Find the Best Personal Loans in Chicago, IL

Top 13 Chicago Personal Loan Companies | ||||
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Offers personal loans up to $35,000. Loan term lengths range between three to five years. Requires a credit score of at least 640. APRs start as low as 5.99%. Minimum debt consolidation is $5,000. | ![]() | Compare Offers | ||
Offers fast funding and flexible loan terms. Borrowers can get approved for loans up to $10,000. Approved applications can be funded as soon as the next business day. Offers lines of credit from $500 to $4,500. APRs vary by state. | ![]() | Learn More | ||
Read 71 Reviews | Offers personal loans from $100 to $40,000. Service is free and doesn’t affect credit score. Application forms take two minutes or less to fill out. Funds as soon as the next business day. Offers nationwide lenders. | ![]() | Learn More Call Now Toll Free (833) 985-2116 | |
LendingClub | Peer-to-peer lending company that offers personal loans, auto refinancing and small business loans. Compare multiple offers. Personal loans up to $50,000. Small business loans up to $500,000. Auto refinancing up to $55,000. | ![]() | ||
FreedomPlus | Offers personal loans from $7,500 to $40,000. Same-day loan decisions available. Only offers loans in some states. Repayment periods range from 24 to 60 months. APRs start at 7.99% to 29.99%. | ![]() | ||
Fifth Third Bank | Fifth Third Bank was founded in Cincinnati, Ohio in 1858, and it is a company focused on branch banking. The company also offers unique services like payment processing and title insurance, in addition to investment advice. | ![]() | ||
Offers personal loans from $1,000 to $50,000. APRs as low as 2.49%. Serves as a free matching tool to connect users to lending partners. Provides loan offers in less than two minutes. | ![]() | Get Started | ||
Offers bad credit loans, no-credit-check loans and installment loans. Payday loan APRs up to 199%. Loan amounts range from $500 to $4,000. No minimum credit score required to apply. Same-day deposit available upon approval. | ![]() | Get Pricing | ||
BMO Harris Bank Chicago | Read Author Review | Gives flexible personal loans with APRs as low as 7.44%. Provides loan amounts of $1,500 to $35,000. Offers repayment terms from 12 to 72 months. | ![]() | |
Credit Union 1 | Read Author Review | Provides signature loans with rates ranging from 10.25% to 10.75%. Offers secured loans with a variable APR. Accepts online applications. | ![]() | |
First Northern Credit Union | Read Author Review | Offers personal loans for emergencies, special events and unexpected expenses. Provides an online payment estimator calculator. Charges 9.99% APR and gives repayment times of 24, 36 or 72 months. | ![]() | |
Great Lakes Credit Union | Read Author Review | Offers unsecured, secured and Cash-In-A-Flash loans. Allows borrowers to postpone payments with Skip-A-Payment program. Provides unsecured loans up to $25,000 with 9.99% APR and no fees. | ![]() | |
United Credit Union | Read Author Review | Provides personal loans that require no collateral. Offers vacation loans and secured loans for borrowing against share savings or share certificate of deposit. Accepts application online or over the phone. | ![]() |

