Wondering... “Where can I find a personal loan if I have bad credit, near me in Illinois?"

Likely, right here! 307 locations to see. US Bank - Freeport, IL, Check 'n Go - Champaign, IL, The Cash Store - Marion, IL, AAA Checkmate - Chicago, IL, Sun Loan Company - Kankakee, IL, Regions Bank - Collinsville, IL, and many more are located near you. Locations, contact information, hours and more here in Illinois. Detailed bad credit personal loan information below.

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Personal Loans in IL
$1,000 to $40,000 - Credit Score 650+
Payday Loans in IL
Up to $1,000 – Credit Score NA

The following classes of lending organizations may be exempt from some, all, or none of the regulations and laws set by the state of Illinois. Federally chartered banks, state chartered banks, credit unions and some entities organized under the laws of a sovereign nation (for example) a Native American Tribe or the country of Antigua.

Illinois Personal Loan for Bad Credit Lending Regulator (IL)

Regulating Authority
Illinois Division of Financial Institutions
Consumer Credit Section
320 West Washington 5th Floor
Springfield, IL 62786
(888)298-8089, (217)782-2831

Agency for Handling Complaints
Illinois Division of Financial Institutions
Consumer Credit Section
320 West Washington 5th Floor
Springfield , IL 62786
(888)298-8089, (217)782-2831


Personal Loan for Bad Credit Lenders (IL) by City

Flag of the State of Illinois When your bills are piled higher than the Willis Tower, and your bad credit is leaving you more worn out that an Illinois winter, wouldn’t it be nice to know where you could find an installment loan?

Whether you live downstate in East Cape Girardeau, or up in Chicagoland, being broke is no fun. If you’re driving to the Jewels in Waukegan and get in a fender bender, or if your frunchroom floorboards are rotting in Quincy, you’ll need some money to take care of those problems. Maybe you had a few too many brewskis and decided it would be a good idea to open that next bottle with your teeth. It’s going to cost a lot to get that fixed at your dentist in Decatur.

If you need to buy a new couch in Peoria because your nephew spills his grape pop all over yours, or if you need to go to the hospital after you get woozy looking down from the Skydeck, these things aren’t cheap. That bang on the head ends up getting you an ambulance ride – that’s not exactly how you want to spend your night, or your money. You’re going to have to find a way to pay for these – and an installment loan would be the best way. But where can you find one?

When life throws more at you than your bank account can handle, let We Give Loans help you. With over 2 million satisfied customers, and 307 loan sources that specialize in personal loans for people with bad credit in our network, We Give Loans has the experience and resources to help almost anyone. Our unique no cost, no obligation, consumer-to-lender pairing process has been helping people since 2006.

With lenders offering personal loans for bad credit in amounts from $500 to $3,000, with flexible terms of 2 to 36 months, we can help you find solutions for a variety of needs. Even if you have bad credit, We Give Loans can typically find a loan source willing to work with you and get you the cash you need.

Simply fill out a short and secure form on our website. We will match your unique situation with bad credit loan sources in our network and give you options to choose from. Select a source, complete your loan with them and your loan could be approved online in just moments. With most lenders, you could have your cash within one to three business days. Apply now and see how quickly we can help you find financial peace of mind.

Illinois Debt Relief, Financial Counseling, and Consumer Credit Information

If you would like to look into the possible benefits of these services, National Debt Relief - Whom Offers a Free Savings Estimate is a leader in financial counseling services in Illinois.

Illinois Personal Loan for Bad Credit Laws and Regulations in (IL)

(last updated 11/17/2019)
"Small consumer loan" means a loan upon which interest is charged at an annual percentage rate exceeding 36% and with an amount financed of $4,000 or less. "Small consumer loan" does not include a title-secured loan as defined by subsection (a) of this Section or a payday loan as defined by the Payday Loan Reform Act. The lender or creditor may, if the contract provides, collect a delinquency or collection charge on each installment in default for a period of not less than 10 days in an amount not exceeding 5% of the installment on installments in excess of $200, or $10 on installments of $200 or less, but only one delinquency and collection charge may be collected on any installment regardless of the period during which it remains in default.

