Payday Loans in Colona, Illinois
Incidents happen, and we usually wind up in a place where we must cover some surprise expenses. Consider applying for a cash advance loan in Colona, Illinois, to see if you meet the requirements.
The application process is quick and straightforward. To qualify, you must meet a couple of general requirements.
What is a Cash Advance Loan? What Can It Be Used For?
A payday 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 expected.
When unforeseen expenses present themselves, such as late rent or utility fees, car repairs, health or vet costs, and so forth, individuals frequently turn to payday advance loans.
Cash Advance Loan Stipulations In Colona, IL
In Colona, IL, payday advance loan borrowers need to meet several stipulations to qualify for a loan.
The borrower must:
- Provide proof that they live in Colona, Illinois
- Must be 18 years old
- Have a steady stream of income that they can prove that's at least $1,000/month
- Give active contact details such as cell phone number and email address
- Provide their SSN
If a borrower does not abide by the above rules, they will immediately be denied a cash advance loan. Make sure you can provide the documentation needed when submitting your application.
Laws and Rules Concerning Payday Advance Loans in Colona, IL
The State of Illinois has deemed paycheck advance lending legal. Still, they have enacted the below rules and laws for the payday advance lending market:
- An individual lender cannot extend a loan in excess of $600. Borrowers cannot possess greater than two outstanding loans from different lenders. There is no smallest loan amount.
- There is no minimum loan term, the maximum loan term length is 31 days. In the State of Illinois, borrowers are not allowed to rollover their loans.
- The fees and charges are different for each lender. The service fees enacted by the lender on a payday loan do not fall under interest. The service fees apply to each $100 borrowed and can vary between 11-15%.
- An interest rate must be mutually decided upon. APR can be as high as 369%.
Will Paycheck Advance Lenders in Colona, Illinois, Complete Credit Checks? What If I Have Bad/No Credit History At All?
Yes, the lenders we partner with will run a credit check on you, but, even if you possess no credit or poor credit, you might still be approved for a loan given that you can show that you are able to repay the loan. Lenders are generally unconcerned about your credit history if you have proof of income and a plan to repay the loan.
Lenders will use a soft credit pull, which will not impact your credit score. This is solely to get an idea of your credit history and basic information.
A hard credit check, alternatively, needs your permission. These credit pulls are used for various purposes, including mortgages, credit card applications, and more.
You can still qualify for a paycheck advance loan with poor credit in Colona, Illinois, if you have proof of repayment.
Therefore, when you apply for a loan, whether it is in person or online, double check that you have your income information easily accessible and any other documents verifying that you can repay the loan. The more proof you show, the better chance your loan application will be approved.
When Will I Get My Cash in Colona, IL?
When you get your loan truly depends on your lender as some lenders advertise same-day paycheck advance loans, which means you will see your paycheck advance loan on the same day you submit your application, 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 generally close for holidays and weekends. Because of this, if you apply on a Friday, you may not see your loan until Monday.
If you're searching for a same-day payday advance loan in Colona, Illinois, you will need to be sure that you're applying by 10:30 am. All same-day funds going out that day will be approved by that deadline. However, you should apply earlier than that if able, as it will boost the likelihood that you see your cash on the day that you submit your application.
One other consideration that you should understand is despite if the money lender approves your application and posts the deposit to your bank, occasionally the bank won't release that credit at that time. It's vital that you let your bank know that you plan to receive a payday advance loan, so they might make an exception in releasing the loan earlier.
Overall, it's best to prepare ahead of time to get your funds on the following business day. That way, you're not surprised if you cannot get it on the same day.
Think About Borrowing From Us
If you possess bad credit or no credit and are wanting to secure a payday advance loan, think about applying with us, as you probably have a better chance of approval.
We work with hundreds of different lenders who offer their services online. Most of the time you will see your cash on the following business day so make sure that you plan correctly.
However, you can always find the nearest cash advance loan store to you and apply in person to increase the chances of getting your funds on the same business day. When submitting an application in person, ensure that you have your government ID or driver's license; a passport will work as well. Now and again, lenders may request proof of address, so take along a utility bill to the store too.
To locate the nearest cash advance loan store, please navigate to the list below and find your city.
Payday Loan Direct Lender Companies in Colona, IL
Below you will find a list of payday loan companies offering their services in Colona, Illinois. If you can't find a lender near your location in Colona, 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 Colona, 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.