Chicago is rich in diversity, art, music, unique food, and culture. When visiting America’s third largest city, you’ll find an endless array of things to do and experiences to be had. You can walk down the central areas and streets of downtown, where the architecture itself will occupy your time. Each building has its own history, and if it’s your first time seeing the skyscrapers up close, you’ll want to know more about them.
Even though Chicago is a vast city, there are sights for nature lovers too; the Jackson Park Japanese garden, the Chicago botanical garden, and the Lincoln Park Conservatory are located right by the Lincoln Park Zoo. The Shedd Aquarium, Millennium Park—surrounded by nicely landscaped greenery—and of course, the different beaches alongside Lake Michigan are all perfect places to enjoy the outdoors.
With so much to do for different tastes and its sheer size, it shouldn’t be too surprising to know that 2,746,388 people call “The Windy City” home. 67,539 residents from this population are veterans. There are 1,066,829 households in Chicago, and most of them consist of two people.
The average annual household income is $58,247. Even between one person living in a large city, that money may not be enough to cover costs during an unexpected emergency. If you are a resident of Chicago, IL, and need some extra cash for a short-term crisis, then personal loans are a great place to start. Below you will find more information on personal loans in Chicago, how they work, their uses, and different benefits.
Personal loans are pretty simple; you can borrow between a few hundred dollars to a few thousand dollars and pay the funds back over time with interest. These loans can be unsecured—options that don’t involve an asset, or secured loans—options that require collateral.
Not sure about what assets you can use for a personal loan, here are a few common examples:
A secured loan option can be more complicated than unsecured personal loans simply because of the asset involved. You may be curious about why a person may choose the more complex option. Secured personal loans are usually easier to get approved for. Therefore, especially helpful for those who don’t meet the minimum credit score requirement. If a borrower doesn’t meet the income requirements for a particular loan amount, adding collateral can help them secure that loan.
Personal loans can be secured or unsecured; however, those aren’t the only differences to pay attention to. Here are some other important differences that a personal loan can have:
The application process with personal loans in Chicago is straightforward, and you only need a few pieces of information to apply:
In most cases, you will need to have a bank account with either a traditional bank, credit union, savings bank, or even an e-bank. Some lenders will ask about references, and if collateral is involved; lenders will require additional documentation.
Here is how the application process will work:
Once you receive your funds and use them, you will have to start repaying your loan in the next month. Your loan payments will include the principal and interest amount, which will vary depending on your specific loan terms. In most cases, you can pay a lender online, over the phone, or at a brick-and-mortar location. If you miss any payments, a late fee will often be added to your account.
Chicago residents may have various reasons for taking out personal loans, here are some of those reasons:
There are a ton of benefits you can look forward to with personal loans; here are some highlights:
Personal loan amounts range from a few hundred dollars to a few thousand dollars, making them extremely useful for all kinds of circumstances.
Whether you need a short-term or long-term loan, a personal loan could fit that situation. Personal loans can be a few months or longer, depending on your situation.
You can rely on the same amount due every month with personal installment loans. This is entirely different from credit cards or revolving lines of credit, whose monthly payments can vary on outstanding balances and usage.
Even with a bad credit score, you may be able to find a lender that accommodates your unique credit score and credit history. And so, even with poor credit, don’t hesitate to ask about your loan options in Chicago.
The interest rates for personal loans can be pretty fair compared to other loan types, especially in the subprime loan space. And so, instead of considering payday loans, cash advance loan options, title loans, etc., look at personal loans.
For many people, the convenience of doing things online is unmatched by anything else. The entire lending process can be conducted online with many personal loan options!
Need a fast loan? A personal loan option could be your best bet. Because these loans have a pretty simple process, they are often fast. In most cases, you can get through an application quickly and get the approved funds in a short amount of time.
Many loans can come with surprise or hidden fees, which can significantly increase the cost of a loan. While repaying a personal installment loan, you can expect a regular monthly payment, no surprises, just loan repayment.
As mentioned briefly above, there are multiple types of costs, expenses, and emergencies you can use a personal loan for. And so, these loans are one of the more flexible options available.
Even with a short-term loan option, personal loans will have a more reasonable time frame to repay—a few months at least. Some other short-term loans in the market only allow repayment of a few weeks, making it challenging for some borrowers.
All kinds of assets can be used for lending. However, some assets like a home or jewelry can have practical or sentimental value. With that kind of value attached, you may not feel comfortable taking a risk with those items. The convenient thing is, you don’t have to use an asset for funding with a personal loan option. While other loan options may require an asset built into the loan process.
Debt consolidation is using one loan to pay off multiple. Successful debt consolidation will mean that you get a better interest rate than your previous debts while having a more manageable payment. A personal loan could offer you better interest rates than many other loan options, especially if you have a good credit score.
At CreditNinja, we know that you probably have a ton of loan choices when looking for a personal loan. However, there are a few unique reasons you should consider us as your lender for personal loans in Chicago:
Providing excellent customer service has always been at the forefront of our process. With CreditNinja, we go the extra mile—making finances transparent, simple, and accessible to many.
Here are a few ways we offer the most convenience to our customers:
Once you qualify for a personal loan/personal installment loan through us, you can get your money fast, sometimes as soon as the very next business day. The funds can be sent straight to a bank account through direct deposit. Once that money hits your bank account, you can use the money right away.
Whether you want to learn the best strategies to repay your debt, how you can create a budget plan or anything else about managing your money, we have a ton of resources available on our website. Use our online library of blogs and terms to learn the ins-and-outs of finances.
You can pay off your loan as early as you would like without any extra fees or penalties. This can be a considerable advantage and a great way to save on interest, all while getting the short-term help you need.
Our personal loans can go up to $5000 for approved borrowers; this can be the perfect range for the best uses for a personal loan! And if you don’t need that much, you never have to worry about taking out more than you need.
¹Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications approved before 10:30 a.m. CT Monday – Friday are generally funded the same business day. Applications approved after this time are generally funded the next business day. Some applications may require additional verification, in which case, the loan if approved, will be funded the business day after such additional verification is completed.