5 Best Personal Loans in Illinois in 2022Corvelay Mediaon July 8, 2022 at 5:18 pm

Personal loans are a great option for whatever life happens to throw at us. You’ve been going through the whole “best personal loans near me” process, but the plethora of options has quickly become overwhelming. After all, each company and lender is different, and if you are located in Illinois, results may vary depending on what state you are in.

This article will cover the 5 best personal loans in Illinois to help you find the best personal lender and get you started in filling out your online loan application in no time. From high quality perks, no fee options, and even catering to those without outstanding credit, you are bound to find the right choice for you.

Here Are the 5 Best Personal Loans in Illinois in 2022

ZippyLoan – Best Quick LoansLightStream – Best OverallCashNetUSA – Best for Bad CreditSoFi – Best for Good CreditCredible – Best for Reputable LendersZippyLoan – Best Quick Loans

ZippyLoan is a quick and easy service that connects borrowers with lenders. Once you input your financial situation into their assessment, the platform works to get you connected with a personal lender in which you can borrow anywhere from $100-$15,000. Provided that all of your information gets approved, you can then expect your funds as soon as the next business day.

On the flip side, ZippyLoan is not for you if you are looking for a higher loan amount exceeding $15k. There is also no guarantee you will be matched with a personal lender, especially if you do not meet the ideal loan requirements. Lastly, there have been some unfortunate claims that the platform sells your information to third-party lenders.


Receive amounts as low as $100 or as high as $15,000/Next day funding.All credit types accepted, including poor.Credit building opportunities.


No guarantee you’ll be matched with a personal lender.Fees and interest rates are relatively high.Information is sold to other lenders.

Lender Details

APR Interest Rate: Ranges from 7.04%-34.89% and is determined by the lender and the amount you borrow. Keep in mind that short-term personal loans result in higher interest rates.

Loan Amount: Between $100-$15,000.

Credit Requirements: No credit requirements. You can get approved regardless of your credit history.

Income Requirements: There are no income requirements, but you must have income (aka a job) to get approved.

Repayment Terms: Range from 6-72 months give or take depending on the size and type of personal loan.

Time to Receive Funds: Application process takes about five minutes. Once approved, you will receive funds as soon as the next business day.

Top Competitors

Need more time to compare? Take a look at these top competitors.

OneMain FinancialAvantAmOneLendingTreeCredible (listed below)

2. LightStream – Best Overall

LightStream is one of the most trusted lending institutions out there. With a BBB rating of A+, the platform has you covered for whatever your financial needs are. Some of the borrower friendly features include discounted autopay, no minimum income requirements, and no hidden fees (including late fees). Further, applications are processed within one business day, resulting in quicker funding.

Because LightStream is a premium lending service, those with less than a 660 credit score should not consider applying. Keep in mind that you also cannot use the personal loan to pay college tuition or other loan investments, and it is not a good choice if you are planning to use a co-signer.


Competitive rates and discounts.100% no fees or penalties.Loans of up to $100kJoint loans


Restrictions such as no co-signing and use of funds.Credit score must be at least 660.No direct pay for debt consolidation loans.

Lender Details

APR Interest Rate: Ranges from 4.99%-19.99% and is determined by the lender and the amount you borrow. Keep in mind that short-term personal loans result in higher interest rates.

Loan Amount: From $5k-$100k

Credit Requirements: Must be at least 660 to apply/qualify and have an extensive credit history.

Income Requirements: You must provide proof of good financial standing and have enough income to pay past and current loans.

Repayment Terms: 2-7 years give or take depending on the size and type of personal loan.

Time to Receive Funds: Once approved, you will receive funds as soon as one business day.

Top Competitors

Need more time to compare? Take a look at these top competitors:

SoFi (listed below)LendingClubUpstart

3. CashNetUSA – Best for Bad Credit

If you are having trouble qualifying for loans because of poor credit or income issues, CashNetUSA may be the right choice for you. Ideal for emergency funds, the platform features many different types of loans that can be transferred to you within one business day upon approval. There is a catch though, CashNetUSA comes with higher than normal interest rates.

