Payday Loans in Aurora, Illinois
Incidents happen, and we usually end up in a place where we have to cover some surprise bills. Think about applying for a paycheck advance loan in Aurora, Illinois, to see if you qualify.
The application process is quick and straightforward. To qualify, borrowers have to satisfy a couple of simple criteria.
What is a Payday Advance Loan? What Can It Be Used For?
A payday advance loan is where the borrower will be extended a petite sum of money on a short-term agreement. This is considered an unsecured loan because no collateral is expected.
When unforeseen bills present themselves, for example missed rent or utility bills, car costs, health or vet bills, and so on, people frequently seek out payday advance loans.
Cash Advance Loan Stipulations In Aurora, Illinois
In Aurora, Illinois, paycheck advance loan borrowers must meet a few criteria to qualify for a loan.
The borrower is required to:
- Show proof that they are a resident of Aurora, Illinois
- Must be 18 years old
- Receive an income that they can prove that's at least $1,000/month
- Provide up-to-date contact information like phone number and email address
- Give their SSN
If a borrower does not abide by the above requirements, they will automatically be denied a payday advance loan. Make sure you can provide the documentation required when requesting a loan.
Laws and Regulations Concerning Payday Loans in Aurora, Illinois
Illinois has deemed cash advance lending legal. Still, they have created the below rules and laws for the paycheck advance lending market:
- An individual money lender cannot extend a loan for more than $600. Borrowers are not allowed to have greater than two unpaid loans from different lenders. There is no smallest loan amount.
- The minimum loan term is not determined, the maximum loan term length is 31 days. In Illinois, borrowers are unable to rollover their loans.
- The fees and charges are different for each lender. The service costs enacted by lenders on a loan are not considered interest. The service fees apply to every $100 loaned and can vary from 11% up to 15%.
- An interest rate must be mutually decided upon. APR can be as much as 369%.
Will Paycheck Advance Lenders in Aurora, IL, Run Credit Checks? What If I Have Dismal/No Credit History At All?
Yes, the lenders we partner with will complete a credit check on you, still, even if you have no credit or dismal credit, you may still be approved for a loan provided you can prove that you are able to repay the loan. Lenders are typically unbothered by your credit history if you offer proof of income and a strategy to pay back the loan.
Lenders will perform a soft credit check, which will not impact your credit score. This is simply to get an idea of your credit history and basic information.
A hard credit inquiry, dissimilarly, needs your permission. These credit pulls are done for a variety of purposes, including mortgages, credit cards, and more.
You can still qualify for a paycheck advance loan with bad credit in Aurora, Illinois, if you can prove you will repay the loan.
Therefore, when you request a loan, whether it is in person or online, ensure that you have your income information at hand and any other documents verifying that you can repay the loan. The more proof you show, the better chance you are to be approved.
When Will I Receive My Funds in Aurora, IL?
When you see your cash truly relies on the lender as some lenders provide same-day paycheck advance loans, which means you will receive your cash advance loan on the same day you apply, as long as you're approved.
Most of the time, though, lenders will give the borrower their lump sum on the next business day. Businesses generally close for holidays and weekends. Therefore, if you submit your application on a Friday, you might not see your funds until Monday.
If you're looking for a same-day cash advance loan in Aurora, Illinois, you will need to ensure you're applying by 10:30 am. All same-day loans going out that day will be approved by that cut-off. However, you should submit an application earlier than that if possible, as it will boost the likelihood that you see your cash on the same day that you submit your application.
One more factor that you should know is even if the money lender grants your loan request and posts the loan to your bank, sometimes the bank won't release that loan right away. It's paramount that you let your bank know that you plan to get a payday advance loan, so they might make an exception in releasing the funds earlier.
On the whole, it's best to prepare in advance to receive cash on the following business day. That way, you're not left in the lurch if you cannot receive it on the same day.
Consider Borrowing From Us
If you possess bad credit or no credit and are searching to get a payday loan, think about applying with us, as you probably have a better chance of approval.
We partner with more than one hundred different lenders who offer their services online. Often you will see your money on the following business day so ensure that you plan correctly.
Although, you can always locate the closest cash advance loan store to you and apply in person to boost the chances of seeing your loan on the same business day. When requesting a loan in person, ensure that you have your government ID or driver's license; a passport is sufficient. Sometimes, lenders may ask for proof of address, so bring a utility bill to the store too.
To locate the nearest payday advance loan storefront, please refer to the list below and find your city.
Payday Loan Direct Lender Companies in Aurora, IL
Below you will find a list of payday loan companies offering their services in Aurora, Illinois. If you can't find a lender near your location in Aurora, consider applying in a nearby city in Illinois. Alternatively, you can apply online on our website and get a decision almost instantly.
If you can't find a lender near your location in Aurora, consider checking out payday loan lenders in nearby cities. Alternatively, apply online on our website and get an instant decision. If approved, you will get your cash the same or next business day.