Illinois does not have many online payday lenders when compared to other states. Just a few years ago there were numerous online options available if you were looking for online payday loans, especially if you were a resident of Chicago. As we moved into 2016 that all begin to change. Many large national lenders chose to pull out or limit their lending options in Illinois because of regulatory requirements. With that being said there are still options available if you’re looking for payday loans in Chicago. In this list of online lenders we’ve listed companies that are actively providing online payday loans, personal loans and long term installment loans in Chicago. **Last Revised May 2016**
Lendup funds online payday loans to consumers who live in Illinois. They only fund online payday loans and they have a very simple application process. With LendUp you can complete your application in less than 5 minutes and they claim good credit is never required. The max loan term in Illinois for a LendUp payday loan is 30 days after the loan date. You can also get your loan proceeds sent to your debit card or you can pick up at their Chicago IL location once your approved.
CashAdvance has been around since 1997 and it looks like they currently fund online payday loans of anywhere from $100 to $1000 with a loan term of 10 to 45 days in Illinois. To be approved for a payday loan you will need to be currently employed with a monthly income of at least $750. You will also need an active checking account, no savings account or pre-paid accounts are allowed. Cashadvance.com is great to work with and you won’t necessarily be denied for a payday loan if you have poor to average credit.
Lending Club claims to be the largest online marketplace of investors that are willing to fund direct loans in Chicago. This type of lending is called peer to peer lending and is generally different from most of the direct lenders listed here. With LendingClub you’re able to apply for a large personal loan of up $35,000 in Illinois. Once you complete an online application, LendingClub will use your data and come up with a risk profile for you. Assuming you qualify, you can get a loan within 24 hours, it can be quicker if you live in Chicago and pick up at a local bank that works with them. You will typically need a good credit score to be approved for a high dollar loan with LendingClub. They also claim to have much lower rates than other online lenders.
Upstart is an online based lender that offers high dollar loans to consumers in Illinois. To qualify for a payday loan with Upstart you need to have a full time job with a checking account. Upstart is different from traditional direct payday lenders in that they offer loans for 2-3 years opposed to just a few weeks with a payday loan. Upstart funds loans of $2,500 to $25,000 and you can expect your interest rate to start off in the single digits. Effective late 2016, Chicago residents may be able to apply for a loan in person at one of their Chicago payday loan location.s You’ll only be approved for a loan if your credit score is 650 or higher.
CashNet is a large online lender that only offers installment loans in Illinois. They used provide a good amount of payday loans in Chicago, but it seems they’re no longer offering payday loans in Chicago. They claim their online application can be submitted and processed in minutes and you can get your cash by the next business day. You’ll need an active checking account and verifiable employment to be approved for an online loan with them. At this time CashNet can offer online installment loans up to $2,200 with a 6 month or less payoff time to Illinois residents. Their installment loans are typically paid off in 6 installments but you can also pay the loan off early with no pre-payment penalty.