Because CashNetUSA is best for borrowers that are considered high risk, hefty fees and penalties come with those high interest rates. The agency also does not report to credit bureaus, so you will not see an improvement in your credit score if you borrow from them. Further, Illinois is fortunately one of the 29 states they lend to.


Considers applicants with credit issues or no credit at all.No prepayment fee.Releases funds quickly. Ideal for emergency situations.


Exorbitantly high interest rates.Charges origination fee and late fees.Does not report to credit bureaus.

Lender Details

APR Interest Rate: Ranges from 89%-449% and is determined by the amount you borrow. This rate is much higher than its competitors.

Loan Amount: Ranges from $300-$3,500

Credit Requirements: Will approve borrowers with a credit of at least 500, but may consider those with lower or no credit history.

Income Requirements: Does not disclose any income requirements, as long as you can prove you have a solid repayment method.

Repayment Terms: 6-24 months give or take and depends on the size and type of personal loan.

Time to Receive Funds: Once approved, you will receive funds in approximately 24 hours.

Top Competitors

Need more time to compare? Take a look at these top competitors:


4. SoFi – Best for Good Credit

Also with a BBB rating of A+, it is clear to see that a good credit history warrants excellent perks. SoFi is a company that offers nothing short of a five-star lending service and they have the features to prove it. From flexible repayment plans, no fees or penalties, and even unemployment assistance, and more, SoFi is far from lacking in the perks department.

Despite their unique and premium offerings, SoFi’s lending services come with restrictions. Even if you have an outstanding credit score, you will still not be able to borrow if you require a co-signer or make under $50k annually.

For a more in depth review of SoFi, check out this source.


No fees or penalties.Offers unemployment protection.Competitive rates and discounts.Soft credit inquiries.


Minimum credit score of 680 or higher.High minimum loan amount.Must make at least $50k annually.

Lender Details

APR Interest Rate: Ranges from 5.73%-22.23% and is determined by the amount you borrow.

Loan Amount: Ranges from $5,000-$100,000.

Credit Requirements: At least 680 or higher to qualify.

Income Requirements: At least $50k annually to qualify.

Repayment Terms: 12-60 months give or take and depends on the size and type of personal loan.

Time to Receive Funds: Funds will arrive in approximately two business days upon approval.

Top Competitors

Need more time to compare? Take a look at these top competitors:

LendingClubLightStream (listed above)Credible (listed below)AmOne

5. Credible – Best for Reputable Lenders

Credible is an online loans marketplace that offers its borrowers with competitive and flexible loan plans. They also fully vett their lenders so you are guaranteed to get the best plan and rate. What makes them unique is they prioritize educating their borrowers by providing resources on lending and borrowing topics.

Credible is not for you if you are looking to borrow less than $1,000. Borrowers may also be wise to conduct additional research, as the platform only features a small pool of lenders. Though high quality and vetted, each lender through their platform lends through a different set of rules and fees. However, you must have a minimum of 600 credit score to qualify.

For a more in depth review on Credible, check out this source.


No hard credit check.Do not sell your information.Flexible interest rates and loan term repayment options.Best rate guarantee.Live chat support.


Small pool of lenders, though they are high quality and reputable.No guarantee on the amount of fees.Borrowers may be required to do additional research.Minimum of 600 credit score to qualify.

Lender Details

APR Interest Rate: Ranges from 3.99%-35.99% and is determined by the amount you borrow.

Loan Amount: Ranges from $1,000-$100k.

Credit Requirements: A minimum of 600 is required to qualify.

Income Requirements: No income requirements as long as you provide solid proof of repayment.

Repayment Terms: 2-7 years give or take and depends on the size and type of the personal loan.

Time to Receive Funds: Upon approval, funds will arrive within 1-7 business days.

Top Competitors

Need more time to compare? Take a look at these top competitors:

SoFi (listed above)MarcusRocket Loans

How We Chose the Best Personal Loans in Illinois

Taking out a personal loan is a big decision that requires a considerable amount of thought and research. Here is a breakdown of our process, and what we took into account when choosing these five choices.

