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Best Personal Loans in Chicago, Illinois 2023

Matthew Levy Updated: June 27, 2023 • 5 min read

There are all sorts of reasons why Chicagoans may want access to personal loans. You may have a home renovation planned and need some money to fund it. Perhaps you want to pay for a family vacation, or you simply need a cash buffer available to handle emergencies. Whatever the case may be, you need to find a personal loan lender in Chicago.

Chicago has dozens of banks and credit unions with branches in the city. You also have access to online lenders that operate on national and regional scales. If you want to find the best personal loan in Chicago, you have to sift through dozens of lenders to locate the best deal. Luckily, we've done the work for you.

loan type depends on borrowing amount

Best Personal Loan Lenders in Chicago

This list includes a variety of organizations that offer personal loans near Chicago or within the city itself. It covers several types of banks, from local institutions entrenched within the Chicago community to national lenders that offer attractive loan products to people in the city.

As for which you should choose, it comes down to your personal circumstances. National lenders have larger operations and better branding, which may mean you trust them ahead of local lenders. However, smaller lenders located near you may have a better understanding of the specific challenges Chicago residents face. Plus, their branches are easier to visit and may be able to offer more personalized services.

With those factors in mind, let’s look at some of the best personal loans in Chicago today.

Top Online Lenders in Chicago, IL

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Best Chicago Local Lenders

The following list contains a collection of regional banks, national lenders, and online companies that may offer the personal loan product you need.

Wintrust Bank Chicago

1. Wintrust Bank

Wintrust Bank claims that it wants to make banking as simple and accessible as possible for consumers. It has a heavy presence in Chicago, with over 60 branches. As a result, you should find it fairly easy to locate a branch for a direct visit should you want to discuss the terms of a personal loan.

Wintrust offers a simple personal loan product that it calls “Everyday loans.” This product allows you to borrow up to $2,500, with repayment terms varying from 12 to 24 months. Importantly, each loan comes with a fixed APR of 11.25%, meaning you don’t have to worry about variable interest rates affecting your monthly repayments.

Unfortunately, Wintrust Bank doesn’t offer an online application process. Instead, you need to download a PDF document from the bank’s website and fill it out, either by hand or online. From there, you take the document to a local Wintrust Community Bank, along with proof of income, where it’s assessed. Crucially, at least one of the applicants must live in one of the following Wintrust assessment areas, which includes Chicago.

Get in Touch With Wintrust Bank

Wintrust Bank maintains several branches throughout Chicago. Here's one of their large, centrally located branches:

231 S La Salle St.


IL 60604

Phone Number – 312-981-0770

BMO Harris Bank Chicago

2. BMO Harris Bank

Though it has evolved into a bank that serves much of North America, BMO Harris bank calls Illinois its home. It’s based in Chicago and currently serves approximately 12 million customers. The bank offers personal loans up to $35,000, with APR rates starting from 7.74%. However, you can’t apply for a personal loan online. Instead, you must visit a branch to discuss your needs. A professional advisor works with you to determine the best loan amount and term.

Also note that the bank’s loans have a processing fee of $75. However, it builds this fee into your APR, meaning you don’t have to deal with upfront costs when applying. You will need a fairly strong FICO credit score of 680 or more to apply, meaning the bank may not be the best choice if you have credit issues.

Still, with dozens of branches throughout Illinois, it’s one of the most accessible banks for Chicago natives. Though it can take a few days for the BMO to process your application, its personalized service ensures you don’t end up with a personal loan that you’ll struggle to repay.

Get in Touch With BMO Harris Bank

With branches in South Chicago Heights, West Chicago, and many other towns and cities in Illinois, BMO Harris Bank is exceptionally accessible. Here is one of its Chicago branches:

800 W Washington Blvd.



IL 60607

Phone Number – 312-243-1105

Maroon Financial Credit Union Chicago

3. Maroon Financial Credit Union

Maroon Financial Credit Union was launched by staff at the University of Chicago in 1957 with the aim of creating a credit union that offers personable and reasonable service to Chicago residents. Today, Maroon maintains that community focus with several personal loan offerings.

You can choose between share secured and unsecured personal loans. The former comes with flexible terms up to 48 months, with APR starting at 6%. For unsecured loans, you have a choice of 24, 36, or 48-month terms. APR varies between 8.49% and 8.99%, depending on your choice.

You can apply in a branch, over the phone, or online. Maroon’s loans start from $1,000 and extend to $25,000, making them a good choice for building your credit score or completing basic home improvements.

Get in Touch With Maroon Financial Credit Union

It’s fairly easy to visit Maroon’s headquarters if you’re in South Chicago. The credit union is located on the southeast corner of 55th and Ellis Garage at the following address:

5525C South Ellis Avenue



IL 60637

Phone Number – 773-702-7179

US Bank Chicago

4. U.S. Bank

With over 55 branches located in or near Chicago, U.S. Bank is a common choice for Chicago residents who like to have in-branch access. The bank also offers a simple online application process that you can complete in a matter of minutes. Its loans come with no origination fees or prepayment requirements. However, it has several criteria you must meet to apply for a personal loan.

These criteria include a FICO credit score of at least 660, though it may need to be higher if you’re not an existing U.S. Bank customer. Existing customers can borrow up to $50,000, with non-customers only having loans up to $25,000 available to them.

Loan terms vary between one and seven years for existing customers, with non-customers having a maximum term of five years. The company’s personal loans come with a fixed APR that varies between 8.24% and 20.74%, with your rate determined by how much you borrow and your credit score.

  • Fixed APR: 6.99 - 35.99%
  • Loan Term: 12-84 months
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  • APR: 8.99-25.81%
  • Loan Term: 24-84 months
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5K Funds
  • APR: 5.99-35.99%
  • Loan Term: 2-72 months
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Get in Touch With U.S Bank

You can visit the bank’s main Chicago branch at:

209 South Lasalle Street


IL 60604

Phone Number – 00 1 503-401-9991

Find the Best Personal Loans in Chicago

You have many options when searching for a personal loan in Chicago. Many national banks operate in the city and may be able to provide access to funds. However, their loan processes are often long-winded and may require you to meet several criteria.

The lenders highlighted in this list offer access to quick funds. Some operate branches located in Chicago, allowing you to visit them directly. Online-only lenders, however, provide rapid turnaround at the expense of personal service. Your choice depends on several factors, including whether you want to have a branch you can visit and how much you wish to borrow.



How fast can I get a personal loan in Chicago?

Speed depends on the lender, with national banks typically taking longer to release funds than online lenders. Still, it’s possible to get a personal loan in 24 hours, especially using online providers.

Which lender in Chicago has the lowest interest rate?

The interest rate attached to your personal loan varies depending on your circumstances. But if we assume you have excellent credit and wish to borrow a fairly small amount, US Bank's fixed rate APR loans start at 8.24%.

What should I do if I can't get a personal loan in Chicago?

If you’re unable to secure a personal loan in Chicago, it’s likely that your credit score isn’t high enough. Some borrowers find that using a credit card gives them access to the funds they need, though this often comes with a higher interest rate than you’d get from a loan. Some lenders also offer credit-building loans, which allow you to borrow a small amount of money that you repay to build your credit before applying for a larger loan.

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Written by Matthew Levy

Matthew is a freelance financial copywriter with 14+ years in financial services. He holds a Bachelor of Science degree in Economics with business and finance options and is a CFA Charterholder. He is from Vancouver, Canada, but writes from all over the world.