Comparing loan options can be tough, especially if you have good credit and lots of options to choose from. One lender you may be considering is Illinois Lending. Illinois Lending is an indirect lender, which means that they do not provide loans to borrowers themselves but rather connect people with their network of lenders. Indirect lending is slowing down in the United States, in 2019 it was down to only 3%, but that doesn’t mean that there aren’t plenty of these types of lenders out there.1
Continue reading to learn more about Illinois Lending so you can figure out whether they are the right option for you.
Finding the Right Personal Loan
Before we go into further details about Illinois Lending, we’ll help you learn more about what factors you should pay attention to when trying to choose a loan that fits your needs. Here are some things you need to pay attention to:
The Loan Length
How short or long a loan is will impact your repayment costs both on a monthly basis and your overall cost. For example, when borrowing the same amount with the same interest rate, a shorter loan will mean a higher monthly payment but less interest paid over time. In comparison, a longer loan will mean a lower monthly payment but a higher borrowing cost overall. And so, really think about what fits your needs best when comparing loan options.
The Repayment Terms
Repayment terms encompass a variety of different factors, including the monthly payment amount, penalties if payments are missed, early repayment rules, and more. It’s extremely important to consider these things before making a decision on what loan you want to borrow!
Secured vs. Unsecured Loan Options
Secured loans involve collateral, while unsecured loans do not. Unsecured loans do not have collateral as a part of their process. With a secured loan, you may get lower interest rates and have an easier time with approval because of the security that comes with collateral. However, there is the risk of losing that collateral if you cannot repay your loan. While unsecured loans may offer higher amounts and don’t involve such risk, they may be more challenging to get approval for. And so, think about what sets of pros and cons would be a better fit for you.
The Interest Rate and APR
The interest rate and APR are the costs that come with borrowing. Interest rate only reflects the cost of borrowing, while APR reflects the total cost of borrowing funds. When comparing your loan options, it’s essential to compare these two factors; however, it’s important to keep in mind that these aren’t the only things you should pay attention to with a loan.
The Lender
The lender is another important aspect of a loan that you should consider when deciding on a loan option. You lender will have a huge role in determining how your loan repayment will go. A flexible, accessible lender will make all the difference if you have an issue with repayment/your financial circumstances change while repaying your loan.
How You Can Use the Loan
Another thing to think about when choosing a loan is what the funds from the loan can be used for. Some loan options have limitations with what they can be used for, while other options such as personal loans can be used for a variety of different expenses. Also think about loan amounts and whether it will be enough money to cover your expense.
Now that you know a little more about the different factors you can look at to compare your loan options, let’s dive into Illinois Lending, along with some information on CreditNinja!
Loan Options Like Illinois Lending : What You Need To Know
Illinois Lending, as we mentioned earlier is an indirect lender, which means that instead of giving out loans themselves, they connect borrowers to lenders within their network. Despite their name, they do offer their services to people who aren’t in Iliinois. There are pros and cons to both direct lenders and indirect lenders when comparing both, which you should consider when filtering your choices.
What Kinds of Lenders/Loans Does Illinois Lending Connect Borrowers With?
Illinois Lending does not state exactly what kind of loans (personal loans, installment loans, no credit check loans, bad credit loans, etc.,) they connect to. The only information they give is that the loans they connect with are short term financial solutions. When it comes to the lenders, they state that their lenders may be tribal lenders.
Does Illinois Lending Provide Any Specific Terms?
Illinois Lending does not provide any specific terms on their website, instead, they talk about how each lender that they work with has different terms and policies that they will let you know about once you are directed to them. And so, if you are looking to know about basic borrowing terms right away, this may not be a good fit. However, if you don’t mind the ambiguity at first, once you do connected to a lender you should know more.
What Does the Inquiry Process Look Like with Illinois Lending?
With Illinois Lending, you can expect a three-step process for potential connection to a lender:
| Step | Description |
| Inquire With Them | Reach out to the service to initiate the process. |
| Lender Matching | They will try to match you with a suitable lender based on your requirements. |
| Decision to Proceed | If matched, you can decide whether you want to move forward with the lender. |
Keep in mind that if you are matched with a lender, then there may be additional steps.
FAQS
Yes, installment loans can be used to pay for medical bills. These loans allow you to borrow a lump sum of cash and repay it over a set period with fixed monthly payments, making it easier to manage large medical expenses.
Illinois Lending works with various lenders, and each lender has its own requirements. While some may perform a credit check, others might offer loans without one. It’s best to inquire directly to understand the specific requirements of the lender you’re matched with.
First-time borrowers can access a variety of short-term financial solutions through Illinois Lending. While specific borrowing types aren’t detailed, the network of lenders may offer personal loans, installment loans, and other cash advances tailored for those borrowing money for the first time.
Once approved for a loan with CreditNinja, you can receive your cash quickly. The funds are typically disbursed directly to your bank account, often within the same day or the next business day, ensuring you have the money you need promptly.*
Yes, the funds from lending can be used to cover a wide range of everyday expenses. Whether you need cash for medical bills, household expenses, or any other financial need, personal loans, and cash advances provide the flexibility to use the money as you see fit.
CreditNinja: How Does It Compare?
CreditNinja is an online direct lender, we have been providing flexible personal loans since 2018! Our process comes with all kinds of benefits such as speed, ease and security. Below you’ll find more information about our loan process.
What Does the Application Process Look Like With CreditNinja?
The application process takes a few simple steps and can be conducted from the comfort of home:
- Apply for a personal loan
- Find out about approval
- Get funding once you qualify
What Are The Loan Terms?
With CreditNinja, the loan amounts range between $300 – $5,000, the loan lengths range from four months up to 24 months, and the interest rates will vary depending largely on your financial situation such as your credit score. However, there is no minimum payment required to apply, so don’t hesitate to apply even with bad credit.
What Does the Repayment Process Look Like?
Because these are installment loans, you’ll have a single monthly payment due, which will not change throughout repayment (as long as you make your payments on time). You can pay your loan online, over the phone, or have the monthly payment automatically deducted from your bank account.
References:
- Indirect Lending: Changes In 2020 And Beyond | Open Lending
- Homepage | Illinois Lending
Additional Loan Options
