5.99 - 21.49 %
APR
2 - 6 years
Loan Term
Check rates
On partner's site

Best Personal Loans in Peoria (IL)

We have found 115 personal loans to apply for in Peoria, IL. Add more criteria to compare personal loans and find the best one for you.

By Myfin Team
Updated December 13, 2024
Showing 115 personal loans
APR
5.99 - 21.49 %
with Autopay
Term
2 - 6years
Loan amount
$5,000 - $100,000
  • Minimum credit:
    scorer
    Fair (580-669)
  • Autopay discount:
    0.5%
  • Origination fee:
    No origination fee.
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Low rates
    • No fees
    • Fast approval and funding
    • Rate discount for autopay
    • Digital experience
  • Cons:
    • Minimum loan amount is a bit high
    • Requires a long credit history

LightStream is the online lending division of Truist (formerly SunTrust Bank).

The key feature of LightStream's online personal loans is that they can be up to $100,000 and used for nearly any reason.

LightStream charges no fees on its personal loans. Plus, it offers to send you $100 if you’re unsatisfied with the loan process.

See LightStream full product review
Check rates
On partner's site
APR
6.99 - 24.99 %
with Autopay
Term
3 - 6years
Loan amount
$3,500 - $40,000
  • Minimum credit:
    scorer
    Fair (580-669)
  • Autopay discount:
    0.25%
  • Origination fee:
    No origination fee.
  • Funds available in:
    5 business days.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • No fees
    • Autopay discount
  • Cons:
    • Long time to receive funds
    • No Cosigner Option

Marcus offers unsecured personal loans up to $40,000 with rates from 6.99% to 24.99%.

Marcus does not charge origination, late payment and check processing fees.

See Marcus by Goldman Sachs full product review
Check rates
On partner's site
APR
5.6 - 35.99 %
Term
3 - 5years
Loan amount
$1,000 - $50,000
  • Minimum credit:
    scorer
    Poor (300-579)
  • Origination fee:
    10%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • No prepayment penalty
    • Next day funding
  • Cons:
    • Origination Fee
    • Extra Fees

Upstart loans range from $1,000 to $50,000. Not all applicants will qualify for the full amount.

The minimum loan amount: $7,000 (MA), $6,000 (Ohio), $5,100 (NM), $3,100 (GA), $2,100 (HI).

Borrowers need credit scores of 580 or higher.

Upstart offers fixed-rate APRs that vary from 5.60% to 35.99%. Loan terms are available for 3 or 5 years.

The origination fee ranges from 0% to 8%.

See Upstart full product review
Check rates
On partner's site
APR
8.99 - 29.99 %
Term
2 - 5years
Loan amount
$5,000 - $40,000
  • Minimum credit:
    scorer
    Good (670-739)
  • Origination fee:
    5%
  • Funds available in:
    3-6 business days.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • No prepayment or late fees
    • Free monthly FICO score updates
  • Cons:
    • Co-signers are not accepted
    • Origination Fee
    • Slow funding
    • Not available in all states

The Payoff Loan™ is an unsecured personal loan designed to consolidate your credit cards into one monthly payment. Payoff requires a minimum FICO credit score of 640 or higher. It provides loans of up to $40,000.

The Payoff platform provides loans with rates between 8.99% and 29.99% APR. Minimum loan amount and APR may vary in certain states.

See Payoff® full product review
Check rates
On partner's site
APR
8.3 - 36 %
Term
3 - 5years
Loan amount
$1,000 - $40,000
  • Minimum credit:
    scorer
    Poor (300-579)
  • Origination fee:
    3 - 6%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Quick, easy online application
    • Fast funding
  • Cons:
    • Origination fee

LendingClub offers loans of $1,000 to $40,000.

The APR range is from 8.30% to 36.00%. Loan terms are available for 3 or 5 years.

LendingClub charges an origination fee of 3% to 6% on personal loans.

