Updated on

Best Installment Loans in Illinois

Installment loans are short-term loans that are paid back in a series of regular payments over a set period of time. Installment loans, especially in Illinois, are a convenient and affordable way to borrow money.

Best Installment Loans in Illinois
Daniel Lewis
Written by:Daniel Lewis
MBA accredited investment professional
Finimpact Affiliate Disclosure

Many or all of the products featured here are from our partners who compensate us. This may affect which companies we write about and where the company appears on a page. However, any analyses, or reviews expressed in this article are those of the author’s alone, and have not been approved or endorsed by any partner.

Installment loans are typically paid back in a series of scheduled payments, usually over a period of 6 months to 2 years. Additionally, these loans are unsecured, meaning that borrowers do not need to put up collateral in order to receive the loan. This makes them ideal for those who may not have the assets to back up a larger loan. Installment can provide an alternative to high-interest credit cards, overdraft charges, and payday loans .Installment loans are generally much cheaper than these other forms of borrowing, thanks to lower interest rates and longer repayment terms.

Best Personal Loans for 2023 reviewed by

Top Picks for Installment Loans in Illinois

Additionally, borrowers in Illinois can benefit from additional consumer protections provided by the state, such as mandatory cooling-off periods between loans and the ability to extend repayment terms if needed.


Top Installment Loans in Illinois: Full Overview

Our team of financial specialists assessed lenders using our personal loan evaluations approach to find the best loans in South Carolina. This technique ranks lenders based on loan length, APR, payback conditions, user experience, customer service, credit score history, banking and credit union use, and other factors. 

Best Overall

LightStream — Best Overall Personal Loan

2.99% to 19.99%
Loan Amount
Min. Credit Score
Not Disclosed
Key Features
  • Funding as soon as the same day
  • Allows joint applications
  • No origination fee
Pros & Cons
  • Low APRs for good credit
  • Loan amounts up to $100,000
  • Check your rate with no impact on your credit
  • Auto-pay discount available
  • Not available for borrowers with bad credit
  • Rates without auto-pay are .50% higher
  • Minimum loan amount of $5,000

LightStream is our best personal loan overall because of their high loan amounts and the many repayment terms they offer. This provider advertises some of the lowest rates in the business, and offers an auto-pay interest discount, if you choose that payment option.


Main Features

The amount you can borrow with a LightStream personal loan varies based on the loan purpose, yet amounts up to $100,000 are available and loan terms can be up to 20 years. These loans come with no origination fees and no hidden fees, and a generous .50% auto-pay discount is available. Borrowers who qualify can expect interest rates from 3.49% to 19.99% with auto-pay.

To qualify, you need to have good credit that includes several years of credit history, sufficient income and assets to support your existing debt obligations and requested loan amount.

LightStream also has an app where customers can make payments, apply for new loans, track payment due dates, and track loan balances.

LightStream loans offer some of the industry’s lowest interest rates and some of its highest personal loan limits. If you have strong credit, this lender is ideal for you.

Avant — Best for Small Personal Loans

9.95% to 35.99%
Loan Amount
Min. Credit Score
Key Features
  • Low credit score requirements
  • Allowed to refinance personal loans
  • No prepayment penalties
Pros & Cons
  • Low loan amounts available
  • Check your rate with no impact on your credit
  • Mobile app available
  • Available for fair and poor credit
  • Administration fee up to 4.75%
  • Potential for a high APR
  • Lower borrowing limits than other lenders

Avant is a solid option for borrowers who need a small personal loan from $2,000 to $35,000. Avant has a mobile app that lets you track your repayment progress and make payments using your mobile device.


Main Features

To qualify for a personal loan from Avant you’ll need a minimum credit score of 580. Consider these fair to poor credit loans if you need a smaller amount of $2,000 to $35,000, less an administration fee (similar to an origination fee) of 4.75%. Interest rates range from 9.95% to 35.99% based on creditworthiness, and the loans are repayable over 24 to 60 months.

