#personal loans for bad credit
$1K-$10K Unsecured Personal Signature Loans Bad Credit in Chicago, IL
We are doing a four set publication on unsecured personal loans for applicants who have bad credit, and all live in the greater Chicago area of Illinois. Because of the unique separation of neighborhoods and areas in Chicago, we can break down the service areas of all lenders involved in these loans, and the borrowers who applied for the notes.
By using the Kennedy Expressway (Interstate 90/94) and Highway 41, running along Lake Michigan we can cordon off the lending service area we used in the $2500 unsecured loan which was borrowed over a three month term. Then, stretching out from Chicago, we can take another section South of the Kennedy Expressway, and North of Dwight D. Eisenhower Expressway (Interstate 290) where we chose a borrower s transaction in the Oak Park area of Chicago. As you can see by the table this borrower borrowed $5500 for a six month term.
Then we simply move on to the third applicant who borrowed $6000 in unsecured cash for a nine month term, coming from another cordoned off area of greater Chicago, between Dwight D. Eisenhower Expressway and Interstate 55 (Stevenson Expressway). For the fourth loan we moved to a borrower in the Tinley Park and Orland Park of South Chicago. This is a vast area of lending activity all stretching from the Chicago Midway International Airport, down and through to the Lake Michigan West shore and the Western border of Indiana, which includes Calumet City, Hammond, Lansing, Park Forest, Harvey, and Tinley Park.
The numerous lenders for these areas of Chicago are very busy considering different loan applications and different customers for inclusion in their lending programs, and are constantly evaluating the viability of lending money to people who have bad credit. They have to take into account the applicant s employment, DTI, FICO score, and recent credit history. None of these loans are payday loans they are all unsecured personal loans under $10,000, and all of these applicants were approved for funding and were funded within two weeks of applying. Every one of these applicants used our pre-application process to find lenders in the Chicago area who do business with customers who have poor credit scores.
As with all of our city-based lending publications, we have endeavored to present lenders and borrowers from all areas surrounding Chicago, and also included is a lender/borrower transaction that took place right near the downtown Chicago area.
We have used the same imagery as in previous publications to show the general area in which the borrower is living. We have protected each borrower s identity, and we only use information garnished with permission from all lenders and borrowers involved in the following loans. We have kept the increment of $500 in loan amounts for the different service areas. Each table shows what the average mean loan amounts approved by the lender mentioned in the approved loan we used respectively.
$2500 Bad Credit Unsecured Personal Signature Loan in Downtown Chicago
Our first loan is for $2500 and it was an unsecured cash loan that was applied for by a 28 year old man living in the Oakwood Apartments on W. Huron St. in Chicago. He is sharing rent with three other roommates who all work in downtown Chicago and commute from Madison, Rockford, and Davenport Illinois.
This particular borrower grew up in Joliet and is an engineer currently working for a company that has its main offices located not far from Printer s Row. He needed to borrow $2500 for a family emergency which he didn t fully disclose in his pre-application, and we should add that it is not necessary to provide absolute detail on the purpose of a loan . because most of these loans would have to be considered all purpose loans.
All of this customer s personal accounts are with the Chicago Community Bank on W. Jackson Blvd. and his accounts have been with this bank for over five years. When he applied to get his Visa card limit raised he was declined, and he didn t have any kind of option in regards to a home-equity loan because he didn t have any property in his name at the time of application.
So after he was declined by his bank he tried the Amalgamated Bank of Chicago to see if he could get a line of credit, a new credit card, or perhaps a personal loan. This endeavor proved to be a failure as well, and he was at that point considering asking a friend, colleague, or family member for a low interest loan. He decided to keep on trucking, and tried applying with the First Merit Bank on N. Clark St. also in downtown Chicago.
After all three of these attempts failed (getting approved for a small credit amount of $2500) he decided to try finding lenders who specifically lend money to people who have bad credit lenders that specialize in lending money to people who have really bad credit scores, and have reasonable interest rates for consumers who are trying to start over and rebuild their credit. Most of what he found on the Internet was half-baked predatory lending institutions who prey on the unfortunate minority (and growing) who have somehow ended up in a tight financial situation.
The first loan that we have discussed here in downtown Chicago, was finalized with an APR of 11.72%, with the lender getting repaid a total amount of $2548.82 over a three month term. The final payment on the loan was $34.41, and the total interest made by the lender was a paltry $48.80. As with most lenders, the lender in this example works on high volumes in order to create as much profit as possible, and their focus of clientele is mostly based in the North Chicago area, stretching from downtown, and all the way up through Ravenswood Gardens, Wildwood, Lincolnwood, Evanston, Glenview, Mount Prospect, Wilmette, Northfield, Northbrook, Buffalo Grove, Barrington, Arlington Heights, Prospect Heights, McHenry, and Crystal Lake.