Monday, 30 November 2020

Personal Loans in Chicago, Illinois

Personal Loans in Chicago, Illinois
16 Oct
12:50

Business man with coins in handbank
Minimum Credit Requirement
Parkway Bank & Trust

Not Available

Origination fee

Possible origination fee

Illinois Lending Corporation

No requirement

Origination fee

No fees other than returned payment fee of $25

Amalgamated Bank of Chicago

5.00% – 7.00%

24 to 60

months

Origination fee

$35 credit report fee, any fees depending on the collateral used for secured loans

U.S. Employees Credit Union

Origination fee

None

LendingTree

5.99% – 35.99%

Minimum 500 FICO

24 to 60

months

Origination fee

Varies

LendingTree is unique in that you may be able to compare up to five personal loan offers within minutes. Everything is done online and you may be pre-qualified by lenders without impacting your credit score. LendingTree is not a lender.

Parkway Bank & Trust

Parkway Bank & Trust was first opened in 1964 and has now expanded to 32 branches across both Illinois and Arizona. They offer a few standout services like Kasasa, which includes free checking and savings as well as ATM refunds, customized lending to help you reach your goals, time-saving account management tools and a variety of educational resources available to all customers. Parkway Bank & Trust offers personal loans to cover a wide variety of needs including family vacation, education expenses, personal projects and start-ups, debt consolidation, taxes, emergency fund and more.

Illinois Lending Corporation

Illinois Lending Corporation started with the mission to meet the needs of the borrowing community with access to fairly priced, easy to obtain installment loans. They have high APRs compared with traditional lenders, but they may be a better alternative to very high cost short-term borrowing options like a payday loan. Definitely get quotes from other banks in case you are able to secure a better rate elsewhere.

Illinois Lending Corp currently has six locations in the greater Chicago area. It’s possible to get a loan with Illinois Lending Corporation if you’re not a resident of Illinois, but you’ll still have to come into a branch to apply. Illinois Lending Corporation offers both Checkbook Loans and Installment Loans. Checkbook Loans are offered for nine months and payments are automatically withdrawn from your checking account every pay period. ILC’s Installment Loans are also nine-month loans where payments are deducted every pay period from your paycheck.

Amalgamated Bank of Chicago

Amalgamated Bank of Chicago has been around for nearly 100 years and they meet a wide variety of personal and business banking needs including loans, checking and savings accounts, credit cards, cash management and trust services. The Amalgamated Bank of Chicago was originally founded as the Amalgamated Clothing Workers Union, and still has a significant union ownership. The bank offers home equity lines of credit and automobile loans in addition to secured personal loans.

U.S. Employees Credit Union

The U.S. Employees Credit Union was founded in 1953 and currently has three branches in the Chicago area. Those that choose to bank with U.S. Employees Credit Union also have access to tens of thousands of surcharge-free ATMs. Being a credit union, you do have to be a member of USECU if you want to do business with them. In order to join, you must be an employee or retiree of the U.S. federal government or be an immediate family member of a government employee who is an existing member of USECU. USECU offers home equity loans, flex lines of credit and credit rebuilder loans.

LendingTree

LendingTree is an online loan-comparison marketplace. After you fill out a form, LendingTree may present you with personal loan offers that suit the personal and financial information you provided, and you can compare the offers then and there, all in one place. Filling out LendingTree’s form to request loan offers results in a soft inquiry on your credit report, meaning it won’t hurt your credit score. If you then apply for a loan, the lender will perform a hard inquiry, which may have a small, negative effect on your credit.

Shopping for personal loans online

If you are looking for a loan, there’s a good chance that it will be easier and faster for you to shop for a loan online rather than shopping around at brick-and-mortar banks.

Shopping online for loans gives consumers the ability to find available lenders in their community, and quickly compare rates and terms to find the best loan.
You might be wondering where to start. There are a few well-established loan marketplaces to consider looking first. For example, LendingTree helps match borrowers with options for a variety of different products including personal loans, home mortgages, business loans and auto loans.

Your needs will determine where you should go to shop for an online loan. Firstly though, you should be aware of any fees associated with your loan options. There can be a 0.5%-8% origination fee for processing a new loan application. This is based on the total amount of the loan. Average origination fees are between 0.5% and 1%. You can compare origination fees for personal loans through MagnifyMoney’s personal loan marketplace.

You should also keep in mind that your FICO score will likely determine your interest rate. Many lenders will do a soft pull of your credit score in order to estimate your loan terms based on just a few pieces of personal information. Asking for quotes is a great way to compare rates between multiple lenders.

Once you have your loan, you’ll have a fixed time period to repay it. Sometimes, you can pay your loan off early and save yourself some interest, but some lenders have prepayment penalties too, so if this is something you think you might want to do, you should make sure you won’t be penalized!

Once you have decided on your loan and know about fees and rates, you can submit your application with your supporting documents. When your loan is approved, you can expect to receive funds either by a cashier’s check or direct deposit into your bank account. This varies by institution, and should be outlined in your contract.

The bottom line: Using online marketplaces to compare and contrast different lenders is a fast and convenient way to make the best decision for your financial needs.

Disclaimer: This article may contain links to MagnifyMoney, which is a subsidiary of LendingTree.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Caroline Lupini

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Source: https://www.magnifymoney.com/blog/personal-loans/personal-loans-chicago-illinois/

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