Payday Loans in Des Plaines, Illinois
Life happens, and we usually wind up in a spot where we must pay for some surprise bills. Consider submitting an application for a cash advance loan in Des Plaines, Illinois, to see if you qualify.
The loan application process is quick and painless. To qualify, borrowers must meet a couple of general criteria.
What is a Cash Advance Loan? What Can It Cover?
A paycheck advance loan is where the borrower will be extended a petite amount of funds on a short-term contract. This is thought of as an unsecured loan because no collateral is needed.
When surprise costs present themselves, such as missed rent or utility costs, vehicle bills, medical or vet fees, and so on, individuals frequently turn to payday loans.
Payday Advance Loan Criteria In Des Plaines, IL
In Des Plaines, IL, payday advance loan borrowers need to satisfy a few requirements to be eligible for a loan.
The borrower has to:
- Provide proof that they reside in Des Plaines, Illinois
- Must be 18 years of age
- Have a steady income that they can provide proof of being at least $1,000 per month
- Give up-to-date contact details like phone number and email address
- Provide their social security number
If a borrower does not abide by the above requirements, they will automatically be denied a paycheck advance loan. Ensure that you possess the documentation required when applying for a loan.
Laws and Rules Concerning Payday Loans in Des Plaines, Illinois
Illinois has deemed payday advance lending legal. Although, they have enacted the below rules and laws for the paycheck advance lending industry:
- A single lender can't offer a loan for more than $600. Borrowers are not allowed to have more than two active loans from different lenders. There is no smallest loan amount.
- The minimum loan term is not determined, 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 change for each lender. The service costs enacted by the lender on a loan do not fall under interest. The service fees apply to each $100 loaned and can vary from 11% up to 15%.
- An interest rate is required to be mutually decided upon. APR can be as much as 369%.
Will Paycheck Advance Lenders in Des Plaines, IL, Perform Credit Checks? What If I Have Bad/No Credit History At All?
Yes, the lenders we work with will perform a credit check on you, still, even if you possess no credit or less than optimal credit, you may still be eligible for a loan provided you can show that you are able to repay the loan. Lenders are generally unconcerned about your credit if you provide proof of income and a strategy to pay back the loan.
Lenders will perform a soft credit pull, which will have no impact on your credit score. This is simply to get an idea of your credit history and basic information.
A hard credit pull, dissimilarly, needs your permission. These credit pulls are performed for a plethora of purposes, such as mortgages, credit cards, and more.
You might still qualify for a payday loan with poor credit in Des Plaines, Illinois, 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 at hand and any other documents verifying that you can repay the loan. The more proof you provide, the better chance you are to be approved.
When Will I Receive My Cash in Des Plaines, IL?
When you receive your money truly depends on the lender as some lenders offer same-day cash 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.
Most of the time, however, lenders will send the borrower their lump sum on the following business day. Businesses generally close for holidays and weekends. Therefore, if you submit your application on a Friday, you may not receive your money until Monday.
If you're looking for a same-day payday loan in Des Plaines, Illinois, 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 cut-off. However, you should apply earlier than that if able, as it will boost the likelihood that you see your money on the day that you apply.
One more factor that you should know is even if the money lender grants your loan request and posts the funds to your bank, sometimes the bank won't release that loan right away. It's vital that you let your bank know that you plan to receive a cash advance loan, so they might make an exception in releasing the deposit earlier.
Overall, it's wise to prepare ahead of time to receive your deposit on the following business day. That way, you're not left in the lurch if you cannot get it on the same day.
Think About Borrowing From Us
If you possess less than great credit or no credit and are wanting to secure a payday loan, consider applying through us, as you most likely have a higher chance of approval.
We partner with over one hundred different lenders who offer their services online. Much of the time you will see your cash on the following business day so ensure that you plan appropriately.
Although, you can always find the nearest cash advance loan storefront to you and apply in person to strengthen the chances of receiving your cash on the same business day. When requesting a loan in person, ensure 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 storefront, please refer to the list below and search for your city.
Payday Loan Direct Lender Companies in Des Plaines, IL
Below you will find a list of payday loan companies offering their services in Des Plaines, Illinois. If you can't find a lender near your location in Des Plaines, 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 Des Plaines, 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.