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If you have taken all possible steps and still need help, you should consider a lower-cost, short-term loan. Here are some affordable loan options—all of which charge 36 percent APR or less.

Visit your bank’s website or call to find out whether they offer emergency loans or loans specifically tailored to those experiencing a COVID hardship. If you don’t have a bank account, visit if you live in Chicago. If you live outside Chicago, visit . A financial coach can also assist you with opening a bank account.

CIBC Bank has an affordable (12.45 percent APR) personal loan called the . You can apply for the loan by visiting one of .

Huntington Bank offers a line of credit to eligible account-holders called . The line of credit is up to $1,000 and is interest- and fee-free if the customer enrolls in automatic payback of the loan.

Consider a loan from a Community Development Financial Institution (CDFI) or credit union:

• , a non-profit CDFI, offers a crisis loan that charges 5 percent APR, with no payments of principal or interest for the first three months.
• serves Lake, Cook, McHenry, Kane, DuPage, Kendall, Will & Kenosha counties. They offer a loan, a $500 personal loan with no credit check at 33 percent APR. Call 800-982-7850.
• offers a variety of different banking and loan products for people with good credit or those who want to build their credit. Call 800-966-7353.
• serves Champaign, Ford, and Piatt counties. Borrowers who have been members for six or more months may qualify for their with no credit check at 18 percent APR. They also offer free financial counseling. Call 217-893-8201.
• serves Adams, Brown, Pike, and Schuyler counties. They offer with APRs as low as 7.99 percent. Call 217- 223-4377.
• serves 26 counties across Southern Illinois. They offer a with competitive interest rates. Call 618-457-3595.
• serves all homeowners in Illinois. They offer personal loans up to $600 at 18 percent APR on a 12-month term, available to new and existing members. Call 773-283-9340.

Not all online lenders are affordable. However, members of the (AFC) adhere to responsible lending standards that include charging at or below 36 percent APR. All of the following are AFC members.

Compare different loan products at .

Personal Loans

• offers business, auto, and education loans. Online or call 888-596-3157.
• offers loans from $2,000-35,000 and credit cards. Online or call 800-712-5407.
• offers loans up to $40,000 for emergencies, major events, debt consolidation, or purchases. Online or call 866-615-6319.
• offers personal loans for major events, purchases, or debt consolidation. Online or call 855-282-6353.
• offers loans from $1,000-50,000 for debt refinancing and consolidation, help with purchases, businesses, auto loans, and auto loan refinancing. Online or call 855-438-8778.

Banking and Loans

• offers accounts, personal loans, credit cards, student loans, home loans, business loans, and investment options. Online or call 855-456-SOFI (7634)

For Purchases

• offers financing for smaller and larger purchases.

Business Loans and Lines of Credit

• for business loans, credit lines, and coaching. Online or call 312-275-3000.
• offers loans or lines of credit. Online or call 855-385-5356.
• for business loans. Online or call 855-846-0153.

In a lending circle, a small group of people chip in every month and lend money to one another at no interest. Lending circles are formed between 6-12 people and loan amounts range from $300-$2,400. Each month, a new member of the lending circle receives the loan until everyone in the group gets their chance. Loan payments are reported to the credit bureaus to help participants build credit.

This option is not suitable for immediate needs or emergencies. A lending circle requires group planning, and you may not be able to predict when it will be your turn to get the loan. However, it may be helpful for large, planned purchases. You can learn more and apply .

Cash advances from credit cards can be easy but are expensive unless you pay them back soon. Check the credit card’s website or contact the credit card company to find out about available options.

Watch Out for Scams!

Scam artists are always looking for ways to cheat you, but COVID-relief programs have triggered an avalanche of scams and rip-offs. If you receive a call or text from someone you don’t know about COVID relief or other benefits, such as Social Security, there is a high probability the caller is a scammer. Look up the number for the company or agency on your own and contact them directly if you are concerned about whether the call is legitimate. Also highly risky are e-mails that want you to click on a link, open an attachment, or provide personal information. Beware any company offering “credit repair,” “debt management,” or “debt settlement.” These types of services are frequently rip-offs. Legitimate nonprofits that can help build your credit and offer financial coaching are listed at the beginning of this guide. For more information about scams, visit the .