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.
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
- APR: 5.40 - 35.99%
- Loan Term: 24 - 84*
- Min Credit Score: 660
- Good credit gets low rates and zero fees
- Fast and easy online process
- $100 Loan Experience Guarantee¹
Read LightStream Review »
*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Lowest rates require excellent credit. Rateis quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66. 1After receiving your loan from us, if you are not completely satisfied with your experience, please contact us. We will email you a questionnaire so we can improve our services. When we receive your completed questionnaire, we will send you $100. Our guarantee expires 30 days after you receive your loan. We reserve the right to change or discontinue our guarantee at any time. Limited to one $100 payment per funded loan. Truist teammates do not qualify for the Loan Experience Guarantee. Truist Bank is an Equal Housing Lender. © 2021 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
- APR: 8.99-23.43%
- Loan Term: 24-84
- Min Credit Score: 680
- Competitive rates available for good credit scores and income source
- Access to financial advisors, private networking events, & unemployment protection
- Flexible terms & payment options with no fees whatsoever
Read SoFi Review »
Fixed rates from 8.99% APR to 23.43% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 03/06/23 and are subject to change without notice. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-6%, which will be deducted from any loan proceeds you receive.Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
- APR: 5.40-35.99%
- Loan Term: 36-72
- Min Credit Score: FICO 660
- No sign-up, prepayment fees, or late fees
- Flexible loan options
- Great customer service available
Read Marcus Review »
Marcus By Goldman Sachs Offer Terms and Conditions
Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. Loan example, a $15,000 loan at 12.99% APR with 48 on-time monthly payments of $402.33 would have an estimated total cost of $19,312.
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.
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.
Phone Number – 312-981-0770
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.
Phone Number – 312-243-1105
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
Phone Number – 773-702-7179
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.
Get in Touch With U.S Bank
You can visit the bank’s main Chicago branch at:
209 South Lasalle Street
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.