- Where to find personal loans in Chicago?
- Types of personal loans available in Chicago
- How to choose a lender in Chicago?
- Brief overview of Chicago
Whether you are in Chicago or you are thinking of starting a life in this famous city, knowing its most relevant aspects will be very useful.
This is especially true for your finances and the management of your finances. That is why we show you how to get personal loans in this city and something more.
Where to find personal loans in Chicago?
Throughout its history, the city of Chicago has been characterized as a place full of economic progress, where many nationalities coexist and opportunities abound.
- Bad Credit Loans
- Loan amount: between $ 500 and $ 10,000
- Term: between 3 and 36 months
- Check Into Cash
- Loan amount: between $ 50 and $ 1,000
- Term: between 14 and 30 days
- Cash Advance
- Loan amount: between $ 100 and $ 1,500
- Term: between 1 days and 6 months
- Loan amount: between $ 100 and $ 1,000
- Term: between 15 and 31 days
- Loan amount: between $ 100 and $ 50,000
- Term: between 7 days and 6 months
- Loan amount: between $ 2,000 and $ 35,000
- Term: between 24 and 60 months
- Cash Store
- Loan amount: up to $ 5,000
- Term: between 14 days and 12 months
- One Park Financial
- Loan amount: between $ 5,000 and $ 750,000
- Term: between 3 and 12 months
With an average income of $ 58,000 per household, the City of Winds has a fairly dynamic, diversified and balanced economy.
This means that you can get personal loans and credits of different kinds through banks, credit unions, private firms and multiple options to get extra money.
Types of personal loans available in Chicago
To give you an idea, there are lenders that can offer you from $ 100 to $ 50,000 to use for your personal affairs. This figure tends to grow when it comes to financing aimed at small and large businesses.
When looking for alternatives, you will find interest rates and APRs ranging from 2.49% and up.
Among the most sought after options, you will find:
- Psecured loans. This type of credit works the same as a secured mortgage. That is, you put the good you are going to buy as a backup. In Chicago, this alternative is used to purchase the most durable goods, such as boats, vehicles, computers and more.
- Credit lines. Especially aimed at business owners and entrepreneurs, there are various companies that support these initiatives. They are a good option when you want to spend a certain amount (according to the limit) and they only charge you interest for what is used.
- Payday and car title loans. They are the least advisable due to their high interest rates, short terms and usury practices. In Chicago they are limited to a 400% APR and a $ 15.5 fee for every $ 100 borrowed. You usually have 7 days to 2 months to return the money and the amounts range from $ 100 to $ 2500 (payday) and $ 300- $ 25,000 (title).
Remember that the approval or not of a personal loan will depend on your credit history. In general, the Fico score or the minimum VantageScore that they will require of you will vary from one place to another. Regarding the terms, the terms can range from 7 days (payday loan) to 5 years to return the money.
How to choose a lender in Chicago?
When choosing a personal loan in Chicago, you must understand well what you can get based on your financial situation.
If you don’t have a credit history or are just getting started, there are several companies that offer help to those who have a construction score or do not yet have a financial background.
During this process, we recommend that you use the Hispanic Business Blog loan comparator and other online sources to compare the best valued banking products.
Brief overview of Chicago
This well-known capital of the state of Illinois is located in Cook County, the second most populous in the USA. Chicago becomes the third most inhabited city of this country, where 2,694,000 thousand people live together (9.4 million in the metropolitan area).
Its particular name comes from the word “shikaakwa”, which refers to a type of garlic that is abundant in that area.
The “Windy City” was born as a city in 1837, located near its port between the Mississippi River basin and the Great Lakes.
After the fateful “Great Fire” of 1871, in which 100,000 were left homeless, it had to be rebuilt. This period of recovery meant a sustained increase in its expansion, becoming the 5th largest city in the world.
Today, Chi-Town has one of the most important global economies. In 2018, its GDP assumed an annual income of $ 689 trillion.
This metropolis is also known for being a cultural, industrial, academic, technological, commercial, communicational and financial center. It has one of the largest derivatives markets, producing 20% of futures and raw materials.
Chicago is the home to several Fortune 500 companies, such as Boeing, Caterpillar, Sears, Walgreens, US Foods, among others.
Known as “Second City”, it also stands out for its attractions, being visited by 58 million tourists in 2019, a record. Many are drawn to entertainment, local cuisine, architecture, shopping, and business.
When you are in search of Chicago personal loans, investigate. Always be clear about the terms, commissions, deadlines, penalties and the return of the money before signing. Don’t forget to make an informed decision, consult our experts, and avoid first impressions.