Avant personal loans work for borrowers who need less cash than the other personal loan companies offer. Borrowers can get prequalified without a hard inquiry, and can get funds deposited in their bank account the next business day after approval.
 sofi review

SoFi — Best for Loans with No Origination Fee

6.99% to 21.78%
Loan Amount
Up to $100,000
Min. Credit Score
Key Features
  • No origination, prepayment, or late payment fees
  • Joint applications accepted
  • Offers .25% discount for autopay
  • Borrowers up to $100,000
Pros & Cons
  • Loan amounts up to $100,000 available
  • Check your rate with no impact on your credit
  • No origination fees or hidden fees
  • Unemployment protection offered
  • Same-day funding available
  • High minimum loan amount of $5,000
  • Not available for bad credit
  • Lowest rates require auto-pay

SoFi offers personal loans, student loans, investing, and banking services. The personal loan comes with no origination fees and no hidden fees, which is ideal for borrowers who want to get a personal loan at minimal cost. SoFi also generous loan limits for those who qualify, and borrowers can check their rate without any impact to their credit.


Main Features

SoFi offers personal loans in amounts from $5,000 to $100,000, and interest rates range from 5.99% to 21.78% with auto-pay depending on creditworthiness. Borrowers can repay their loans over 24 to 84 months, and there are no origination fees or hidden fees. While SoFi does not disclose their minimum credit score requirements, this company offers loans to individuals with good or excellent credit.

SoFi personal loans are perfect for borrowers with good credit who want to avoid origination or other fees. These loans also work well for borrowers who need a high loan amount, as well as those who already use other financial products from this financial services company.

Upgrade — Best for Emergency Loans

5.94% to 35.97%
Loan Amount
Min. Credit Score
Not disclosed
Key Features
  • Funding as soon as the next day
  • Can be approved with fair credit
  • Variety of discounts on rates
Pros & Cons
  • Check your rate with no impact on your credit
  • Funding in as little as one day
  • Generous loan amounts available
  • Choose from flexible repayment terms
  • Origination fee charged on every loan
  • Potential for a high APR

Upgrade personal loans are available for up to $50,000, and you can get your loan funded in as little as one day. This makes Upgrade a smart option if you need an emergency loan. You can get prequalified without a hard inquiry to determine your approval odds before making a full application. Then, once you apply, get approved within minutes.


Main Features

Personal loans through Upgrade come in amounts from $1,000 to $50,000, and borrowers can choose repayment terms that last from 24 to 84 months. Interest rates will fall between 5.94% to 35.97% depending on your creditworthiness. Also be aware that each Upgrade personal loan comes with an origination fee of 2.9% to 8%.

Upgrade personal loans can be funded as soon as the day after you apply. That makes them ideal for people who need a loan quickly , whether funds are required for a large purchase or an emergency expense.

OneMain Financial — Best for Loans with Bad Credit

18% to 35.99%
Loan Amount
Min. Credit Score
Key Features
  • Offers joint and secured loans
  • Accepts low credit borrowers
  • Can fund a loan the same or next business day
Pros & Cons
  • Available for bad credit borrowers
  • Visit 1,400 nationwide locations
  • Check your rate with no impact to your credit
  • Flexible repayment options
  • Lower loan amounts than other lenders
  • Potential for a very high APR
  • High origination fees likely

OneMain Financial does not disclose their minimum credit score requirements. But, their loan options, interest rates, and terms make them ideal for borrowers with poor credit who may not get approved for other loans. Loan amounts are lower than some competing lenders offer, but OneMain Financial personal loans can still help you if you need access to cash. This company is also one of the few on our list that offers in-person branches you can visit if you need personalized help.


Main Features

Borrowers who apply for a loan with OneMain Financial may get approved for from $1,500 to $20,000. Repayment terms are from 24 months to 60 months, and interest rates may fall between 18% and 35.99% depending on creditworthiness. An origination fee of 1% to 10% may apply, although applicants in some states may be asked to pay a flat fee instead.

