Not everyone is good with money, and even people who are good with money sometimes find themselves in a situation where they need cash that they don’t have. This happens a lot with people who don’t make a lot of money to begin with. To make matters worse, there are a lot of people out there who are making money off of those who can least afford it. As the bankers like to say, those who do not understand compound interest are doomed to pay it.
Among the worst offenders are payday lenders. John Oliver has a strong take, and he is right. The interest rates are well beyond fair compensation for risk taken. These loans are bad.
But what if you are in in a bind? What if you need money fast? The folks at About.com have a great list of ways to get out of a financial jam without resorting to a payday loan. That’s a good place to start.
Beyond that, many community banks and credit unions have short-term unsecured loan programs that have much lower interest than payday lenders do. They usually have better interest rates and better terms than the big banks, too, so they are worth looking into even if you don’t need a loan. Here is a list of several in the Chicago area. Some are only open to people in certain neighborhoods or who work for certain employers, but you can probably find one suitable for you.
Acme Continental Credit Union
Credit Union 1
First Financial Credit Union
First Northern Credit Union
Great Lakes Credit Union
Illinois Service Federal Savings and Loan
North Side Credit Union
NorthStar Credit Union
SourceOne Credit Union
South Division Credit Union
South Side Community Federal Credit Union