Payday Loans in Edwardsville, Illinois
Things happen, and we often find ourselves in a situation where we have to pay for some unexpected expenses. Consider applying for a payday loan in Edwardsville, Illinois, to see if you are eligible.
The loan application process is quick and simple. To be qualified, you must satisfy a couple of straightforward conditions.
What is a Cash Advance Loan? What Can It Be Used For?
A cash advance loan is where the borrower will get a petite amount of money on a short-term contract. This is thought of as an unsecured loan as no collateral is expected.
When unexpected bills present themselves, such as missed rent or utility costs, auto fixes, medical or vet fees, and so on, individuals usually rely upon paycheck advance loans.
Payday Advance Loan Requirements In Edwardsville, Illinois
In Edwardsville, IL, cash advance loan borrowers are required to meet a few stipulations to qualify for a loan.
The borrower is required to:
- Prove that they are a resident of Edwardsville, Illinois
- Must be 18 years old
- Receive a steady stream of income that they can provide proof of being at least $1,000 per month
- Give current contact details including cell phone number and email address
- Give their social security number
If a borrower does not meet the above criteria, they will immediately be denied a payday loan. Make sure you possess the documents needed when requesting a loan.
Laws and Rules Concerning Cash Advance Loans in Edwardsville, IL
Illinois has deemed cash advance lending legal. Although, they have set the below rules and regulations for the cash advance lending industry:
- A single lender can't extend a loan in excess of $600. Borrowers are not allowed to possess more than two unpaid loans from different lenders. There is no minimum loan amount.
- The minimum loan term is not set, the maximum loan term length is 31 days. In Illinois, borrowers cannot rollover their loans.
- The fees and charges change for each money lender. The service fees charged by lenders on a payday loan do not fall under interest. The service fees apply to every $100 loaned and can vary from 11% up to 15%.
- An interest rate is required to be mutually decided upon. APR can range up to 369%.
Will Payday Lenders in Edwardsville, IL, Perform Credit Checks? What If I Have Bad/No Credit History At All?
Yes, the lenders we partner with will complete a credit check on you, still, even if you have no credit or dismal credit, you might still be eligible for a loan as long as 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 use a soft credit check, 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, on the other hand, needs your explicit consent. These credit checks are used for a variety of purposes, including mortgages, credit cards, and more.
You may still qualify for a payday advance loan with imperfect credit in Edwardsville, IL, provided that you have proof of repayment.
Therefore, when you request a loan, whether it is in person or online, double check that you have your income information at hand and any other documents proving that you can repay the loan. The more proof you show, the better chance your loan application will be approved.
When Will I See My Loan in Edwardsville, Illinois?
When you get your cash truly depends on your lender as some lenders advertise same-day cash advance loans, which means you will get your paycheck advance loan on the same day you apply, as long as you get an approval.
Much of the time, however, lenders will send the borrower their lump sum on the next business day. Businesses often close for holidays and weekends. Because of this, if you submit your application on a Friday, you may not see your funds until Monday.
If you're looking for a same-day payday advance loan in Edwardsville, IL, you will need to make sure 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 boost the likelihood that you get your cash on the same day that you submit your application.
One additional factor that you should be aware of is despite if the money lender approves your application and posts the funds to your bank, sometimes the bank won't release that funds right away. It's paramount that you 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 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 Working With 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 most likely have a higher chance of approval.
We partner with hundreds of different lenders who offer their services online. Often you will get your deposit on the next business day so ensure that you plan accordingly.
However, you can always locate the nearest paycheck advance loan storefront to you and apply in person to increase the chances of seeing your loan on the same day. When submitting an application in person, make sure that you have your government ID or driver's license; a passport will work as well. Sometimes, lenders may request proof of address, so bring a utility bill to the store as well.
To find the nearest paycheck advance loan store, please navigate to the list below and locate your city.
Payday Loan Direct Lender Companies in Edwardsville, IL
Below you will find a list of payday loan companies offering their services in Edwardsville, Illinois. If you can't find a lender near your location in Edwardsville, 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 Edwardsville, 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.