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The economy of the “Land of Lincoln” is as diverse as its population. The state of Illinois excels in several important areas, such as biofuels, agriculture, wind power, nuclear power, oil, coal, manufacturing, financial investments, and services.
For this reason, it is one of the states with the greatest economic presence within the American Union. Are you interested in knowing ways to obtain fast loans in Illinois? If so, we explain what it takes to compare personal loans in this state.
Where to contract quick and personal loans in Illinois?
Those who live in any of the counties belonging to Illinois, know that they have different options to contract personal and quick cash loans, even with no credit check .
Since these are popular banking products, you are going to get online platforms, quick loan stores, car title loans, crowdlending alternatives and instruments offered by traditional institutions.
Loans in Illinois near me
See the map below for lenders with physical stores in the state of Illinois so you can find financing near your location:
What are they going to ask you for an online personal loan?
Quick cash loans are more requested than before because banks, startups and fintechs are making things easier for people so that they can solve a specific situation. While online options are faster, traditional ones have better rates.
In any case, you must provide a series of documents to prove your identity, solvency and residence, such as the following:
- Valid and current identification. In addition to being of legal age, you need this document when filling out a form in person or online (scanned). If you don't have a license, you can use your birth certificate, passport, military ID, or US citizenship certificate.
- Proof of address. While cell phone bills are not usually accepted, utility bills are (as long as they are valid for less than 3 months). You can also show your bank statement, credit card statement or rental agreement.
- Account statements. Usually from the last 90 days, they are used by lenders to review your financial behavior. You can request them through the mobile app, download them from the bank's page or go to request them in person.
- Pay stub from your current job. An unavoidable condition to contract personal loans in Illinois and any other state is the source of income. That's why it's important to have the payment stub or account statement on hand that reflects what you're earning.
- Voided check or direct deposit form. If you don't have checks, your bank can provide you with multiple voided copies along with a direct deposit form.
Get quick cash loans in Illinois
People with poor-fair credit scores have fewer options than those with high credit scores. That is why they frequently resort to quick cash loans, which do not require a credit inquiry and their establishments are everywhere.
Its biggest problem is the short terms and high interest rates, which can amount to an APR of 400%.
You may be interested in: Personal loans in Wisconsin
Although in the state of Illinois the Payday Loan Reform Act protects citizens from unlimited extensions and amounts that exceed 25% of their monthly net income, many people get into debt by using this modality.
22% of the population of Illinois do not have a bank account and must resort to a personal loan, which on average is $300 to be paid in 5 months, which can end up costing $465.
Other interesting options to take out personal loans in Illinois
In addition to the financing options listed above, at Busconómico we like to offer you good financial advice and better products. Here are some other options you can use to get personal loans in Illinois:
- LightStream. It is a division of Truist Bank that offers you from $5,000 to $100,000 with rates ranging from 3.99%-16.99% (with Autopay) and terms from 2 to 12 years.
- OneMain Financial. Ideal for those with bad credit (less than 620), you can get from $1,500 to $30,000. They give you the money in more than one day, you have 2 to 5 years to pay, and the interest is at 16.05%-35.99%.
- Marcus of Goldman Sachs. This online lender from this renowned institution offers you an interesting alternative to consolidate debts if you have good credit. You can get from $3,500 to $40,000, return the money from 3 to 6 years and at a rate that varies from 5.99% to 28.99%.
- Wells Fargo personal loans: This national bank allows you to get up to $100,000 for whatever you need.
- Loans from BMO Harris Bank: A wide variety of personal loans and lines of credit for your private customers, including the possibility of contracting secured loans.
At Busconomico we encourage you to compare personal loans in Illinois if you hope to get a good deal. We also help you find the best lenders in this state.
Relevant facts about the state of Illinois
Home of the famous Chicago Bears, the state of Illinois has one of the strongest economies in the United States, ranking 5th in terms of GDP.
Despite being ranked 25th in geographic area, this region is one of the most populated, with almost 13 million inhabitants spread over 102 counties.
The capital of Illinois (Springfield) does not represent the most populous city, this honor belongs to Chicago, which has just over 2.7 million people. Another town that is also highly populated is Aurora.
With an average income of almost $63 thousand per family, in this state the use of English predominates and Spanish is the second most spoken language.
Español: Préstamos personales en Illinois