

Our Personal Loan Methodology

We analyzed more than 30 personal loan lenders using 35 data points across six primary categories: affordability, loan accessibility, user friendliness, customer service, lender transparency and flexibility.

We looked at a wide range of information we deemed most important when selecting the best personal loan provider in each category. The variables considered include APR ranges, loan amounts, credit score requirements, minimum income, fees, disbursement times and more.

MoneyGeek places a high value on its customers, so we also take into account extra variables like the lenders' customer service reputations, their business history and any extra features that could improve customer experiences, like their prequalification benchmarks, payment options and mobile apps.

Our judgments are based on thorough research and analysis, and we always have your best interests in mind. Our professional advice and list of recommended lenders are only given to help you choose the best option for your individual situation.

About Christopher Boston


Christopher Boston headshot

Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.

Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.


sources
Shield Insurance

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.