Payday Loans in Illinois
If you need a quick source of income to hold you over until your next payday, we might have the thing for you. Payday loans in Illinois are a swift, straightforward, and dependable way to get a financial advance. They’re an excellent option for applicants that need to cover some unforeseen expenses, like car repair costs, major purchases, or medical bills. These short-term loans go up to $1,000 and come with high interest rates. Our service helps potential borrowers get in touch with reliable lenders. Keep reading to learn more!
Advantages of Taking Out a Payday Loan in Illinois
The best part about payday loans is how easy they are to get. Our loan application takes only a few minutes to complete, making it completely effortless. You’ll instantly be notified of the status of your application, and you could easily have the funds by the end of the day.
Furthermore, these small loans come with no restrictions on their use. So, you won’t need to specify whether the funds are for car repairs or a short trip. Additionally, these cash advances come in all kinds of shapes and sizes, so you can easily find something that suits your situation. Whether you’re unemployed or have bad credit – you’re still eligible for financial help.
Reasons to Get a Payday Loan in Illinois
There are many reasons why you should consider applying for payday loans in Illinois. First, they’re an extremely convenient fix for many financial situations. Applying for payday loans takes no more than five minutes, thanks to our fully optimized online platform. Plus, you can apply at any time, day or night, and you’ll get a response as soon as possible.
Borrowers have an incredible amount of freedom over the entire procedure. They can pick the loan amount, the repayment terms, and how they use the instant cash. Since the state regulates payday loans in Illinois, you get complete protection. This means you don’t have to worry about surprise terms, crazy, and unforeseen interest rates, or any other scams.
What will you need?
Applying for payday loans is a quick and straightforward process that only takes a few minutes out of your day. The entire procedure can be done right at our website so that you can do it from the comfort of your home. Yet, to get approved for a payday loan, there are several requirements you must meet first. To ease you into the loan application process, we broke down all the information you need to provide us with:
- A government-issued ID proving you’re at least 18 years old.
- To be a resident of an Illinois area code.
- Proof of income of at least $1,000 a month. For this, you can use a recent bank statement or a pay stub from your employer.
- Social Security Number.
- A bank account in your name.
- Not to be bankrupt.
- Phone number and email address so we can reach you if necessary.
How much can you borrow?
The state of Illinois doesn’t state a minimum limit on advance payday loans. Yet, payday loans online are capped at $1,000. Note that you can get the cash advance as a single payout or in installments. As for customers at Cash Loans Nearby, they usually settle for a loan from the following list:
- 100 dollar loan
- 200 dollar loan
- 300 dollar loan
- 500 dollar loan
There are several factors the lender takes into consideration before approving you for a loan amount. These include your bank account standing and income, employment status, ability to repay, etc.
When will you receive your funds?
Customers at Cash Loans Nearby are always our number one priority, and we make sure their needs are met quickly! The lenders in our network understand the urgency of the situation and make it a point to send the instant cash transaction immediately.
Once you’re approved for the advance and sign the agreement, the deposit should hit your bank account by the end of the day. Note that this might not always be the case with our quick cash loans. Borrowers that apply on our closed days or after our working hours must wait until the following business day. Meaning, if it’s the weekend or there’s a holiday, you may end up waiting for two or more days.
APR and Fee
Advance payday loans in Illinois have an average annual percentage rate of 404%. This number can vary depending on the loan amount, repayment term, and the borrower’s ability to pay back the advance. As for extra charges, borrowers must cover a $1 fee for verification. Moreover, there’s a 15.5% charge for each $100 you borrow.
For example, let’s say you’ve taken out a $100 loan, and you need to repay it within 13 days. With the verification fee and the interest, the loan cost in this situation is $16.50. So, you’ll need to pay back the lender $116.50. This is just an informative calculation. The exact offer you get may have different terms, so make sure to read them carefully.
Regulations surrounding payday loans in Illinois
Payday loans in Illinois have a set of firm guidelines provided by the state. To ensure the protection of all parties involved in the loan transaction, everyone must adhere to these regulations. Starting with the loan amount, borrowers can take out up to $1,000. Alternatively, the maximum loan limit is 25% of the gross monthly income.
The repayment term for these financial advances ranges between 13 and 120 days. Customers get access to two outstanding loans and must wait out a seven-day cooling-off period before they can request another loan. Additionally, rollovers on payday loans aren’t possible. However, installment loans do come with a single rollover option.
Amanda is a senior writer at CashLoansNearby. She has more than six years of journalism experience, mostly in the finance sector. She graduated with a Bachelor’s Degree from Drew University.