If you have poor credit but you need a loan, OneMain Financial might be your answer. Interest rates and fees are high, but you could borrow up to $20,000, if you can prove your ability to repay.

What Are Your Rights as a Borrower in Illinois ?

As an Illinois borrower, you have specific rights that are protected by state law. They include the right to receive loan conditions, the right to dispute any errors on your credit report, and the right to be treated fairly by creditors. It is critical to understand your rights as a borrower so that you may make sound financial decisions.

The following are some of your rights as an Illinois borrower:

Right to information - You have the right to acquire written information about any loan or credit agreement before signing it. This includes information such as rates and fees, as well as how they will be applied.

Right to contest inaccuracies - If your credit report contains inaccuracies, you have the right to file a dispute with the credit bureau so that they can investigate and perhaps erase any wrong information from your record.

The right to fair treatment - This entails lenders treating borrowers equally in all contacts, including those conducted online or over the phone. This includes communicating clearly about loan terms and not charging exorbitant fees or interest rates without explanation.

Right against misleading tactics - It is illegal in Illinois for lenders to use deceptive practices when marketing their services or collecting debts from borrowers. This includes employing deceptive wording or failing to offer accurate loan terms prior to signing an agreement.

Anti-discrimination right - Creditors are not permitted to discriminate against borrowers based on race, gender, age, or other protected characteristics while making lending decisions or collecting debts owed to them.

Right against unfair collection efforts - When attempting to collect unpaid debts from Illinois consumers, debt collectors must follow certain rules, including not engaging in harassment tactics such as repeated phone calls at odd hours of the day and threatening legal action without justification.

Right Against Illegal Access- Lenders must get permission before accessing a borrower's financial accounts for payment reasons; if permission is not provided, they cannot withdraw funds immediately from an account without first obtaining authority from the account's owner.


How to Acquire an Installment Loan in Illinois

An installment loan is a form of loan that is often repaid in numerous installments. In Illinois, the procedure of obtaining an installment loan is rather simple, and it can be advantageous for people who require immediate access to finances. The steps below detail the procedure for obtaining an installment loan in Illinois:

  • Collect required paperwork: When applying for an installment loan in Illinois, gather all required documents such as proof of income and bank statements. This will assist your lender in determining whether you qualify and how much you are entitled to borrow.
  • Choose a lender: Once you've acquired all of the required paperwork, it's time to select a lender. Spend some time investigating different lenders to ensure they are trustworthy and offer competitive interest rates.
  • Fill out an application form: Most lenders offer online application forms that must be completed before your request can be processed. Before submitting your application form, make sure to read all of the terms and conditions.
  • Provide supporting papers: After submitting your application form, you must send any additional supporting documents requested by the lender, such as proof of income or bank statements.
  • Await approval decision: Once the lender receives the required evidence from you, they will review it all and decide whether or not to approve your request for an installment loan in Illinois.
  • Sign contract: If your loan application is granted, you will be requested to sign a contract stating the terms and conditions of your loan relationship with the lender, including repayment schedules and payment due dates. 
  • Make timely payments: Once everything has been finalized with the lender, it is critical that you make timely payments each month until your debt has been fully returned according to the terms agreed upon between you and the lender.


How to Deal with Concerns About Your Installment Loan in Illinois

When dealing with a problem with your Illinois installment loan, it is critical to first grasp the state and federal rules that regulate such loans. It is also critical to understand the procedures you can take to remedy any concerns that may occur.

Review your loan documentation and contact your lender if you have any questions or concerns before proceeding. If this does not remedy the problem, file a formal complaint with the Illinois Department of Financial and Professional Regulation or the Consumer Financial Protection Bureau (CFPB). It may also be useful to obtain legal counsel from an Illinois consumer law attorney who specializes in installment loans.

