Personal Loan FAQ — IllinoisLoansToday

IllinoisLoansToday.com is a free loan matching service that connects Illinois residents with licensed personal loan lenders. We are not a lender — we help you compare options from multiple lenders through a single application.

You fill out a short online form (about 2 minutes). We share your information with our network of lenders, who review it and may send you loan offers. You compare the offers and choose the one that works best for you. There is no obligation to accept any offer.

No. The initial rate check through our platform uses a soft credit inquiry, which does not affect your credit score. If you accept a lender's offer and proceed with a full application, the lender may perform a hard credit pull at that point.

There is no minimum credit score to submit a request through IllinoisLoansToday. Our network includes lenders who work with a wide range of credit profiles, including bad credit (below 580), fair credit (580–669), and good credit (670+). Your actual approval and rate depend on the individual lender's criteria.

Loan amounts in our network range from $500 to $50,000. The amount you qualify for depends on your income, credit profile, and the lender's requirements. Most borrowers receive offers for amounts close to what they request.

APRs in our network typically range from 5.99% to 35.99%. Under the Illinois Predatory Loan Prevention Act (PLPA), all consumer loan APRs are capped at 36%. Your specific rate depends on your credit score, income, loan amount, and the lender's terms.

The PLPA is an Illinois law enacted in 2021 that caps the annual percentage rate (APR) at 36% for all consumer loans, including payday loans, installment loans, and title loans. This protects Illinois borrowers from predatory lending practices. All lenders in our network comply with this law.

Most lenders in our network can fund approved loans within 1 to 2 business days after you accept an offer and complete the lender's verification process. Some lenders offer same-day or next-day funding.

Personal loans from our network can be used for almost any purpose, including debt consolidation, home improvements, medical expenses, car repairs, moving costs, wedding expenses, and unexpected emergencies. Lenders generally do not restrict how you use the funds.

No. Our service is completely free for borrowers. We are compensated by lenders in our network — you will never be charged a fee by IllinoisLoansToday.com.

Yes. Our network includes lenders who specialize in working with borrowers who have less-than-perfect credit. While bad credit may result in higher interest rates or lower loan amounts, many borrowers with credit scores below 580 successfully receive offers through our platform.

To submit a request through our platform, you generally need your Social Security number, proof of income (pay stubs or bank statements), a valid government-issued ID, and an active bank account. Individual lenders may request additional documentation.

Most lenders in our network allow early repayment without prepayment penalties. However, terms vary by lender — always review your loan agreement for specific details about early payoff before accepting an offer.

If our network is unable to match you with a lender, we may suggest alternative options or resources. Not all applicants will be matched. There is no cost or credit impact if you are not matched.

Yes. IllinoisLoansToday serves residents throughout the entire state of Illinois, including Chicago, Aurora, Rockford, Joliet, Naperville, Springfield, Peoria, Elgin, Waukegan, Champaign, Bloomington, and all other cities and towns.