Payday Loans in Benton, Illinois
Incidents happen, and we usually wind up in a spot where we have to cover some unforeseen costs. Consider submitting an application for a paycheck advance loan in Benton, IL, to see if you are eligible.
The loan request process is quick and simple. To be qualified, loan borrowers must satisfy a few basic conditions.
What is a Payday Loan? What Can It Be Used For?
A paycheck advance loan is where the borrower will be extended a small amount of funds on a short-term contract. This is considered an unsecured personal loan because no collateral is required.
When unexpected costs arise, such as missed rent or utility costs, car repairs, health or vet fees, and so forth, individuals often seek out paycheck advance loans.
Paycheck Advance Loan Criteria In Benton, Illinois
In Benton, IL, payday loan borrowers must satisfy several requirements to be eligible for a loan.
The borrower must:
- Prove that they are a resident of Benton, IL
- Must be 18 or older
- Receive a steady stream of income that they can prove that's at least $1,000/month
- Give up-to-date contact information including phone number and email address
- Provide their social security number
If a borrower does not meet the above criteria, they will automatically be denied a payday advance loan. Ensure that you possess the documents needed when applying.
Laws and Regulations Regarding Paycheck Advance Loans in Benton, Illinois
Illinois has deemed cash advance lending legal. Although, they have set the below rules and laws for the paycheck advance lending industry:
- A single lender cannot offer a loan for more than $600. Borrowers cannot take out more 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 the State of Illinois, borrowers may not rollover their loans.
- The fees and charges change for each money lender. The service costs charged by lenders on a payday loan do not fall under interest. The service fees apply to each $100 loaned and can vary from 11% up to 15%.
- An interest rate is required to be mutually agreed upon. APR can range up to 369%.
Will Cash Advance Lenders in Benton, Illinois, Run Credit Checks? What If I Have Poor/No Credit History At All?
Yes, the lenders we have a relationship with will run a credit check on you, still, even if you possess no credit or dismal credit, you may still be eligible for a loan provided you can prove that you can pay back the loan. Lenders are typically unconcerned about your credit history if you possess proof of income and a plan to repay the loan.
Lenders will use a soft credit check, which will have no impact on your credit score. This is only to get an idea of your credit history and general information.
A hard credit pull, on the other hand, must have your permission. These credit pulls are utilized for a variety of purposes, such as mortgages, credit card applications, and more.
You can still qualify for a cash advance loan with imperfect credit in Benton, IL, as long as you have proof of repayment.
So, when you apply, albeit in person or online, double check that you have your income information easily accessible and any other documents verifying that you can pay back the loan. The more proof you show, the more likely your loan request will be granted.
When Will I Get My Money in Benton, IL?
When you get your deposit actually relies on your lender as some lenders provide same-day payday loans, which means you will see your payday loan on the same day you request a loan, as long as you're approved.
Much of the time, though, lenders will give the borrower their lump sum on the next business day. Businesses typically close for holidays and weekends. Therefore, if you apply on a Friday, you might not get your cash until Monday.
If you're looking for a same-day cash advance loan in Benton, IL, you will need to ensure you're applying by 10:30 am. All same-day funds going out that day will be approved by that deadline. However, you should request a loan earlier than that if able, as it will boost the likelihood that you get your deposit on the day that you apply.
One more factor that you should know is despite if the money lender grants your loan request and posts the deposit to your checking account, sometimes the bank won't release that deposit right away. It's vital that you let your bank know that you plan to receive a payday loan, so they could possibly make an exception in releasing the cash earlier.
Overall, it's best to prepare ahead of time to get your deposit on the following business day. That way, you're not out of luck if you cannot get it on the same day.
Consider Working With PaydayLoanRadar
If you have bad credit or no credit and are needing to get a payday loan, think about applying through us, as you probably have a higher chance of approval.
We partner with hundreds of different lenders who provide their services online. Often you will receive your deposit on the next business day so ensure that you plan accordingly.
Although, you can always find the nearest payday advance loan storefront to you and apply in person to increase the chances of seeing your funds on the same day. When applying in person, make sure that you have your government ID or driver's license; a passport will work as well. Infrequently, lenders may request proof of address, so bring a utility bill to the store too.
To locate the nearest payday loan store, please use the list below and search for your city.
Payday Loan Direct Lender Companies in Benton, IL
Below you will find a list of payday loan companies offering their services in Benton, Illinois. If you can't find a lender near your location in Benton, 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 Benton, 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.