How to Apply for a Personal Loan
A Step-by-Step Guide
Step One: Determine if you are eligible.
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To be considered for a personal loan, prospective applicants must meet the following criteria:
Live in the Chicagoland area, as generally defined by any of the following counties: Cook, DuPage, Kane, Lake, McHenry, or Will County (we do not service Indiana, including the Gary area)
Meet the income limits based on your household size as stated in the chart below
Have at least one guarantor who is not the spouse of the applicant
A guarantor is someone who guarantees the loan in the event the borrower cannot or will not pay
Proposed guarantors must meet the following criteria:
Have an annual income of at least $50,000
Provide proof of good credit history — credit score of 670 or higher
US citizen or permanent resident
Once you submit your application, please inform your proposed guarantor that they will receive an email from JFLC with further instruction.
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Your household income must be at or below the amount determined by your household size, as determined by the chart shown to the right. These amounts are in accordance with 115% of the median-income for households in the Chicago area, based on the U.S. Department of Housing and Urban Development.
| Number of people in household (including applicant) | Upper Income Limit | |
|---|---|---|
| 1 | $97,865 | |
| 2 | $111,780 | |
| 3 | $125,810 | |
| 4 | $139,725 | |
| 5 | $150,995 | |
| 6 | $162,150 | |
| 7 | $173,305 | |
| 8 | $184,460 |
Step Two: Complete an application.
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JFLC personal loans range from $1,000-7,500. Repayment terms vary from 12-30 months. Our loans are always zero-interest. Apply for the amount that meets your needs.
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General expenses: transportation, technology, and debt consolidation
Employment: job-search, initial costs (transportation/relocation), job training
Healthcare: medical, mental, and dental
Women & children: childcare, education, fertility, adoption
Education: tuition, supplies
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Once you begin completing the application on the following pages you will not be able to save your work and continue completing it at a later date. Therefore, please make sure you have the following information handy:
Annual pre-tax income
Last year’s bank statement
Social Security Number (or ITIN if you have one)
You must send an email to info@jflchicago.org with your name as the subject line that contains your photo ID (front and back) and a voided check or financial statement that includes your bank account number.
Please email us at info@jflchicago.org or call us at 312-344-3468 with questions or if you have any technical problems while completing or submitting this application.
Step Three: Schedule an interview.
After you submit your application, we will conduct a credit check for you and your guarantor. Afterwards, you will receive an email from JFLC to schedule a 45 minute online loan interview with JFLC representatives. You must respond to that email in order for us to continue your loan process.
Step Four: Wait for a decision.
Please note that we are currently experiencing high application volume. Applications are considered on a rolling basis and are processed as quickly as possible.
We will issue a decision within two business days of your loan interview.
