Payday Loans Chicago

Today it is no longer so easy to get a loan in Chicago, and it is almost impossible for people with a bad credit history or open debts to do so. Before applying for a loan, banks carefully check the information about the client. A loan can be disapproved for one of many reasons: an non-paid loan, bad credit history, lack of official salary, the presence of a person on the so-called black list, etc. What should a borrower do if he urgently needs money for any reason, and banks refuse to deal with him? There are several options for solving this problem.

Credit Donors

Loan donors are one of the alternative ways of getting a loan from a banking institution. The essence of their service is that they take out a loan in their own name. Naturally, it will have to be paid by the real, not the dummy borrower. Most of the credit donors are engaged in this type of activity on a professional level. They have a good credit history, so they can take even a large loan on very good terms. But the cost of their services is quite high. Typically, they charge between 10% and 30% of the loan amount. The price of services largely depends on the size of the loan, the client’s solvency and the terms for getting a loan.

Donors work illegally, so when you address them for help, you should understand the risks. The bank’s security service may find out that the loan was actually issued to a dummy, and then the financial institution will accuse you of fraud and demand a refund. But, as practice shows, this happens extremely rarely.


  • you can get a loan on good terms and with a low interest rate;
  • works with almost all categories of persons;
  • the entire loan processing procedure is fully undertaken.


  • High cost of services;
  • The risk of running into a fraudster and being left without credit and own funds (in some cases, the swindlers also manage to hang the debt on the deceived client);
  • The risk that bank employees will find out the truth and demand a refund.

Credit Brokers

Brokers are persons who help to arrange a loan at a banking institution. In most cases, they have banks to help them get around the financial institution’s lending standards and regulations. Brokers are divided into two main types: “white” and “black”. “White” brokers work only with those people to whom banks, in most cases, will already issue a loan. They simply help to find payday loan in Chcago offers with the most favorable terms for a particular case. Their services are not so expensive, and they work in the legal field. People address them mainly in cases when it is necessary to arrange a great loan amount, and the terms of payment play a very important role.

“Black” brokers work with any clients, including those who have real debts and late payments. Often they are ready to go to any tricks to help the client in getting a loan. Keep in mind that such intermediaries work outside the legal field, so their help may result in not the most pleasant consequences. However, “black” brokers are one of the ways to get a loan if banks refuse to issue.


  • Saving time and effort, since all responsibilities for negotiations and preparation of the necessary documents are assumed by the intermediary;
  • work with all categories of persons, including unreliable payers.


  • High cost of services;
  • Operate outside the legal framework;
  • Risk of contacting scammers.

Microfinance organizations in Chicago

Recently, small institutions issuing payday loans have appeared almost at every step. Their peculiarity lies in the fact that they issue small amounts for a short period of time. If a person needs a small loan, which he plans to give in the near future, then this is a fairly good alternative to a bank. Due to high competition, it is possible to find microfinance institutions providing payday loans at low interest rates. However, the penalty for each overdue day of payments can reach 2-5% of the total loan amount. Therefore, when applying for a loan in such an organization, it is necessary to clearly understand that the debt will be paid on time. Otherwise, you can be in the debt, which is several times higher than the payday loan taken.


  • Quick and easy loan processing;
  • Work with most people, even those who have not the best credit history;
  • A small rate of payments.


  • Huge penalty fee;
  • Mostly issue small amounts for a short period of time.