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Business Loans in Illinois

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We know running a business is hard. That’s why we specialize in connecting our consumers with their ideal lender to get them the best loan possible. Get started today.


While you focus on running your business we took the work out of getting a business loan. We have compiled all the information you need to make the right decision.

Types of Business Loans in Illinois

Illinois loan is dedicated to making sure you are an informed borrower and you recieve the loan you need for the specailized around the exact situation you are in. Below we provide you some information on the different types of business loans out there.

Common &  Simple

Get a lump sum of cash upfront. Then simply repay with interest over a fixed period of time.

Typically last between one and ten years.


  • Simple cash loan for you business needs
  • Usually allow for higher borrowing amounts
  • Faster funding as compared to traditional banks. Funding usually only takes a few days as compared to a few weeks

Right for Your Business if

  • Expanding business who need additional capital to keep up with growth.
  • Strong business with good credit who needs fast funding.

About Term Loans

Amounts of up to $1 million from online lenders whose loans are funded much faster than banks.


  • Online lenders offer term loans that carry a higher cost as compared to traditional bank loans
  • In some cases a personal grantee or collateral might be required. Typically is business equipment or real estate.


Borrow up to a certain limit and pay only pay interest on the money borrow. Works similar to a credit card.

Is a more flexible loan than a term loan.


  • Works like a credit card and is quite flexible.
  • Typically unsecured which means no collateral is required.

Right for Your Business if

  • Seasonal business.
  • You have unforeseen short term financing needs such as handling unexpected expenses and managing cash flows.

How it Works

Much like a credit card you can keep reusing and repaying the line of credit as often as you like up till your credit limit.

Borrowing limits usually range from $1,000 to $250,000.


  • Requires strong credit, revenue and business performance.
  • There are quite a few additional costs inducing but not limited to maintenance fees and draw fees.


Works like a term loan, where there is a set loan term and rate. But There is no collateral needed for this type of loan.


  • Simple lending terms
  • Multiple lenders offer these types of loans
  • No collateral is required

Right for Your Business if

  • Your business has great credit and financial track record
  • You don’t want to put collateral on your loan

How it Works

After applying lenders determine your credit worthiness and then offers you a rate based on your parameters. Works like any other loan.


  • Typically higher interest rates than secured loans
  • Hard to qualify for, need a good credit history


This is a loan to help you buy equipment for your business. The terms of these loans are usually the length of the expected lifetime of the equipment.

Best for Your Business if

  • You need equipment to keep up with demand and want to own that equipment outright.


  • The equipment is yours, you own it and build equity in it.
  • The rates can be highly competitive if you have strong business performance and credit.

How it Works

The collateral for equipment loans are typically the equipment itself. Value of the equipment as well as the strength of the business will determine the rates on equipment loans.


  • Usually requires some type of down payment
  • There is a possibility of the equipment becoming outdated before you pay off your loan.


  • Invoice factoring is when you have unpaid customer invoices and need the cash now, you can get that money for unpaid invoices now through invoice factoring
  • Invoice financing is similar to invoice factoring but instead of selling your unpaid invoices you use those invoices as a collateral for a cash advance.


Invoice Factoring

  • Fast cash
  • Easy approval

Invoice Financing

  • Fast cash
  • Your customers will not be made aware that their invoice is being financed

Right for Your Business if

Invoice Factoring

  • You have a lot of unpaid invoices and need cash quickly.
  • Your business has reliable customers with long payment terms.

Invoice Financing

  • Your business wants to turn unpaid invoices into cash fast.
  • You want to maintain control over your own invoices.

How it Works

  • Invoice Factoring: you sell your invoices to an invoicing company who would then be responsible for collecting the invoice.
  • Invoice Financing: works the same way but instead of selling your invoices they are used as collateral. You are still responsible for collecting the invoices.


Invoice Factoring

  • Compared to other options can be costly
  • Lose control of collection on your invoices

Invoice Financing

  • Also can be costly compared to other options
  • Still Responsible for collecting invoice payments

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Compare Business Lenders in Illinois

We know running a business requires your full commitment and that time is a valuable resource. Thankfully Illinois Loan did our homework so you dont have to. Simply and easily compare business lenders in Illinois. See what loan types lenders are offering, their rates and more information on each lender.

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Get Started Simple & Securely

Our industry experts have compiled a database of business lenders ready to fund your business now. These lenders offer multiple different types of business loans.

We know that trying to navigate your way through getting a loan can be a difficult and confusing process. Thankfully we have developed a loan connection system to get you your ideal loan. Get Started Today.

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  • 1. Fill out the online form. Fill in the mandatory details and submit.
  • 2. See the details of the loan we connect you with. Apply Now.
  • 3. Apply for the loan
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