Loan amounts offered.Interest rates and fees (if applicable).Range of loan terms.Credit and income requirements.Funding wait time.Company reputability.

How Do I Choose the Best Personal Loan for Me?

Everyone has different needs for a personal loan and different financial situations. Ask yourself these assessment questions and keep them in mind to help you choose the best personal lender:

How much debt (if any) do I have now?How much do I need and what do I need it for?What is my credit score?What is my debt to income ratio?How much am I realistically able to pay each month?When do I need the loan? Is this an emergency?

Once you’ve assessed your needs, the next step is to conduct research to find the personal lender that most caters to those needs. This just might be the most important step in your journey to acquiring a personal loan simply because it is essential to understand what each personal lender offers and what their rules are.

Because of this, do not be afraid to ask questions and triple check the terms and requirements before submitting your online loan application. Consider loan terms, features, long-term impacts of the loan, and read the fine print. Further, keep in mind that some lenders will do hard credit checks to determine your eligibility, which can deeply affect your credit score.

It is also wise to consider more than one personal lender for comparison, and allow yourself a few days before making the final decision. After all, taking on debt of any kind is a substantial financial commitment and you want to make absolutely sure you are making the best decision for your future.

When applying for a personal loan in Illinois, more than likely your outstanding debt, income, and credit score is the minimum that your lender will consider. Depending which lender or company you choose, it is important to have proof of these financial aspects in order before turning in your online loan application.

To learn more about choosing the best personal loan for you in Illinois, continue to the frequently asked question section below.

What Do I Do if I Can’t Get a Personal Loan in Illinois?

Your personal loan application getting rejected is not a good feeling. A variety of factors such as a poor credit score, failing to meet the income requirements, or insufficient proof could be the culprit. Do not hesitate to call the agency to learn the reasoning of your rejected application, as this will help you understand what to improve upon in the future.

In addition to improving your financial standing, there is the option of taking out a short-term payday loan. It is best to take out a payday loan as a last resort option as they do nothing to improve your credit score and have high interest rates. More importantly, make sure you will be able to pay back on time as failure to do so will have heavy implications on your credit score.

Frequently Asked Questions

1. What is a Personal Loan?

Personal loans are a type of credit that you can obtain through a personal lending agency or marketplace. They work like just about any other loan in that they have interest rates and repayment terms. The biggest difference is that they can be used for just about anything.

2. What Can I Use Personal Loans For?

The great thing about personal loans is you can use them for just about anything. From vacations, paying medical bills, or home improvement projects, personal lenders generally do not have any restrictions. However, that is not to say all of them. You will be required to disclose what the personal loan is for and the lender reserves the right to refuse to lend to you.

3. What Are the Different Types of Personal Loans?

One type is an unsecured/secured personal loan.

Unsecured personal loans are not backed by collateral, which can equate to your house or car. Though this is a riskier choice for lenders, most personal loans are unsecured. However, this usually results in lenders charging a higher APR to help mitigate the risk.

Secured personal loans are essentially the opposite. They are backed by collateral, resulting in less risk for the lender, but more risk for you as the borrower. Should you consistently fail to make payments, you could lose your house or car. The good thing about secured personal loans is that the APR is generally lower.

Another type is a fixed/variable rate loan.

Taking on a fixed-rate personal loan means that the repayment and interest rate you sign up with, will not change for the life of the loan. This is a great option for long-term payments because you as the borrower will not have to worry about your rate fluctuating on a yearly basis, which ultimately saves you money.

Conversely, variable-rate personal loans are the opposite. Because they are tied to bank benchmarks, variable-rate loans can rise or fall. However, the personal loan is less likely to surge the shorter the life of the loan is, making it a more economical choice for short-term payments.

Then there are debt consolidation loans.

Debt consolidation loans are for those with multiple sources of debt. Reaching out to an agency that offers this type of loan is widely beneficial to assess your financial situation and get your debts all into one place. Most people choose this personal loan because lenders normally offer a lower interest rate than the outstanding debts combined, so they save money.

There are also co-signed/joint loans.

