Payday Loans in Bethalto, Illinois
Incidents happen, and we usually find ourselves in a situation where we must pay for some unforeseen costs. Think about applying for a cash advance loan in Bethalto, Illinois, to see if you are eligible.
The loan process is swift and effortless. To be eligible, borrowers must satisfy a couple of simple requirements.
What is a Payday Loan? What Can It Pay For?
A paycheck advance loan is where the borrower will get a petite sum of funds on a short-term basis. This is deemed to be an unsecured loan as no collateral is required.
When unexpected bills present themselves, for example past due rent or utility costs, auto fixes, health or vet costs, and so forth, individuals commonly rely upon cash advance loans.
Paycheck Advance Loan Criteria In Bethalto, Illinois
In Bethalto, Illinois, paycheck advance loan borrowers must satisfy a few criteria to qualify for a loan.
The borrower is required to:
- Provide proof that they live in Bethalto, IL
- Must be 18 years of age
- Have a steady stream of income that they can provide proof of being at least $1,000 per month
- Give current contact information including cell phone number and email address
- Provide their social security number
If a borrower does not abide by the above requirements, they will immediately be denied a payday loan. Make sure you possess the documents needed when applying.
Laws and Regulations Concerning Cash Advance Loans in Bethalto, Illinois
The State of Illinois has deemed payday lending legal. However, they have set the below rules and regulations for the paycheck advance lending industry:
- A single lender can't offer a loan in excess of $600. Borrowers may not possess greater than two outstanding loans from different lenders. There is no smallest loan amount.
- The minimum loan term is not set, the longest loan term length is 31 days. In Illinois, borrowers may not rollover their loans.
- The fees and charges vary for each loan lender. The service fees enacted by lenders on a payday loan are not considered interest. The service fees apply to every $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 Bethalto, IL, Perform Credit Checks? What If I Have Bad/No Credit History At All?
Yes, the lenders we partner with will perform a credit check on you, but, even if you have no credit or bad credit, you may still be eligible for a loan as long as you can prove that you are able to repay the loan. Lenders are usually unconcerned about your credit history if you offer proof of income and a strategy to repay the loan.
Lenders will perform a soft credit check, which will not impact your credit score. This is simply to get a look at your credit history and basic information.
A hard credit check, on the other hand, needs your explicit consent. These credit checks are used for various purposes, including mortgages, credit card applications, and more.
You may still qualify for a payday loan with imperfect credit in Bethalto, IL, provided that you have proof of repayment.
So, when you request a loan, albeit in person or online, double check that you have your income information at hand and any other documents proving that you can repay the loan. The more evidence you have, the more likely your loan application will be approved.
When Will I Receive My Cash in Bethalto, Illinois?
When you receive your money really relies on your lender as some lenders advertise same-day paycheck advance loans, which means you will get your paycheck advance loan on the same day you request a loan, as long as you receive an approval.
Much of the time, though, lenders will send the borrower their lump sum on the next business day. Businesses generally close for holidays and weekends. Because of this, if you submit your application on a Friday, you may not see your cash until Monday.
If you're searching for a same-day payday loan in Bethalto, IL, you will need to make sure you're applying by 10:30 am. Any and all same-day deposits going out that day will be approved by that deadline. However, you should request a loan earlier than that if able, as it will increase the likelihood that you receive your funds on the day that you apply.
One other consideration that you should know is despite if the money lender approves your application and posts the loan to your bank, sometimes the bank won't release that credit at that time. It's paramount that you let your bank know that you plan to receive a payday advance loan, so they could possibly make an exception in releasing the deposit earlier.
Overall, it's wise to prepare ahead of time to get cash on the following business day. That way, you're not left in the lurch if you cannot get it on the same day.
Consider Borrowing From Us
If you possess less than great credit or no credit and are needing to secure a paycheck advance loan, consider applying with us, as you most likely have a better chance of approval.
We partner with more than one hundred different lenders who offer their services online. Most of the time you will get your cash on the following business day so make sure that you plan appropriately.
However, you can always find the nearest cash advance loan store to you and apply in person to increase the chances of getting your money on the same business day. When applying in person, make sure that you have your government ID or driver's license; a passport is sufficient. Now and again, lenders may ask for proof of address, so take along a utility bill to the store as well.
To find the nearest paycheck advance loan storefront, please refer to the list below and locate your city.
Payday Loan Direct Lender Companies in Bethalto, IL
Below you will find a list of payday loan companies offering their services in Bethalto, Illinois. If you can't find a lender near your location in Bethalto, 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 Bethalto, 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.