Here are seven crucial guidelines for dealing with installment loan difficulties in Illinois:

  • Examine your loan documents: Thoroughly go over all papers linked with your loan agreement to ensure you understand all terms and conditions.
  • Call your lender: Convey any concerns to your lender as soon as possible by phone or email so that they can work with you to find a solution that works for both parties.
  • Submit a complaint with IDFPR: When filing a formal complaint about installment loans in Illinois, make sure to include relevant proof, such as dates and amounts paid on time/late fees incurred, and so on.
  • File a complaint with the Consumer Financial Protection Bureau (CFPB): This organization is responsible for regulating consumer financial products such as mortgages, student loans, and credit cards; if your complaint remains unresolved after contacting IDFPR, you can file a formal complaint here as well by filling out their online form or calling 1-855-411-2372 for assistance over the phone.
  • Seek legal counsel: A consumer law attorney specializing in installment loans can help protect borrowers' rights while providing guidance on options available during disputes over repayment terms or other matters related to these types of lending agreements—they may also be able to help lenders and borrowers negotiate better terms!
  • Take note of court orders: If either party decides that filing suit is necessary, make sure that all court orders are followed in order to avoid further legal complications down the road; civil judgments may also carry certain restrictions, such as wage garnishment, that must be considered when considering future repayment strategies (if applicable).
  • Keep up to date on changing regulations: The laws governing installment loans differ from state to state; stay up with any changes being made to maintain compliance and prevent potential penalties linked with noncompliance/nonpayment concerns that may emerge!


Organizations and Grants That Offer Alternatives to Installment Loans in Illinois  

Many people in the state of Illinois turn to installment loans when they need extra financial assistance, however, taking out a loan often requires a high-interest rate or fees. It can also lead to difficulty with repayment, resulting in more debt. Fortunately, there are organizations and grants that offer alternatives to installment loans in Illinois which can help individuals avoid costly fees and long-term debt.

Money Management International (MMI): This non-profit organization provides free financial counseling services and education resources to help individuals create a budget and manage their finances.

United Way of Illinois: This organization offers free tax preparation services as well as emergency assistance funds for those who need immediate financial help. •

Community Ventures Program (CVP): CVP is an initiative that encourages economic development in low-income communities by providing grants for job training, asset building programs, small business start-ups and more.

Low Income Home Energy Assistance Program (LIHEAP): LIHEAP helps low-income families pay their energy bills throughout the winter months by offering energy assistance grants.

Salvation Army: The Salvation Army provides emergency financial aid through its social services program which may include rent payments, utility bill payments, emergency food vouchers and more.

Kiva Microfunds: Kiva Microfunds is an online platform that allows individuals to lend money directly to entrepreneurs around the world in order to encourage economic development in underserved communities.

Final Word

The greatest installment loans in Illinois are a terrific option for folks who need cash quickly. These loans are appealing because they allow consumers to pay off their debt over time while also building credit. With so many lenders in Illinois offering installment loans, it is critical to evaluate rates, fees, and repayment conditions before selecting a lender. It is also critical to ensure that the loan amount falls within your budget and that all payments are made on schedule. This can help ensure that you reap the full benefits of an installment loan in Illinois.


Are installment loans the same as payday loans?

No, installment loans and payday loans are not the same. Installment loans are paid back over a longer period of time in fixed payments, while payday loans are typically due on the borrower’s next payday. 

How long does it normally take to get an installment loan approved?

The approval process for an installment loan can take anywhere from a few minutes to several days, depending on the lender and their requirements. 

Are there any risks associated with taking out an installment loan?

Yes, like with any type of loan, there is always the risk of falling into debt if the borrower cannot make their monthly payments on time. It is important to carefully consider your financial situation before taking out an installment loan. 

What should I look for when choosing a lender for my Illinois installment loan?

When choosing a lender for your Illinois installment loan, make sure you compare interest rates and fees from multiple lenders to find the best deal available. Additionally, research customer reviews to ensure you choose a reputable lender that provides excellent customer service.

About the Author

Daniel Lewis

Daniel Lewis

MBA accredited investment professional

Daniel Lewis is an MBA accredited investment professional who wants to assist small business owners to gain access to finance.

More about me

Related Articles

Show More