See LendingClub full product review
Check rates
On partner's site
APR
7.99 - 23.43 %
with Autopay
Term
2 - 7years
Loan amount
$5,000 - $100,000
  • Minimum credit:
    scorer
    Good (670-739)
  • Autopay discount:
    0.25%
  • Origination fee:
    No origination fee.
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Fast approval and funding
    • Rate discount for autopay
    • No Fees
  • Cons:
    • Not available to residents of Mississippi
    • No secured loan option

SoFi loans range between $5,000 to $100,000.

The APR range is from 7.99% to 23.43% (with discounts). Loan terms are available for 2 or 7 years.

The loan is not available in Mississippi.

SoFi personal loans have no fees: no origination fees, no late fees, no prepayment penalties.

See SoFi full product review
Check rates
On partner's site
APR
9.95 - 35.95 %
Term
1 - 5years
Loan amount
$2,000 - $35,000
  • Minimum credit:
    scorer
    Poor (300-579)
  • Origination fee:
    4.75%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Fast approval and funding
    • Low minimum credit score requirements
    • No prepayment fees
  • Cons:
    • Fees
    • No Autopay discount
    • No Cosigner Option

Avant offers unsecured loans of $2,000 to $35,000. Rates range from 9.95% to 35.95%.

Avant charges an origination fee up to 4.75%.

Avant personal loans are not available in Colorado, Iowa, West Virginia, New York, Vermont, Hawaii, and Nevada.

See Avant full product review
Check rates
On partner's site
APR
7.95 - 35.99 %
Term
3 - 5years
Loan amount
$2,000 - $40,000
  • Minimum credit:
    scorer
    Fair (580-669)
  • Origination fee:
    2.41 - 5%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Fast approval and funding
    • Simple application process
  • Cons:
    • Origination fee
    • Extra Fees
    • No Autopay Discount
    • Not available in all states

Prosper offers fixed-rate APRs that vary from 7.95% to 35.99%. Loan terms are available for 3 or 5 years.

The origination fee ranges from 2.41% to 5%. Prosper charges $15 for failed payments or returned checks. Payments that are 15 or more days late are assessed a late fee.

If you don't qualify for a personal loan with Prosper, consider applying with a co-applicant.

See Prosper full product review
Check rates
On partner's site
APR
7.99 - 35.99 %
Term
3 - 5years
Loan amount
$2,000 - $50,000
  • Minimum credit:
    scorer
    Good (670-739)
  • Origination fee:
    0.99 - 8.99%
  • Funds available in:
    1-3 business days.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Fast approval
    • Low fixed rates
    • Fast funding
  • Cons:
    • Fee charged

Best Egg is a national online lending platform offering personal loans starting at $2,000 for a variety of purposes.

Best Egg’s personal loans are ideal for consolidating debt or funding major expenses. Borrowers cannot use loans toward securities or postsecondary educational expenses.

There are no prepayment penalties, so you can pay off the loan ahead of schedule without extra fees.

Best Egg origination fees vary from 0.99% to 8.99%.

The quote you receive is based on multiple factors, including: Credit score and history, Income, Debt obligations, Loan amount, Repayment term (36 vs. 60 months).

See Best Egg full product review
Check rates
On partner's site
APR
18 - 35.99 %
Term
2 - 5years
Loan amount
$1,500 - $20,000
  • Minimum credit:
    scorer
    Poor (300-579)
  • Origination fee:
    $25 - $500
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Secured and unsecured options
    • Poor-credit applicants considered
  • Cons:
    • Origination fee
    • Extra Fees
    • High Rates

OneMain Financial offers loans that range from $1,500 to $20,000. The annual percentage rate ranges from 18.00% to 35.99%.

You may be approved for an unsecured or a secured loan. A secured loan requires you to provide collateral, such as a motor vehicle, while an unsecured loan doesn’t require any collateral at all.

OneMain charges late payment fees. These fees may range from a flat amount of $5 to $30 per late payment, or they may be a percentage of your entire monthly payment amount or a percentage of the delinquent portion of your monthly payment amount, ranging from 1.5% to 15%.

The lender charges an origination fee. Flat fees vary by state and range from $25 to $500. Percentage fees range from 1% to 10% of the loan.

