Payday Loans in Chicago, Illinois
Events happen, and we often wind up in a spot where we must pay for some unexpected costs. Consider submitting an application for a cash advance loan in Chicago, IL, to see if you meet the requirements.
The loan application process is fast and effortless. To be qualified, you must meet a few straightforward requirements.
What is a Paycheck Advance Loan? What Can It Pay For?
A payday loan is where the borrower will receive a small amount of cash on a short-term basis. This is thought of as an unsecured personal loan as no collateral is needed.
When unexpected expenses come up, like late rent or utility expenditures, auto bills, medical or vet expenditures, and so forth, individuals commonly rely upon paycheck advance loans.
Paycheck Advance Loan Criteria In Chicago, IL
In Chicago, IL, payday loan borrowers are required to satisfy several requirements to be eligible for a loan.
The borrower has to:
- Prove that they live in Chicago, IL
- Must be 18 or older
- Have a steady income that they can provide proof of being at least $1,000 per month
- Give active contact details including cell phone number and email address
- Provide their social security number
If a borrower does not meet the above rules, they will immediately be denied a paycheck advance loan. Ensure that you have the documents needed when applying.
Laws and Rules Regarding Payday Advance Loans in Chicago, IL
The State of Illinois has ruled payday advance lending legal. Although, they have enacted the following rules and regulations for the cash advance lending industry:
- A single lender can't offer a loan in excess of $600. Borrowers may not possess more than two active loans from different lenders. There is no minimum loan amount.
- There is no minimum loan term, the longest loan term length is 31 days. In the State of Illinois, borrowers cannot rollover their loans.
- The fees and charges vary for each money lender. The service fees charged by the lender on a payday loan do not fall under interest. The service fees apply to each $100 borrowed and can range between 11-15%.
- An interest rate is required to be mutually settled upon. APR can be as high as 369%.
Will Payday Advance Lenders in Chicago, Illinois, Complete Credit Checks? What If I Have Bad/No Credit History At All?
Yes, the lenders we have a relationship with will do a credit check on you, but, even if you possess no credit or poor credit, you might still be eligible for a loan as long as you can show that you can pay back the loan. Lenders are commonly unconcerned about your credit if you possess proof of income and a plan to repay the loan.
Lenders will conduct a soft credit pull, which will have no impact on your credit score. This is solely to get a feel of your credit history and general information.
A hard credit check, on the other hand, must have your explicit consent. These credit checks are utilized for various purposes, such as mortgages, credit card applications, and more.
You may still be approved for a payday loan with imperfect credit in Chicago, IL, provided that you have proof of repayment.
So, when you apply, albeit in person or online, double check that you have your income information ready and any other documents proving that you can pay back the loan. The more evidence you possess, the more likely your loan request will be granted.
When Will I Get My Deposit in Chicago, Illinois?
When you get your deposit really depends on your lender as some lenders offer same-day payday loans, which means you will see your payday loan on the same day you submit your application, as long as you get an approval.
Much of the time, however, lenders will send the borrower their lump sum on the following business day. Businesses typically close for holidays and weekends. Because of this, if you apply on a Friday, you may not get your loan until Monday.
If you're needing a same-day payday loan in Chicago, IL, you will need to be sure that you're applying by 10:30 am. Any and all same-day payments going out that day will be approved by that deadline. However, you should apply earlier than that if able, as it will increase the likelihood that you get your loan on the day that you apply.
One other consideration that you should be aware of is despite if the lender approves your application and posts the funds to your checking account, occasionally the bank won't release that credit at that time. It's important to let your bank know that you plan to receive a cash advance loan, so they could possibly make an exception in releasing the loan earlier.
Overall, it's wise to prepare ahead of time to get money on the next business day. That way, you're not surprised if you cannot get it on the same day.
Think About Working With PaydayLoanRadar
If you have poor credit or no credit and are looking to secure a payday advance loan, consider applying through us, as you usually have a higher chance of approval.
We work with hundreds of different lenders who provide their services online. Much of the time you will receive your loan on the next business day so make sure that you plan appropriately.
However, you can always find the nearest payday loan storefront to you and apply in person to strengthen the chances of getting your money 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 take along a utility bill to the store as well.
To find the nearest cash advance loan store, please use the list below and locate your city.
Payday Loan Direct Lender Companies in Chicago, IL
Below you will find a list of payday loan companies offering their services in Chicago, Illinois. If you can't find a lender near your location in Chicago, 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 Chicago, 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.