Rick Bormin, Personal Loans Moderator
@rhandoo2020
The best personal loan rate in Illinois is 2.49% from LightStream, which also has a maximum APR of 19.99%. LightStream offers loans of $5,000 - $100,000 for 24 - 84 months, and its origination fee is $0.
In general, personal loan rates tend to range from 4% to 36%, depending on the lender and your creditworthiness. Personal loan rates typically don't differ much from state to state, though loans from credit unions can be an exception. Federal credit unions cap their rates at 18%, and state-chartered credit unions in Illinois have a cap set by the state.
Best Personal Loan Rates in Illinois
| Lender | APR | Origination Fee | Credit Score Required* |
| 7.99% - 25.99% | $0 | 660 | |
| 7.49% - 23.74% | $0 | 660 | |
| 8.99% - 25.81% | No Fees Required | 680 | |
| 6.99% - 24.99% | 0% | 660 | |
| 7.74% - 17.99% | $0 | 600 |
*According to either the lender or multiple third-party sources
Keep in mind that most personal loan providers offer a very broad range of APRs. To get the lowest APR that a lender offers, you'll need a credit score that far exceeds the minimum requirements for approval. Other ways to increase your chances of getting a low personal loan APR include having a high income, applying for a loan from a local credit union, reducing existing debts, or taking a few months to improve your credit standing before applying.
People also ask
What is a good interest rate on a personal loan?
A good interest rate on a personal loan is 5.99% to 9%. The average APR for a two-year personal loan from a bank is 9.87, according to the Federal Reserve, and the best personal loans have APRs as low as 5.99% for the most creditworthy borrowers. The rates you get will depend heavily on your credit, income, debt and other financial factors.
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It’s easy to compare personal loan rates, which is good because doing so is essential to finding the best loan offers. Personal loan rates can range all the way from 6% to 36%, and they sometimes reflect more than just interest charges. The rates advertised for personal loans are actually annual percentage rates (APRs). Technically, the difference is that APRs include both interest and fees. However, origination fees are the most common type of personal...
read full answerWhat are the best personal loan interest rates?
The best personal loan interest rates vary a lot over time and depend on several factors, including the applicant’s credit score, income, monthly housing payment and existing debt obligations. The loan term and amount have an impact, too, as does the overall economic climate.
The average APR for a 24-month personal loan was 10.07% as of December 2019, according to the most recent data available from the Federal Reserve Bank of St. Louis. By...
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