205 ILCS 670/17) (from Ch. 17, par. 5423) Sec. 17. Maximum term and amount. The loan contract shall provide for repayment of the principal and charges within 181 months from the date of the loan contract or the last advance, if any, required by the loan contract. No licensee shall permit an obligor to owe such licensee or an affiliate (including a corporation owned or managed by the licensee) or agent of such licensee an aggregate principal amount of more than $40,000 at any time for loans transacted pursuant to this Act. (205 ILCS 670/17.2) Sec. 17.2. Small consumer loans; charges permitted. (a) With respect to a small consumer loan of $1,500 or less:
(1) A licensee may charge, contract for and receive interest at an annual percentage rate of no more than 99% calculated in accordance with the federal Truth in Lending Act. (D) a monthly installment account handling charge, not to exceed the following amounts:

Amount financed Per month charge
$1,500.01 - $1,600 $69
$1,600.01 - $1,700 $72
$1,700.01 - $1,800 $75
$1,800.01 - $1,900 $78
$1,900.01 - $2,000 $81
$2,000.01 - $2,100 $84
$2,100.01 - $2,200 $87
$2,200.01 - $2,300 $90
$2,300.01 - $2,400 $92
$2,400.01 - $2,500 $94
$2,500.01 - $2,600 $96
$2,600.01 - $2,700 $98
$2,700.01 - $2,800 $100
$2,800.01 - $2,900 $102
$2,900.01 - $3,000 $104
$3,000.01 - $3,100 $106
$3,100.01 - $3,200 $108
$3,200.01 - $3,300 $110
$3,300.01 - $3,400 $112
$3,400.01 - $3,500 $114
$3,500.01 - $3,600 $116
$3,600.01 - $3,700 $118
$3,700.01 - $3,800 $120
$3,800.01 - $3,900 $122
$3,900.01 - $4,000 $124

(205 ILCS 670/17.3) Sec. 17.3. Small consumer loans; terms. (a) A small consumer loan shall be fully amortizing and be repayable in its entirety in a minimum of 6 substantially equal and consecutive payments with a period of not less than 180 days to maturity. (b) No licensee, or employee or affiliate thereof, may extend to or have open with a consumer more than one small consumer loan at any time; provided, however, that loans acquired by a licensee from another licensee are not included within this prohibition. (c) A licensee is prohibited from refinancing a small consumer loan during the first 75 days of the loan term. For purposes of this Act, a refinancing occurs when an existing small consumer loan is satisfied and replaced by a new small consumer loan made to the same consumer by the same licensee or any employee or affiliate of the licensee. (d) Except for the deferment charge permitted by item (5) of subsection (f) of Section 15, a licensee is prohibited from collecting any fee, charge, or remuneration of any sort for renewing, amending, or extending a small consumer loan beyond its original term. (e) Before entering into a small consumer loan agreement, a licensee must provide to the consumer a pamphlet, prepared by the Director, describing general information about consumer credit and about the consumer's rights and responsibilities in a small consumer loan transaction. Each small consumer loan agreement executed by a licensee shall include a statement, located just above the signature line for the consumer, and shall provide as follows: "In addition to agreeing to the terms of this agreement, I acknowledge, by my signature below, receipt from (name of lender) a pamphlet regarding small consumer loans.". (f) Each small consumer loan agreement entered into between a licensee and a consumer shall include a notification, in such loan agreement, of a toll-free number furnished by the Department of Financial and Professional Regulation, Division of Financial Institutions that the consumer may contact for the purpose of receiving information from the Division regarding credit or assistance with credit problems. (Source: P.A. 96-936, eff. 3-21-11.) (205 ILCS 670/17.4) Sec. 17.4. Small consumer loans; loan amount. A licensee is prohibited from making a small consumer loan to a consumer if the total of all payments to be made in any month on the loan exceeds 22.5% of the consumer's gross monthly income, as demonstrated by official documentation of the income, including, but not limited to, the consumer's most recent pay stub, receipt reflecting payment of government benefits, or other official documentation. "Official documentation" includes tax returns and documentation prepared by the source of the income. A statement by the consumer is not official documentation. (Source: P.A. 96-936, eff. 3-21-11.) This information is for informational purposes only. Although care has been taken to accurately describe the laws and regulations in Illinois, no guarantees are implied or expressed about its accuracy. This is not legal advice. If you need legal advice, please consult an attorney or the Illinois Division of Financial Institutions.