See OneMain Financial full product review
Check rates
On partner's site
For example, if you apply for a 2-year $5,000 personal loan with an interest rate of 15% and an origination fee of 5% you would receive $4,750 and make 24 payments of $242.43. The total amount paid would be $5,818.
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Showing 115 personal loans
Amount
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Loan Purpose
  • Personal Loan
  • Home Improvement Loan
  • Medical (Dental) Loan
  • Debt Consolidation Loan
  • Major Purchase
  • Refinance Credit Card
  • Moving Expenses (Relocation)
  • Travel
  • Other

TOP 5 banks offering personal loans in Peoria

Showing 5 banks
Sort by: Branches
Branches 6 bank branches
Total Assets (US$M)534,346,587
Branches 4 bank branches
Total Assets (US$M)33,255,614
Northpoint Branch
8615 N Knoxville Ave, Peoria, IL, 61615
Grand Prairie Branch
7400 N Orange Prairie Rd, Peoria, IL, 61615
Peoria Main Branch
432 Main Street, Peoria, IL, 61602
Show all departments
Branches 3 bank branches
Total Assets (US$M)37,187,818
Peoria - Brandywine Branch
4600 Brandywine Drive, Peoria, IL, 61614
Peoria - Pioneer Parkway
2311 West Pioneer Parkway, Peoria, IL, 61615
Peoria Jefferson Branch
240 Sw Jefferson Ave, Peoria, IL, 61602
Branches 2 bank branches
Total Assets (US$M)3,380,824,000
Knoxville
Friday: 9:00 AM - 5:00 PM
Hamilton And Jefferson
Friday: 9:00 AM - 5:00 PM
Branches 1 bank branches
Total Assets (US$M)159,787,000

How to Choose the Ideal Personal Loan in Peoria, Illinois?

Personal loans can be a valuable tool to address financial gaps and improve your overall financial health. To ensure that you find a loan that suits your financial situation, it is crucial to follow effective strategies for comparing and choosing the right personal loan in Peoria.

Consider Annual Percentage Rates (APR)

The annual percentage rate (APR) is a key factor to consider when evaluating loan options. APR provides a more accurate understanding of the total cost of the loan, as it includes both interest rates and fees. By comparing APRs instead of simple interest rates, you can identify which loan will cost you more in the long run. In Peoria, APRs range from 4.49% to 36%.

Evaluate Loan Amounts

Research the loan amount options available and choose a lender that offers the desired loan amount. In Peoria, loans are available from $100 to $500,000. Some lenders provide flexible options where you can withdraw funds in parts and only pay interest on the amount utilized. This flexibility is beneficial for projects where the exact amount needed may vary over time, such as home renovations or car repairs.

Assess Monthly Payments

Ensure that the monthly payment amount fits comfortably within your budget. It is important to be able to meet your other financial obligations while repaying the loan amount and interest.

Understand Credit Requirements

While most lenders prefer borrowers with good to excellent credit scores (typically 670 or higher), some lenders accept those with poor to fair credit. While a high credit score doesn't guarantee lower rates, it increases your approval chances. In Peoria, the lowest acceptable credit score is Poor (300 - 579). Tailor your search to match your credit score for favorable loan terms.

Consider Collateral

Personal loans are typically unsecured, requiring no collateral. Secured loans often come with lower interest rates due to reduced risk for the lender. Unsecured loans typically have higher interest rates. If you wish to avoid high interest rates, consider a secured personal loan.

Evaluate Origination Fees

In addition to interest charges, most lenders impose origination fees. These fees, expressed as a percentage of the total loan amount, are charged for processing the loan. While the average origination fee ranges from 0.5% to 1%, specific amounts vary among lenders. Opting for a personal loan with lower origination fees can result in long-term cost savings.

Compare and choose the best personal loan in Peoria (IL)

Performing a side-by-side comparison of available loan options in Peoria simplifies the decision-making process. This comprehensive comparison will assist you in selecting a loan with favorable terms that align with your financial needs.

