What Does It Mean to Default on a Loan?

What is a default on a loan? A default on a loan is what happens when you fail to make payments for a certain period of time. When a loan becomes defaulted, it is sent to collections. The debt collections agency then has ownership of the debt and will contact you in order to collect […]

What You Need to Know About Student Loan Forgiveness

Are you looking to expand your options for debt repayment? Are you interested in or presently working in the public sector? Luckily, these two variables are crucial deciding factors for your eligibility for a student loan forgiveness program.There’s a wide array of forgiveness programs and one of them might save you thousands of dollars on […]

When Do I Need a Cosigner for a Loan?

Some of life’s sweetest happenings come in pairings. On this list are matching socks, milk to cookies, and, perhaps, the cosigner to your loan. Obtaining a loan can be a process all its own but doing so with a cosigner can not only alleviate stress but make you a more viable borrower. Getting a loan […]

5 Personal Loan Mistakes to Always Avoid

Applying for a personal loan can be a great way to help your finances. Nevertheless, and especially if you’ve never actually had a personal loan before, mistakes do happen—whether during the loan application process or the duration of a loan itself. Whenever the time is right for you to apply for a personal loan, avoid […]

4 Types of Home Repair Loans

There comes a time when everyone runs into the need to fix their home – whether it’s fixing a leaky roof or renovating their bathroom. While home repairs are typically worth the cost, fixing up your home can sometimes take a big investment. We know and understand that it’s not always possible to pay for […]

A Guide to Accurately Calculating Payments on Your Loan

Would you believe us if we told you that calculating payments on a loan was as easy as 1-2-3? Illinois Lending offers a loan payment calculator that will do the math for you.  But if you’d like to calculate it yourself, you can do it in these 3 steps.   1. Figure Out Your Loan […]

How a Loan Can Help When You Want to Vacation on a Budget

We all deserve to treat ourselves to a nice vacation every now and then. However, the potential costs of going on vacation can be discouraging. The truth is, you don’t have break the bank to have a much-needed getaway. If you are smart about your budget, your vacation dreams can come true. We have already […]

What is the Illinois Consumer Installment Loan Act?

With so many options available when looking to apply for an installment loan from online lenders, it’s hard to know where to go. With differing annual percentage rates, interest, and overall terms, one important aspect you should always take into consideration is looking at lenders that are trusted and licensed. So, what do licensed lenders […]

APR, Collateral, & Interest Rates, Oh My! Your Guide to Loan Terminology

Whether for emergencies, tuition, bills or their own personal reasons, millions of Americans take out loans every year. Loans provide a form of assistance and allow you to stop worrying about immediate finances. However, finding the right loan for you and navigating the application process is not always easy. Learning about how loans work and […]