Typical personal loans in Chicago range from $1,000 to $50,000, but some banks offer loans for larger amounts. Borrowers in Chicago use personal loans to pay for weddings, medical expenses and vacations. Personal loans can also help borrowers save money by paying off credit card bills with high interest rates more quickly.
Picking a loan in Chicago, IL
It can be confusing to choose between the various types of personal loans available in Chicago. Here’s some guidance on when to use the most common ones.
- Secured loan: Chicago locals looking to buy a new car usually take out a secured auto loan for the purchase. A secured loan needs collateral to be approved, and in the case of an auto loan, you would use the purchased car as security. Secured loans are the most common type of loans, and they generally are used to purchase vehicles and homes.
- Variable-rate loan: Chicago residents looking to purchase a home to flip in Lincoln Park or Logan Square usually use a variable-interest loan. This type of loan works best if you have a short repayment term — initial APRs are often lower than fixed-rate loans but tend to increase over time.
- Personal line of credit loan: Business owners founding startups in neighborhoods like The Loop and Wicker Park may be interested in establishing a line of credit. These loans are an excellent choice because the business can borrow money up to the credit limit and is only charged interest on the funds it uses.
State regulation for Chicago personal loans
As of January 1, 2020, interest rates are capped at 5% on consumer debt below $25,000 in Chicago. The window for creditors to collect the debt also decreased from 26 years to 17 years.
Choosing a Chicago lender
Choosing the right personal loan company in Chicago starts with understanding the options for your situation and finding which companies offer the loan you need. If you've never signed a loan before or are still building credit, some Chicago companies offer loans designed for people who have bad credit or no credit history.
The next steps involve gathering quotes and reading online reviews. Friends and family can provide recommendations on which companies are good and which ones to avoid. Once you narrow down the list, look at any registered complaints filed with the Consumer Financial Protection Bureau against the companies you're considering.
No matter which business you choose, it’s crucial to understand your loan rate, term, penalties, fees and payback requirements before signing the contract or accepting funds. Only then can you make an informed decision on whether you have the best loan to suit your needs.
Chicago personal loan FAQ
- Can I get a loan with a credit union in Chicago?
- Yes, although you must be a member of the credit union to apply for a personal loan. Credit unions often have better rates than traditional banks.
- How can you borrow money if you have bad credit in Chicago?
- Online lenders and credit unions often do not have minimum credit requirements, so bad credit shouldn’t be a problem. In general, your creditworthiness determines interest rates, loan amounts and payback terms. If you're having issues obtaining a loan online or with a credit union, you may want to look into a payday loan as an alternative.
- Where do I go to get a personal loan in Chicago?
- Our list of recommended personal loan companies in Chicago includes online lenders and local banks. To find the best choice, compare their loan offers, penalty policies, interest rates and fees.
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Chicago personal loan company information

Whether you need funds for home remodeling or celebrating an anniversary with a trip to Fiji, United Credit Union can provide you with the necessary money. Interested borrowers can quickly apply online or over the phone with basic personal and income information.
- Address: 4444 S. Pulaski Road, Chicago, IL 60632
- Phone: (773) 376-6000
- Hours: M - F: 9am - 5:30pm; Sat: 8:30am - 1pm
- Website: unitedcreditunion.com

You can customize your loan terms to suit your needs with BMO Harris Bank, and there's no penalty for early payoffs. There are also various ways to start the process, including applying online, requesting to be contacted, visiting a branch or calling the bank's primary number.
- Address: 77 W. Washington St., Chicago, IL 60602
- Phone: (888) 340-2265
- Hours: Call for hours
- Website: bmoharris.com

First Northern Credit Union is quick to get its customers the cash they need. The credit union offers signature loans with a 9.99% APR and repayment times of 24, 36 or 72 months. Interested borrowers can apply online or at a branch with a Social Security number and government-issued photo ID.
- Address: 541 N. Fairbanks Court, Ste. 120, Chicago, IL 60611
- Phone: (312) 527-2755
- Hours: M, T, Th, F: 8am - 4:30pm; W: 9:30am - 4:30pm
- Website: fncu.org

With six loan products to choose from, Credit Union 1 is sure to have the loan you need. The company’s signature loans can help cover emergencies or education bills, and its three types of secured loans are great for people who are building their credit. Borrowers can also get an overdraft line of credit and a Visa credit card.
- Address: 1737 W. Polk St., Chicago, IL 60612
- Phone: (800) 252-6950
- Hours: M - F: 8:30am - 5pm
- Website: creditunion1.org

Great Lakes Credit Union offers low-interest, unsecured personal loans. It also offers Cash-In-A-Flash loans of $500 with APRs as low as 33.5%. The loan has a $30 fee but comes with minimal requirements.
- Address: 1011 W. Lawrence Ave., Ste. 5017, Chicago, IL 60640
- Phone: (773) 769-2800
- Hours: M - F: 10am - 6pm; Sat: 8:30am - 1pm
- Website: glcu.org

Sandi Pope previously worked in the nonprofit sector as an advocate for environmental and social change and believes information access is a human right. As a member of the ConsumerAffairs Research Team, she seeks to provide consumers with the necessary information needed in making life-altering decisions.
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