Best Personal Loans in Chicago, IL

MWRD Employees’ Credit Union is the best personal loan lender in Chicago, Illinois, with a MoneyGeek score of 95 out of 100. It stands out due to being federally insured by the NCUA, ensuring deposit security for its members, and offering low APR rates starting at 6.9%, making it affordable for borrowers. Additionally, borrowers can opt for joint applications, which can increase the likelihood of loan approval due to combined credit histories. However, borrowers should be aware that membership is required to apply for its loans, which could be a hurdle for some, and the lender does not offer rate discounts, possibly making the overall cost higher compared to other lenders.

For borrowers looking for the best online lender for personal loans in Chicago, Illinois, Laurel Road shines with a MoneyGeek score of 93 out of 100. It offers loans ranging from $5,000 to $45,000 with repayment terms of three to five years and provides funding within seven days. While considering Laurel Road, borrowers will appreciate that they can get a 0.25% discount on interest rates with autopay and won't have to pay origination fees, which can ease the initial burden of additional costs. On the other hand, it's important to note their $5,000 minimum might be higher than some borrowers need, and there's a late fee which is the greater of 5% or $28, potentially adding to the cost if a payment is missed.

U.S. Employees Credit Union stands out as the runner-up for personal loans in Chicago, Illinois, with a MoneyGeek score of 95 out of 100. Borrowers should consider its same-day funding availability and the option to include co-borrowers as significant perks. However, the maximum loan amount is limited to $30,000, which might not meet everyone's needs. Additionally, there's a $25 late payment fee that potential borrowers should be aware of.

Maroon Financial Credit Union stands out as a reliable option for personal loans in Chicago, Illinois, with a MoneyGeek score of 93 out of 100. Its status as a federally insured institution by the NCUA assures borrowers of protection and stability. Additionally, the credit union offers a low minimum loan amount of $1,000, making it accessible for smaller financial needs. On the downside, borrowers cannot prequalify, which may affect those wanting to check rates without impacting their credit score. Additionally, it charges a $25 application fee for repeat applicants, which could deter frequent borrowers.

Great Lakes Credit Union is another good choice for personal loans in Chicago, Illinois, receiving a MoneyGeek score of 87 out of 100. It is federally insured by the NCUA, ensuring added security for your funds. Additionally, the minimum loan amount is $500, making it accessible for borrowers needing smaller loan amounts. However, you must be a member to apply, which could add an extra step to the process. It also charges a $25 fee for late payments, which can increase your loan costs if deadlines are missed.