Payday Loans in Columbia, Illinois
Events happen, and we often wind up in a situation where we have to cover some unexpected costs. Consider submitting an application for a cash advance loan in Columbia, Illinois, to see if you qualify.
The loan process is fast and painless. To be qualified, borrowers must meet a couple of simple criteria.
What is a Payday Advance Loan? What Can It Be Put Towards?
A payday loan is where the borrower will get a small sum of money on a short-term contract. This is considered an unsecured loan because no collateral is expected.
When surprise bills present themselves, such as missed rent or utility bills, auto repairs, medical or vet fees, and so forth, individuals usually rely upon payday loans.
Payday Loan Stipulations In Columbia, Illinois
In Columbia, Illinois, payday advance loan borrowers are required to satisfy a few requirements to be eligible for a loan.
The borrower has to:
- Provide proof that they are a resident of Columbia, IL
- Must be 18 years old
- Receive a steady income that they can prove that's at least $1,000/month
- Give current contact details like cell phone number and email address
- Provide their SSN
If a borrower does not satisfy the above rules, they will immediately be denied a payday advance loan. Make sure you can provide the documentation needed when submitting your application.
Laws and Rules Regarding Payday Loans in Columbia, IL
The State of Illinois has deemed cash advance lending legal. Still, they have set the following rules and regulations for the payday advance lending market:
- A single lender can't extend a loan in excess of $600. Borrowers may not take out more than two unpaid loans from different lenders. There is no minimum loan amount.
- The minimum loan term is not set, the longest loan term length is 31 days. In the State of Illinois, borrowers cannot rollover their loans.
- The fees and charges are different for each loan lender. The service fees enacted by the lender on a loan are not considered interest. The service fees apply to each $100 loaned and can range between 11-15%.
- An interest rate is required to be mutually decided upon. APR can range up to 369%.
Will Cash Advance Lenders in Columbia, Illinois, Perform 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 poor credit, you may still be approved for a loan as long as you can show that you can repay the loan. Lenders are usually unbothered by your credit history if you provide proof of income and a plan to pay back the loan.
Lenders will rely on 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 basic information.
A hard credit pull, dissimilarly, requires your explicit consent. These credit checks are utilized for a plethora of purposes, including mortgages, credit card applications, and more.
You may still qualify for a payday loan with poor credit in Columbia, Illinois, provided that you can prove you will repay the loan.
So, when you apply, albeit in person or online, make sure that you have your income information available and any other documents proving that you can pay back the loan. The more proof you provide, the more likely your loan application will be approved.
When Will I Receive My Funds in Columbia, Illinois?
When you see your deposit really depends on the lender as some lenders offer same-day cash advance loans, which means you will get your payday loan on the same day you submit your application, as long as you get an approval.
Most of the time, though, lenders will send the borrower their lump sum on the following business day. Businesses generally close for holidays and weekends. Because of this, if you submit your application on a Friday, you might not receive your funds until Monday.
If you're needing a same-day paycheck advance loan in Columbia, IL, you will need to make sure you're applying by 10:30 am. All same-day loans 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 receive your cash on the day that you apply.
One other consideration that you should understand is despite if the lender approves your application and posts the funds to your bank, occasionally the bank won't release that deposit at that time. 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 loan earlier.
On the whole, it's best to prepare in advance to receive your loan on the next business day. That way, you're not surprised if you cannot get it on the same day.
Consider Working With PaydayLoanRadar
If you have poor credit or no credit and are needing to get a paycheck advance loan, consider applying through us, as you most likely have a better chance of approval.
We partner with over one hundred different lenders who offer their services online. Most of the time you will receive your deposit on the following business day so ensure that you plan accordingly.
Although, you can always find the nearest paycheck advance loan store to you and apply in person to boost the chances of seeing your loan on the same day. When submitting an application in person, ensure that you have your government ID or driver's license; a passport is sufficient. Now and again, lenders may require proof of address, so bring a utility bill to the store as well.
To find the nearest payday advance loan storefront, please navigate to the list below and search for your city.
Payday Loan Direct Lender Companies in Columbia, IL
Below you will find a list of payday loan companies offering their services in Columbia, Illinois. If you can't find a lender near your location in Columbia, 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 Columbia, 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.