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This page was last updated September 2018

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Fair Credit Lenders in Chicago IL

Lenders: contact us for listing removal.

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United Credit Union
4444 S Pulaski Rd Chicago
IL 60632 - 773.376.6000
www.unitedcreditunion.com

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SourceOne Credit Union
542 S Dearborn St #410, Chicago
IL 60605 - www.source1cu.com
312.922.0495

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North Side Community FCU
1011 W Lawrence Ave, Chicago
IL 60640 - northsidecu.org
773.769.5800

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First Financial Credit Union
2942 W Peterson Ave, Chicago
IL 60659 - www.firstfcu.org
773.565.2000

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Chicago Municipal Employees CU
18 S Michigan Ave #1000, Chicago
IL 60603 - www.cmecuonline.org
312.236.2326

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US Employees Credit Union
suite 2962, 230 S Dearborn St
Chicago, - IL 60604
www.usemployees.org
312.922.5310

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Chicago Patrolmen's FCU
1407 W Washington Blvd, Chicago
IL 60607 - www.cpdfcu.com
312.726.8814

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First Northern Credit Union
230 W Monroe St #2850, Chicago
IL 60606 - www.fncu.org
312.332.6357

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Chicago Fire Fighters Credit Union
6230 S Central Ave, Chicago
IL 60638 - 773.581.5253
www.chicagofirefighterscu.com

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Debt Consolidation Chicago IL
47 W Polk Street Ste 211 Chicago
IL 60605 - 844.891.2479
www.creditconsolidation-usa.com

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Bad Credit Loans in Chicago IL

Fast Loan Pre-App Method
Accessing Bad Credit Lender Pool (?)

Learn about GAP (Gift Angel Program)

 

Chicago IL Lender Area Map

Chicago Bad Credit Lenders Map - Initial Static Image

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Chicago IL Loan App Volume

Top 5 Chicago neighborhood loan app volume

  1. Armour Square
  2. Cabrini-Green
  3. Lincoln Square
  4. Albany Park
  5. Gage Park

Millennium Park Bean in Chicago Illinois: Licensing

Chicago Bad Credit Loan Example

Many people believe that trouble always comes in threes. Barb certainly believes it after the last three months which saw one problem after another come her way.

First it was the car needing repairs, then he daughter needed some medical treatment and finally he husband was laid off for two weeks while the company took time to restructure itself.

Fortunately, her husband was hired back and he only lost two weeks’ income.

The other two issues along with the layoff left them $3500 in debt and no really good way to repay it without incurring high interest rates and fees.

The car needs the usual things cars need, new tires, brakes, battery and a water pump. Everything seemed to stop working at the same time.

Her daughter had to be admitted to the hospital and kept for two days to recover from food poisoning. Hospitals are unbelievably expensive especially without any kind of health care benefits.

They would like to borrow $3500 and repay it over three years to keep the payments close to one hundred a month. With both Barb and her husband, they can afford to repay this loan over three years.

A $3500 loan with a 3 year term 8.75% interest rate for Barb would cost her the following per month:

Loan Amount (principal) = $3500
Interest Rate = 8.75%
Term Length =3 year
Monthly Payment = $110.89
Total Paid Back = $3992.12
Total Interest = $492.12

Barb has been looking for a lender for a few days now without much success. Although they now make sufficient income to cover the loan, their credit score is very low due to previous issues in repaying debts on time and several late payments as well.

As soon as lenders see a low score they are often reluctant to approve bad credit loans for people in Barb’s situation.

After much discussion with her and her husband a smaller loan could be approved. It would be enough to cover the hospital bills and the more serious issues with the car.

Her husband is going to find some used tires for the car and also do the brake job himself with the help of a buddy who is a mechanic. He will also help replacing the water pump with a generic rebuilt water pump.

They can probably get by on a much smaller loan of around $2500 which will reduce the monthly loan payment.

They are really struggling and doing everything they can to pay their bills now and try to recover their credit rating. It may take a total of seven years before they can recover their credit score.

Reports can stay on that long for lenders to see and consider when it comes to approving a loan. They are also going to try and set a little money aside each week for emergencies so that they can deal with these types of issues in the future.

It is really difficult to do with low incomes; however, they know they have to stretch every dollar as far as they can.

If you're living in Chicago Illinois like Barb, and need a loan regardless of your credit rating, we may be able to help you find a willing lender.

Sincerely,

Andy Somerset

Andy Somerset is a writer for the WFL Project.

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Upgrades Nearest Chicago IL

Job/Income Upgrades: Indeed / Monster

Education Upgrades: College / University

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Chicago Credit Counseling

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Counselors contact us for listing removal or info change.

GreenPath Financial Wellness
20 N Upper Wacker Drive, Suite
#1928 Chicago IL 60606
www.greenpath.com - 800.550.1961

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Money Management International
401 N Michigan Ave Ste. 1200, Chicago
IL 60611 - www.moneymanagement.org
866.226.0278

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Excellent Credit Solutions
710 E 47th St Suite 205W, Chicago
IL 60653 - 800.821.1412
www.myexcellentcredit.com

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Credit Glory Credit Repair
3938 W 111th St, Chicago
IL 60655 - creditglory.com
312.635.5187

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Federal Resources

FTC Budget PDF / USA.GOV Debt Info

Chicago Assistance Programs

Food Bank: Greater Chicago Food Depository / Address: 4100 West Ann Lurie Place, Chicago, IL 60632 / Phone: 773.247.3663

Hot/Cold Meals: A Just Harvest / Address: 7649 N Paulina Street, Chicago, IL 60626 / Phone: 773.262.2297

Shelter In Case of Eviction: Lincoln Park Community Services / Address: 600 West Fullerton Parkway, Chicago, IL 60614 / Phone: 773.549.6111

Social Assistance Programs: Chicago Department of Family & Support Services / Address: 1615 West Chicago Avenue, Chicago, IL 60622 / Phone: 312.743.0300

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Usury Law Governing Chicago IL

Summary of Illinois Usury Law(s) / Legal: 5% Contract: 9%; any rate business loans / Judgment: 9% / Corporate: Any rate (read more on Illinois lending laws)

Complaint process for Chicago residents:

Illinois Department of Financial & Professional Regulation / Illinois Complaint Process

Illinois Department of Financial & Professional Regulation / Springfield Office: Illinois Department of Financial and Professional Regulation / 320 West Washington Street, 3rd Floor, Springfield, IL 62786 / Chicago Office: Illinois Department of Financial and Professional Regulation / 100 West Randolph, 9th Floor, Chicago, IL 60601 / Phone Numbers: All Inquiries: 1-888-473-4858 Professional Licensing: 1-800-560-6420 TTY: 1-866-325-4949 International: 1-312-281-0341

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WFL Loan Products

Chicago residents dealing with a bad credit score can read about our bad credit loans network, OR if your rating is in the average zone, you can read about fair credit loan pool. If you're DEEP in high interest debt, please read about our debt consolidation loan resources.

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