Online Payday Loans in Illinois
We've all been there a couple of times, when some unexpected cost occurs be it vet fees, utility shutoff notices, or possibly an expense that we forgot about. In these moments, you should apply for a cash advance loan in Illinois.
The application process for a payday advance loan is fast and simple. Although, you do need to satisfy specific criteria to make sure you're eligible.
What Exactly is a Cash Advance Loan And Why Is It Needed?
A payday loan is when a person borrows a small amount of cash on a short-term basis that they're required to repay with their next paycheck. This kind of loan doesn't require collateral, therefore it's considered an unsecured loan.
Being able to obtain a cash advance loan will help provide for unexpected expenses that occur like car costs, medical bills, eviction notices, unpaid utility bills, and plenty more.
What Are The Requirements For Cash Advance Loans in the State of Illinois?
To be eligible for a payday advance loan in Illinois there are a few requirements the borrower has to meet to qualify, for example:
- Be an adult of 18 or over
- Be able to submit a social security number
- Provide proof of Illinois residence
- Show proof of a steady income of $1,000 per month or more
- Share an email address and phone number
- You may not be bankrupt or in debt
The inability to satisfy the standards above will lead to an automatic denial of your request. Always be sure to have the necessary documents available when applying.
Payday Advance Loan Rules and Laws in the State of Illinois
Along with cash advance loans come certain rules and laws particular to the city. We've listed a couple of these, relevant to the state of Illinois:
- The largest loan amount is $500 for a single payment back and $1,000 for multiple repayments
- The annual percentage rate is 304%
- The state of Illinois does not condone rollovers due to this the loans need to be repaid within the due time frame
There are separate time frames for single payment loans and multiple installment loans.
- The borrower has 7 days to remit payment for a single-payment loan
- For multiple installment loans, the borrower has 60 days to post payment
- The borrower will get no longer than 31 days to repay a single-payment loan
- 90 days will be given to the borrower for payback on a multiple installment loan
Do Cash Advance Loan Lenders Review Credit History?
Lenders will run a credit check, but it's not the standard credit check you may be thinking of. They will complete what's known as a soft credit pull which looks into your general details as well as your overall credit history.
The soft credit inquiry will not impact your credit, while alternatively, a hard credit check will. Although, this must have your permission and is commonly only used for rental applications, credit cards, auto loans, and more.
Can I Receive a Payday Advance Loan with Dismal Credit in Illinois?
If you're worried due to the fact that you have bad credit; don't! You can still be eligible for a payday loan with bad credit or no credit at all, in Illinois. If you have proof that you can repay the loan, lenders commonly aren't worried about your credit rating.
Whether you apply online or at a cash advance lender storefront close to you, never go without your proof of income available along with other documents showing that you're able to pay back the loan. With more evidence, you boost the chances of approval.
When Will The Money Appear In My Bank Account?
Typically, most borrowers can expect that their cash will appear in their bank account the next business day. Although, this relies upon a couple of things like:
- The time and day you apply
- Who you bank with
As long as you apply prior to 10:30 AM when you are going for a same-day payday loan in Illinois, it will strengthen the chance that you get your deposit on the same day you apply. Obviously, only if you're approved.
Remember that banks, as well as a great deal of other financial institutions, close during the weekends, and on holidays. Therefore, if you apply the day leading up to a holiday, or before the weekend, there's the likelihood that your deposit will be delayed.
Who Do You Do Your Banking With?
Another thing you'll want to be mindful of is who you do your banking with. Financial institutions have their own protocols concerning releasing funds. A handful may be okay with releasing them the same day while others will use a 3 to 5 day holding period.
What you can do is tell your banker that you are requesting a payday loan so that they might make an exception on when to approve the funds to your checking account. If they won't offer an exception, you can ask them what their policy is so that you're aware.
Payday Application Process In the State of Illinois
The payday loan application process in Illinois is effortless. It doesn't matter if you have no credit or even poor credit, you can still be eligible. You don't need to leave your home if you want to apply through us online. Alternatively, you can locate your nearest lender's storefront.
Either way, whatever you decide, all you need is your general information such as your email address, phone number, social security number, etc.
If you want to go to your nearest lender at their business building, ensure you have your government ID or passport to prove your identity. They may also require proof of address to show you live in Illinois, as well as verification of income.
Think About Borrowing From Us
We are an online service that provides payday advance loan applications online in the State of Illinois. We are partnering with hundreds of lenders who also provide services online. Plan to receive your payday loan by the next business day.
Alternatively, you can always search for the closest payday advance loan storefront and apply in person. This might increase the likelihood that you see your cash on the same business day as long as you apply prior to 10:30 AM.
To find a cash advance loan storefront close to you, search for your city on the list below:
If you need cash as soon as possible, consider applying in person instead of online. If approved, you will get your money almost immediately. Please find the list of cities in California to find the nearest payday loan storefront.