Top Lenders & Best Picks for You

Best Personal Loans in Aurora, IL

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Updated: October 30, 2024

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WHAT WE’RE GEEKING OUT ON

MoneyGeek's Picks for Best Personal Loan Lenders in Aurora, IL

MoneyGeek ranked personal loan lenders in Aurora using more than 30 data points, summarized into fewer categories. We weighed their loan limits, interest rates, BBB ratings, repayment terms, credit score limits and origination fees.

Although the best option will vary based on the borrower's profile, MoneyGeek found that LightStream offers the best personal loans in Aurora. Upstart is the best lender for borrowers with a poor credit score, whereas SoFi is the best if you have good credit. Upgrade and Best Egg would be the ideal lenders for debt consolidation and home improvement, respectively.

Best Overall Personal Loan Lender in Aurora: Lightstream


  • LightStream
    • 4.49% to 20.49%APR Range
    • 660Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Same DayTime to Receive Funds

    LightStream was established in 2013 by Truist Bank. According to MoneyGeek's research, LightStream is Aurora's best personal loan provider.

    The lender does not charge you any origination fees, prepayment penalties or late fees. You can borrow between $5,000 and $100,000 and repay the amount at an interest of 4.495% to 20.49%. With LightStream, funds are available within the same day of application.

    Customers who make automatic payments will save about 0.5% of their repayment amounts. However, they must meet the minimum credit score threshold of 660.

    One downside of LightStream is the restrictions associated with funds usage. You are not allowed to use the money to refinance an existing LightStream loan, fund college or post-secondary educational expenses, purchase bonds, stocks and stock options or contribute to any retirement, life insurance or education savings plan.

    Pros

    • High maximum loan amount
    • No origination or prepayment fees
    • Same-day funding
    • Lower interest rates
    • 0.5% auto payment discount

    Cons

    • Restricted usage of funds
    • Borrowers with new or no credit history do not qualify
    • Hard credit inquiry affects credit score
    • Payments are only through a personal banking account
    LightStream

Best Personal Loan Lender for Bad Credit in Aurora: Upstart


  • Upstart
    • 3.22% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    According to MoneyGeek's findings, Upstart offers the best personal loans in Aurora for customers with poor credit scores. Established in 2012, Upstart has a friendly minimum credit score of 300, which is lower than most personal loan lenders.

    Once you submit your application, you will receive the funds in one day. You can choose to make repayments anywhere between three to five years. Interest rates from the lender are as low as 3.22% and may be as high as 35.99%, depending on the borrower's profile.

    Upstart does not charge any prepayment penalty. However, borrowers will need to pay origination fees. If you have excellent credit and need a personal loan of over $50,000, it's best to consider other lenders.

    Pros

    • Low credit score limit
    • No prepayment penalty fee
    • Fair starting APR of 3.22%
    • Joint loans available
    • Soft credit inquiry does not affect credit score

    Cons

    • No discounts on automatic payments
    • Origination fee
    • No co-signers allowed
    Upstart

Best Personal Loan Lender for Good Credit in Aurora: SoFi


  • SoFi
    • 5.74% to 20.28%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime to Receive Funds

    SoFi is the top personal loan provider in Aurora for borrowers with good credit ratings. SoFi started operations in 2021 and offers loans to individuals with a minimum credit score of 680. The interest rate on personal loans ranges from 5.74% to 20.28%. You can repay your loan within one to five years.

    Borrowers with fair credit can apply for a joint loan from SoFi. The lender allows customers to consolidate their credit card debt by paying third parties. You do not get charged for origination, prepayment or late fees.

    After submitting your application, you will receive funds within two days. While SoFi is ideal for borrowers seeking higher loan limits, applicants must provide proof of income to qualify.

    Pros

    • A high maximum loan limit
    • No origination, prepayment or late fees
    • Soft credit checks
    • 0.25% auto payment discount
    • Unemployment protection offered

    Cons

    • Restrictions on funds usage; only for personal, family or household purposes.
    • Minimum gross income requirement
    • No co-signers
    SoFi

Best Personal Loan Lender for Debt Consolidation in Aurora: Upgrade


  • Upgrade
    • 5.94% to 35.47%APR Range
    • 560Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    Based on MoneyGeek's findings, Upgrade provides the best personal loans in Aurora if you wish to consolidate your debts. Established in 2016, it offers loans ranging from $1,000 to $50,000. Applicants need a credit score of 560 to qualify.

    Upgrade performs soft credit checks while reviewing your application to ensure that your credit score remains unaffected during the process. You will likely receive the money within the same day if your application gets approved. You can manage your account online or through the lender's mobile app.

    One drawback of Upgrade is its restrictions on how to use the funds. You can only put them towards debt consolidation, building or improving businesses, making large purchases or home improvement. You cannot use the loan to finance post-secondary education, illegal activities, investments or gambling.

