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

Online lender LightStream, a part of Truist Financial Corporation founded in 2013, offers personal loans for a wide variety of purposes. LightStream is Rockford's top personal loan provider, per MoneyGeek's analysis.

You will not be assessed any origination costs, prepayment penalties or late fees by this lender. Loan amounts ranging from $5,000 to $100,000 are available. LightStream offers same-day funding for borrowers who submit their applications early enough. In addition, customers who set up autopay typically save 0.5% of their repayment amounts.

On the other hand, the lender does not accept loan applications from borrowers with credit scores below 660. It's also not an ideal choice if you want to borrow money with a co-signer. You cannot use the funds to pay off an existing LightStream loan, cover postsecondary tuition costs or buy bonds, stocks or stock options. You also can’t put them toward a retirement, life insurance or education savings plan.

Pros

• Competitive rates
• Up to $100,000 loan limit
• Flexible repayment terms
• Quick funding
• Does not charge many common fees

According to MoneyGeek's research, Upstart provides the best personal loans available for customers with bad credit in Rockford. Upstart was founded in 2012 and offers a lenient credit score requirement of 300. To prevent harming your credit score, the lender runs soft credit checks. It also processes loans as soon as one business day after approval. The starting APR is one of the lowest available in the city as well.

With that said, Upstart also has some disadvantages. First off, individuals who cannot qualify for better rates will find this loan provider to be expensive because of its highest APR, not to mention the origination and late fees it levies. Additionally, this lender is unsuitable for people seeking loans larger than $50,000.

Pros

• Accepts applicants with poor credit
• Low minimum APR
• Supports smaller loans
• Soft credit pull

For customers with good credit scores, SoFi is Rockford's best personal loan provider. SoFi started operating in 2011 and offers loans to consumers with a minimum credit score of 680. SoFi personal loans can be repaid in 12 to 60 months.

SoFi lends up to $100,000 and does not impose origination, prepayment or late fees. Funds may be released after a few days of approval. Furthermore, SoFi's unemployment protection program enables payment forbearance in the event of an unexpected layoff.

But to use SoFi, you must make at least $50,000 a year and have a good credit rating. Additionally, the minimum borrowing amount of $5,000 might be too much for individuals looking for smaller loans.

Pros

• Maximum loan amount of $100,000
• Low maximum APR
• Repayment term flexibility
• 0.25% autopay discount

According to MoneyGeek's research, Upgrade offers Rockford residents the best personal loans for debt consolidation. Upgrade was founded in 2016 and provides loans from $1,000 to $50,000. To be eligible, applicants must have a credit score of at least 560.

Upgrade achieved an A+ rating from the BBB. If you're using it for debt consolidation, Upgrade pays third-party creditors directly. Additionally, its loans are handled quickly, and you can have your funds as early as the next business day. If you set up automatic payments, the lender lowers premiums by 0.5%.

Loans from Upgrade are subject to several limitations. The lender does not approve loans for investment, gambling or postsecondary education. The APR on Upgrade loans could also be quite high depending on your credit score, making the lender a less-than-ideal choice for those with poor credit looking for a low interest rate.

Pros

• Pays third-party creditors directly
• Potentially low APR
• Flexible repayment terms
• Quick fund release
• Low minimum loan amount

According to our analysis, Best Egg is the best lender in Rockford for home improvement. The lender, which was founded in 2014, provides personal loans from $2,000 to $50,000.

Repayment terms range from 36 to 60 months. The lender runs a soft credit inquiry while processing your application, which does not affect your credit rating. It will typically release the funds within a day of approving your loan.

On the downside, not everyone can be approved for a personal loan from Best Egg. For consideration, borrowers must have a credit score of at least 700 and a $50,000 annual income. Best Egg does not allow co-signers, either.

Pros

• Quick fund disbursement
• No prepayment penalty
• Performs soft credit check
• No fund usage restriction