Find the Best Personal Loan for Your Needs
Illinois is a state located in the country’s Midwestern region. It is the 25th largest in size and 6th most populated region in US. Illinois enjoys diverse economy fueled by transportation income, agricultural productivity, and natural resources. It is though losing jobs and businesses because its largest city of Chicago is being poorly managed.
Chicago is the capital city of Illinois, home to one of the busiest airports in the world, O’Hare International Airport. The GDP of the region is estimated to be $772 billion and per capita personal income estimated to be $41,411. The state’s unemployment rate is 4.6% as of May, 2017. Though this state continues to hemorrhage jobs and businesses to Indiana and Wisconsin and other low tax states.
Despite its thriving sectors and low unemployment rates, the economic growth of Illinois is termed to be worse than America’s Great Depression. There has been a measly 4% shift in the state’s GDP in the last ten years. Even though the state did not witness a steep fall during recession, its recovery from debt crisis has certainly been appalling.
The regulations are to be blamed for lack of fortune in Illinois. From high personal income taxes at 67% and soaring property taxes, the state has been trying to bounce back to prosperity through heavy taxation.
Poor job opportunities, lack of economic growth and low income-earning power has created massive amounts of debts. As a result, there has been steady increase in the demand for personal loans in Illinois.
Personal Loans for Unexpected Expenses
In these uncertain times faced by Illinoisans, the cash flow respite comes in the form of personal loans. There is a wide range of lending options that help people meet their unexpected expenses. These loans are available at affordable rates and designed to help you out of your financial rut.
Personal loans are unsecured loans that are easily available for people who need quick cash. It involves less paperwork and can help borrower through almost any consumer situation. Simple application process and quick disbursement makes it easier for people to rely on personal loans for emergency situations.
Illinoisans are reeling from poor leadership and ongoing financial crises imposed by its policymakers. Until the state brings its debt in control, the residents have to rely on cash advances made by lending agencies to overcome their unforeseen expenses. Fortunately, competitive personal loan companies are still available to help meet their urgent personal financial requirements when they need.
Best Banks for Personal Loans in Illinois
In Illinois, you only need to go to these banks for exemplary experience when applying for personal loans:
Nationwide Acceptance LLC
While catering to residents of Illinois, Georgia, and Nevada, Nationwide Acceptance only processes unsecured loans for amounts ranging from $1,000 to $20,000 in Illinois.
The Clay City Banking Company
Established in 1892, The Clay City Banking Company remains locally owned. It is committed to providing the same quality of banking experience both to long-time customers and new ones.
Central Illinois Bank
A part of CIBM Bank, Central Illinois Bank serves all communities in the locale through their full-service banking offices where you can inquire about any of their services.
First Midwest Bank
The First Midwest Bank allows you to apply for their personal loans online or through their branches for a personal loan amount of $5,000 to $35,000 at 7.42 to 12.44 APR.
Illinois National Bank
Although its beginnings and current headquarters is located at Springfield, Illinois National Bank has since branched out to serve other locations such as Riverton and Pleasant Plains.
With Citi, you can get approved for a personal loan amounting to as much as $50,000 with fixed monthly payments based on 7.99 to 17.99 APR.
A word of caution: Payday installment loans, cash advances, and car title loans may be easier to get but remember they come with much higher interest rates. They can be a good option if you're absolutely sure you can pay it off quickly.
Robert is our in-house expert on personal loans and finance. He got an MBA, specializing in Finance, before joining the workforce. After working for multiple Fortune 500 companies in the past decade, he brings a wealth of knowledge and experience to the table.