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 or debt consolidation loans are a great place to start. Below you will find more information on loans in Chicago, how they work, their uses, and different benefits.

What Are Personal Loans and How Do They Work for Residents of Chicago, IL

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:

  • Cars and other motor vehicles
  • Your own home and real estate properties
  • Jewelry
  • Stock and bonds
  • Fine art
  • Antiques and collectables
  • Precious metals
  • Cash

Why Would Someone Choose a Secured Personal Loan over an Unsecured Loan Option?

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.

Other Differences in Personal Loan Options

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:

  • Long Term vs. Short Term Personal Loans — Long-term personal loans will usually be a year or longer, while short-term personal loans are generally a few months long. Short-term loan options are better if you want to pay less in interest, while a longer loan may work better for you if you want more time to repay your loan.
  • Variable Interest Rates vs. Fixed interest rates— Variable interest rates can change. In contrast, fixed interest rates will stay the same throughout repayment. Each type of interest rate has its own pros and cons.
  • Good Credit vs. Bad Credit Loans — A bad credit loan option can provide funding if you cannot qualify for standard personal loan options due to a bad credit score.

How Does the Personal Loan Application Process Work in Chicago?

The application process with personal loans in Chicago is straightforward, and you only need a few pieces of information to apply:

  • A Govt. issued photo ID (a driver’s license, passport, a permanent resident card, etc.)
  • Proof of income (bank statements, pay stubs, income statements, invoices, etc.)
  • Proof of residency (bank statements, pieces of mail, etc.)

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:

  1. Apply with a lender and send in your documentation —  Loan lenders will have some sort of application set up. Whether that means applying for a loan in person vs. applying online, you will need to provide someone with information verifying your identity, income, and address.
  2. Wait for loan approval — Once your application is submitted, it will take some time for processing. Once processed, you will find out about loan approval.
  3. Once approved, review the loan agreement — If approved for a personal loan, you can check the loan agreement. If everything looks good, move forward with borrowing the money.
  4. Sign and get your loan proceeds — The last thing you need to do is sign the loan contract and get your funds. In most cases, the loan proceeds can be sent straight to a bank account through direct deposit, mailed to you as a check, or picked up at a location.

How Does Personal Loan Repayment 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.

What Can I Use Personal Loans For?

Chicago residents may have various reasons for taking out personal loans, here are some of those reasons:

  • Paying for medical emergencies
  • Debt consolidation
  • Pet expenses
  • Travel
  • Moving expenses
  • Taking care of everyday costs
  • Rent or mortgage payments
  • Monthly bills

Personal Loan Benefits in Chicago

There are a ton of benefits you can look forward to with personal loans; here are some highlights:

Versatility with Loan Amounts in Chicago

Personal loan amounts range from a few hundred dollars to a few thousand dollars, making them extremely useful for all kinds of circumstances.

Flexible Repayment Options

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.

A Predictable Repayment Schedule

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.

Residents in Chicago, Il Can Apply Even with Rough Credit History

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.

Decent Interest Rates 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.

Online Loan Options Available

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!

A Fast Process for Residents of Chicago, IL

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.

A Steady Repayment Schedule

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.

Can Be Used For Multiple Purposes

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.

A Reasonable Amount of Time to Repay

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.

A Loan Option For Those Who Don’t Want to Involve Larger Assets or Assets at all

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.

A Good Option for Debt Consolidation in Chicago

Debt consolidation is using one debt consolidation 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.

Why Should You Choose CreditNinja For Personal Loans in Chicago, IL?

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:

Exceptional Customer Service

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:

  • Flexible Hours— you can apply for a personal loan at any time, day or night, and our loan options are even available to inquire about on the weekend!
  • Helpful People with Every Step—Any of our team members will be happy to give you a hand at any time during the CreditNinja process. Whether you are just inquiring or in the process of paying back the loan, our team will make sure to treat everyone who reaches out with urgency and with care.
  • Transparency and Honesty—CreditNinja’s process is as transparent and honest as possible. This means giving you both the pros and cons and never being pushy. When working with us, you can make sure that you make an informed lending decision.

Once You Qualify, Get the Funds, You Need Quickly

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.

Free Resources on Our Website for Everyone in Illinois

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.

Pay Off Loans in Chicago IL Early

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.

Loan Options of to $5000

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.

What our borrowers are saying

  1. US Census Bureau QuickFacts: Chicago city, Illinois

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.