LenderAPRLoan AmountLoan termOrigination FeeScore RequiredApply
LightStream
6.49 - 21.99%$5,000 - $100,0002 - 6 yearsNo origination fee.From Fair (580-669) to Fair (580-669)Check rates
On partner's site
Marcus by Goldman Sachs
7.24 - 25.24%$3,500 - $40,0003 - 6 yearsNo origination fee.From Fair (580-669) to Excellent (740-799)Check rates
On partner's site
Upstart
5.6 - 35.99%$1,000 - $50,0003 - 5 years10%From Poor (300-579) to Excellent (740-799)Check rates
On partner's site
Payoff®
8.99 - 29.99%$5,000 - $40,0002 - 5 years5%From Good (670-739) to Excellent (740-799)Check rates
On partner's site
LendingClub
8.3 - 36%$1,000 - $40,0003 - 5 years3 - 6%From Poor (300-579) to Excellent (740-799)Check rates
On partner's site
SoFi
8.24 - 23.68%$5,000 - $100,0002 - 7 yearsNo origination fee.From Good (670-739) to Excellent (740-799)Check rates
On partner's site
Avant
9.95 - 35.95%$2,000 - $35,0001 - 5 years4.75%From Poor (300-579) to Excellent (740-799)Check rates
On partner's site
Prosper
7.95 - 35.99%$2,000 - $40,0003 - 5 years2.41 - 5%From Fair (580-669) to Excellent (740-799)Check rates
On partner's site
Best Egg
7.99 - 35.99%$2,000 - $50,0003 - 5 years0.99 - 8.99%From Good (670-739) to Good (670-739)Check rates
On partner's site
OneMain Financial
18 - 35.99%$1,500 - $20,0002 - 5 years$25 - $500From Poor (300-579) to Excellent (740-799)Check rates
On partner's site

Tips to Increase Your Personal Loan Approval Odds in Peoria, Illinois

Maximizing your personal loan approval odds requires proactive steps. Consider the following tips to improve your chances of loan approval in Peoria:

  1. Improve Your Credit. Increasing your credit score is the most effective way to enhance your loan approval odds. Though the minimum credit score requirements in Peoria range from Poor (300 - 579), having a higher credit score improves your likelihood of approval. Focus on making timely debt payments, maintaining low credit utilization, minimizing applications for new credit, and disputing any errors in your credit report.
  2. Increase Income. Lenders assess your debt-to-income ratio during the approval process. Increasing your income improves this ratio and boosts your chances. Explore opportunities for raises or consider part-time jobs to supplement your income.
  3. Avoid New Debt. Avoid acquiring new debt while applying for a personal loan. Lenders perceive existing debt as a risk factor, negatively impacting your approval odds. Prioritize paying off existing debts to reduce your overall debt burden. A lower debt load enhances your ability to repay the personal loan.
  4. Request Realistic Loan Amounts. Lenders are generally cautious about lending large sums due to increased risk. In Peoria, the maximum loan amount available is $500,000, but approval for this amount is challenging. Requesting smaller loan amounts increases your chances of approval. Determine the exact amount you need and apply for the minimum required amount. In Peoria, the minimum loan amount offered is $100.
  5. Consider Joint Applicants. Exploring the option of a joint applicant or co-signer strengthens your loan application. Lenders assess the credit scores and incomes of both applicants in a joint application. Ensure that you trust your joint applicant or co-signer, as your finances will be interconnected.

Conclusion

In conclusion, if you anticipate the need for a personal loan in Peoria, it is essential to prepare in advance. By following the aforementioned strategies and taking proactive steps, you can increase your odds of securing a personal loan that meets your financial requirements.

FAQ

What is the highest interest rate on a personal loan in Peoria, Illinois?

The highest interest rate on personal loan in Peoria is 36%.

What is the biggest loan amount in Peoria, Illinois?

The biggest personal loan amount in Peoria is $500,000.

What credit score do I need to have to get a personal loan in Peoria, Illinois?

To get approved for a personal loan in Peoria you need to have at least a Poor (300-579) credit score.
Myfin TeamMyfin Team

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