Sherwood Lending - Installment Loans in Chicago

Installment loans in Chicago can be a way out of some sticky financial troubles. If you’ve come here, chances are you are experiencing some financial troubles of your own. Maybe you have been struggling to pay off an old debt. You got behind on the payments when you were briefly unemployed and now you struggle to get current. Or perhaps you need just about $500.00 to cover a tuition payment. Your kid is in community college now and the payment is past due. And that doesn’t even cover books and other expenses.

And it could be none of those things. Maybe you are looking at personal loans in Chicago because you have this idea for a business. You have already written a business plan. You have already approached your local lending institution, asking for financing. And the powers-that-be said, “No.” You now hope that Sherwood Lending will finance you and set your dreams in motion.

The good news is that we can help!

Good credit score is NOT a requirement

Individual approach to every customer

Quick, easy & hassle-free online application

Installment Loans Chicago: Apply Right Here Online

The good news is that Sherwood Lending has helped all sorts of folks who applied for installment loans. And no, we didn’t make them run down to our local office. And no, we didn’t make them fill out reams and reams of paperwork. We asked them to fill out the form located right here on our website.

Our application form is simple. Here’s what we need to know from you:

  • Do you have a steady source of income? (This can come from a job, but it can also be from social security, rental payments, alimony, and other types of income. It just needs to be steady.)
  • Do you have a valid checking account?
  • Do you have a working phone number?

Once we have that information, we can send you back an estimate of the amount that we believe we can loan to you.

Credit Score

You will not need to worry about your credit. Many of the people who come to us have lagging credit scores. However, they have also come to find that their credit scores improve once they are done paying off their installment loans.

We get that sometimes your credit gets a beating when those little (or even big), unexpected financial problems start to stack up. It is also difficult to live in America without credit. However, if you need to rebuild your credit, but you can’t get approved for credit, it becomes a vicious cycle. We want to give you an opportunity to rebuild your credit, one credit point at a time if necessary.

How it works

You might be familiar with other loan types like payday loans or title loans. Many times, those kinds of loans can also help out those who are experiencing financial distress. However, the repayment plans for those type of loans are different from installment loans.

Typically, you pay those loans off in a lump sum. Usually, but not always, your repayment period is 30 or 60 days. Once your loan is paid off with that lender, you are free to borrow again. (You create a new loan and loan contract.)

Loan Term

Installment loans are loans that have a longer repayment plan, ranging from six months to five years or more. Unlike a line of credit, the end date isn’t flexible. You make payments on an installment loan until the amount you owe is paid off. Your home’s mortgage or your car payment is an example of an installment loan.

A line of credit, on the other hand, allows you to keep borrowing money on the same line of credit, without an end date. Credit cards are a good example of this type of arrangement. As long as you don’t cancel your credit cards and your payments are up to date, you have an open line of credit you can borrow from.

Regulations

Our installment loans have a beginning and an ending date plus a repayment schedule in the middle as per the rules and regulations set down by the financial industry. These rules and regulations were put together by lawmakers here in Illinois as well as by lawmakers in Washington, D.C.

As with other types of loans or lines of credit, your installment loan comes with a contract. This tells you the terms of loan plus the dates when each payment is due. You can also read about the interest rate on your loan and any other important information regarding your loan in that paperwork.

Installment Loans Chicago: Our Local Office

Chicago is one of America’s biggest and busiest cities. It can feel a little like you will get lost in the shuffle when you do much of your business here. However, at Sherwood Lending, we don’t want you to feel like you are lost in the shuffle. We pride ourselves on offering personalized care to all of our loan customers. Part of that personal care means that you can easily find us and talk to us.

To that end, we have set up a local office here in Chicago. Even though you’ll probably apply for a loan with us via our online form, we want you to feel like you are welcome to stop by at any time. As far as we are concerned, you ARE welcome anytime.

If you are out and about running errands and are in the neighborhood, just stop in. If something is unclear on your loan contract, there is always someone who can sit down with you and chat.

Installment Loans Chicago: A Recap

By now, you probably see the benefit of applying for personal loans in Chicago. You can:

Get money right when you need it. You know right away if you’re approved. Your money comes to you a short time later.

Get approved with just a few pieces of information. We strive to make applying easy.

Get all the protections of the law as it regulates the industry. You are safe when you borrow from us.