Co-signed or joint loans are a great option for those that are not able to qualify for a general personal loan. Whether the borrower has bad credit, little to no income, or no credit history, co-signers act as an insurance for the borrower. Should the borrower fail to pay what they owe, the co-signer essentially promises to pay for them.

Not all lenders allow co-signers, but the ones that do can offer you a lower interest rate, and increase your chances of getting approved.

People sometimes take out loans called a personal line of credit.

A personal line of credit acts just as a regular credit card would. Rather than getting a lump sum of cash, you can use this loan on an as needed basis and will only pay interest on what you borrow. This type is more suited towards those with ongoing expenses or for emergencies only.

Finally, there are buy now, pay later loans.

You’ve probably seen these types of loans while online shopping. “Buy now, or pay four installments of x amount per month.” Sound familiar? Buy now pay later (BNPL) loans allow you to pay a small portion for an item, followed by the rest of the total cost on a bi-weekly or monthly basis.

The best part is you don’t have to prequalify for these types of loans, meaning you can take advantage of this loan type regardless of your credit or financial standing. With that said, BNPL loans are best for necessary, one-time purchases that you currently don’t have the upfront cash for. Lastly, utilize with caution and responsibility as some BNPL platforms charge interest.

4. What Types of Loans Should I Avoid?

Not all types of loans are the safest or smartest choice. However, depending on your situation, the loan types listed below may become necessary. Make sure to thoroughly do your research and assess your financial situation before taking out any form of debt. Ultimately, these loan types should be used in an emergency, last resort situation.

Cash Advance Apps

Cash advance apps have been popping up recently offering a service that allows their customers to get a portion of their paycheck early. Users usually have up to $200 worth of borrowing power, and this is determined by the app taking a look at your bank history.

These services come with a subscription fee in place of interest, and the app takes back the amount you borrowed on payday.

Credit Card Advances

Either through the bank or your local ATM, you can get short-term credit card advances added to your account. These types of advances do not come without heavy fees, and can be as much as 5% for the total amount borrowed.

Pawn Shop Loans

Considered as a secured personal loan, you can borrow funds against collateral goods such as jewelry and other valuable assets. In the event that you do not pay back the loan, the pawn shop reserves the right to sell whatever asset you borrowed against.

Additionally, pawn shop interest rates can get as high as 200% APR. The only positive is that the loan cannot go against your credit history or score and only puts the asset at risk.

Payday Loans

Alternatively, payday loans are considered as unsecured personal loans, meaning the interest rate for this type of loan is the highest of them all. This type of loan should only be taken out if you are certain you can pay back the amount borrowed and the high interest by the next business day.

Being the most predatory loan type, a lot of borrowers get trapped in an unfortunate cycle of high interest debt by continuously borrowing one payday loan after the other.

5. Will Getting Prequalified for a Personal Loan Affect My Credit Score?

Prequalification should not have any effect on your credit score, as you are simply obtaining a hypothetical quote for comparison. You will only have to worry once you formally apply to the lender since they will have to pull your credit history. However, some lenders offer a soft credit check, which will have little to no effect on your score.

6. Can I Pay Back My Loan in Full or Early?

You certainly can, but not always without penalty. Because lenders are most successful when they charge interest, you are taking that away from them by paying earlier than expected. This can result in you paying a fee to make up for the lost cost. The fee will likely not equate to the unpaid interest, so paying early still turns out to be beneficial for the borrower.

It is important to research and obtain each lender’s early repayment terms so you will know what to expect.

7. What is an Origination Fee?

An origination fee is the same as a service or processing fee. The amount is usually 1%-6% of the loan amount and is deducted from the loan before it hits your bank account.

8. How Much Can I Borrow in Illinois?

According to the list of personal lenders above, you can borrow as little as $100 or as much as $100,000. This is all depending on which personal lender you choose and what their minimum and maximum loan terms are.

9. How Long Does it Take to Get a Personal Loan in Illinois?

Upon approval of your application, you can expect to see funds in your account in as little as one business day or up to one week. Fund arrival times are dependent on which lender you choose and what their processing time is.

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