Payday Loans in Decatur, Illinois
Things happen, and we usually find ourselves in a situation where we have to cover some surprise bills. Think about submitting an application for a payday loan in Decatur, IL, to see if you meet the requirements.
The loan application process is quick and simple. To qualify, you must meet a couple of simple criteria.
What is a Payday Advance Loan? What Can It Be Used For?
A paycheck advance loan is where the borrower will receive a petite sum of funds on a short-term contract. This is deemed to be an unsecured loan because no collateral is required.
When unexpected bills arise, such as late rent or utility expenditures, auto bills, medical or vet bills, and so on, individuals commonly rely upon payday loans.
Paycheck Advance Loan Requirements In Decatur, Illinois
In Decatur, Illinois, paycheck advance loan borrowers are required to meet a few stipulations to be eligible for a loan.
The borrower must:
- Provide proof that they reside in Decatur, Illinois
- Must be 18 years old
- Have an income that they can provide proof of being at least $1,000/month
- Give active contact information such as phone number and email address
- Provide their SSN
If a borrower does not abide by the above rules, they will immediately be denied a paycheck advance loan. Make sure you possess the documentation required when applying for a loan.
Laws and Regulations Regarding Paycheck Advance Loans in Decatur, Illinois
Illinois has ruled cash advance lending legal. Still, they have put forth the following rules and regulations for the payday lending industry:
- A single money lender cannot extend a loan in excess of $600. Borrowers are not allowed to have greater 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 are not allowed to rollover their loans.
- The fees and charges are different for each lender. The service costs charged by lenders on a cash advance loan are not considered interest. The service fees apply to every $100 loaned and can range between 11-15%.
- An interest rate is required to be mutually decided upon. APR can be as high as 369%.
Will Cash Advance Lenders in Decatur, Illinois, Complete Credit Checks? What If I Have Dismal/No Credit History At All?
Yes, the lenders we have a relationship with will complete a credit check on you, still, even if you have no credit or poor credit, you might still be approved for a loan given that you can prove that you can pay back the loan. Lenders are generally unconcerned about your credit if you offer proof of income and a strategy to pay back the loan.
Lenders will perform a soft credit inquiry, which will not impact your credit score. This is simply to get an idea of your credit history and basic information.
A hard credit inquiry, alternatively, requires your permission. These credit checks are utilized for various purposes, including mortgages, credit cards, and more.
You can still qualify for a payday loan with imperfect credit in Decatur, IL, if you can prove you will repay the loan.
Therefore, when you apply for a loan, albeit in person or online, double check that you have your income information ready and any other documents showing that you can pay back the loan. The more evidence you provide, the more likely your loan request will be granted.
When Will I Receive My Deposit in Decatur, Illinois?
When you receive your funds really relies on your lender as some lenders advertise same-day paycheck advance loans, which means you will receive your payday loan on the same day you apply, as long as you're approved.
Much of the time, though, lenders will send the borrower their lump sum on the following business day. Businesses often close for holidays and weekends. Therefore, if you submit your application on a Friday, you may not see your loan until Monday.
If you're searching for a same-day paycheck advance loan in Decatur, IL, you will need to ensure you're applying by 10:30 am. Any and all same-day funds going out that day will be approved by that deadline. However, you should submit an application earlier than that if able, as it will boost the likelihood that you get your funds on the same day that you submit your application.
One other factor that you should understand is despite if the money lender approves your application and posts the funds to your checking account, sometimes the bank won't release that deposit at that time. It's paramount that you let your bank know that you plan to receive a payday loan, so they could possibly make an exception in releasing the money earlier.
Overall, it's best to prepare in advance to get cash on the next business day. That way, you're not out of luck if you cannot get it on the same day.
Think About Working With PaydayLoanRadar
If you possess bad credit or no credit and are needing to get a payday advance loan, consider applying with us, as you probably 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 funds on the next business day so make sure that you plan appropriately.
Although, you can always find the nearest paycheck advance loan store to you and apply in person to strengthen the chances of receiving your loan 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. Infrequently, lenders may require proof of address, so take along a utility bill to the store as well.
To find the nearest cash advance loan storefront, please refer to the list below and search for your city.
Payday Loan Direct Lender Companies in Decatur, IL
Below you will find a list of payday loan companies offering their services in Decatur, Illinois. If you can't find a lender near your location in Decatur, 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 Decatur, 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.