    Pros

    • Fair minimum credit score
    • Soft credit checks
    • Same-day funding
    • No prepayment penalty
    • Pays third parties for debt consolidation

    Cons

    • Up to 8% origination fees
    • Restricts usage of funds
    • Up to $10 late fee
    Upgrade

Best Personal Loan Lender for Home Improvement in Aurora: Best Egg


  • Best Egg
    • 4.99% to 35.99%APR Range
    • 700Minimum Credit Score
    • $2,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Best Egg is the top lender in Aurora for home improvement, according to our analysis. Established in 2014, the company offers personal loans ranging from $2,000 to $50,000. Borrowers need a minimum credit score of 700 for consideration.

    Best Egg conducts a soft credit inquiry during application to ensure your credit rating remains unaltered. After approving your loan, the lender will disburse the funds in one day.

    Best Egg charges an APR of 4.99% to 35.99% per year. Once you get the funds, you should make payments within three to five years.

    One drawback of Best Egg is its minimum credit score requirement. You may have to consider another lender if you need a higher amount than $50,000.

    Pros

    • No prepayment penalty
    • Auto payment discount of 0.5%
    • Soft credit inquiries
    • Next-day funding
    • Allows debt consolidation

    Cons

    • A high credit score required
    • Up to 5.99% origination fee
    • No co-signers allowed
    Best Egg

How to Choose the Best Personal Loan Lender in San Jose for You

Personal loans grant you access to quick funding during emergencies and other vital expenses. In the state of Illinois, the average personal loan debt is $22,553. When applying for a personal loan, you should consider the loan amount and repayment terms. The best lender in Aurora will vary based on your income level, credit score and other important factors.

The following steps should guide you through the process of applying for a personal loan in Aurora:

  1. 1
    Ask Yourself the Important Questions

    You need to consider several aspects of your loan application to make the right financial decision. For instance, you need to understand whether getting alternative funding may be cheaper. The following are some of the critical questions to ask yourself before applying for a loan:

    1. What is the exact amount you need?
    2. What’s your credit score?
    3. Are you comfortable with the proposed repayment plan?
    4. How much existing debt do you have?
  2. 2
    Do Your Research

    MoneyGeek's guide thoroughly looks at the best lenders for specific situations. That said, we suggest you conduct your own research to help you identify other options that best suit your financial needs. Pay attention to the details of each loan product, including the amount, interest rates, repayment schedule and any associated fees. Getting a personal loan is a huge commitment, as it will take an average of two to four years to complete the repayment process.

  3. 3
    Wait

    After receiving the proposed terms from your preferred lender, spend a few more days going through every detail to determine the implications of accepting the offer. Evaluate your decision to take the loan against your financial objectives and ensure you have all the information about the lender before applying.

  4. 4
    Read the Fine Print

    Once you confirm that you are happy with the loan details, you will receive the loan agreement. It would be best if you read through the fine print before proceeding. You should review the fees, interest rates, penalties, and hidden costs keenly. Rates and fee types vary across each lender, so assess your options and choose one with the best repayment amounts.

    Call or email your preferred lender with any questions or concerns before applying.

  5. 5
    Apply

    If you are happy with the offer, the last step is to submit your application. You can do this either online through the lender's website or in person at one of their offices in Aurora.

    Ensure that you give enough details as required and that these are accurate. Typically, lenders ask for your proof of income and personal and contact information. However, some may not have restrictions on the gross income and may not need any proof.

What to Do if You Can’t Get a Personal Loan in Aurora

After reviewing your application, lenders will advise on whether you qualify for the loan or not. Several factors will determine your eligibility for a personal loan. For example, if you do not meet the minimum credit limit or income requirement outlined in the loan agreement, your lender will decline your application. The same applies if you provide inaccurate or incomplete information.

When this happens, contact your lender to establish why your application failed to go through and whether you can make adjustments and resubmit. If the application failed due to income or credit score issues, you might need to improve your scores before submitting another application. Another option is to consider other lenders.

While payday and other short-term loans may offer you a quick alternative, you may pay more since such loans feature shorter repayment periods and higher interest rates.

Frequently Asked Questions About Personal Loans in Aurora

The best personal loans in Aurora depend on your income level, credit score requirements and other essential factors. Below are frequently asked questions about personal loans in the city to get you started.

What is the best personal loan lender in Aurora?
Which lender in Aurora has the lowest interest rate?
Can I use a personal loan for vacations in Aurora?
Can I use a personal loan for home improvement in Aurora?
What can I not use my personal loan for in Aurora?
How much can I borrow in Aurora?
How long does it take to get a personal loan in Aurora?
Can I pay off my loan early in Aurora?

Our Personal Loan Methodology

MoneyGeek reviewed more than 30 personal loan lenders using over 35 individual data points spread across six categories. These include accessibility, affordability, flexibility, consumer friendliness, customer service and lender transparency.

We considered numerous data points under each ranking criteria that hold the most weight when choosing a personal loan lender. APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time are all factors to consider.

Here at MoneyGeek, we value you, the consumer. That is why we consider each lender's customer support, business ratings and additional features like prequalification, payment options and mobile apps that could make your experience easier and more accessible.

After careful consideration and calculation, we determine our picks with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.

About Christopher Boston

Christopher Boston headshot

Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.

Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.

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sources
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The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.

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