Payday Loans in Godfrey, Illinois
Things happen, and we usually end up in a situation where we must cover some unforeseen costs. Think about submitting an application for a paycheck advance loan in Godfrey, Illinois, to see if you are eligible.
The loan application process is quick and painless. To be qualified, borrowers must meet a few general conditions.
What is a Payday Loan? What Can It Be Used For?
A paycheck advance loan is where the borrower will receive a small sum of cash on a short-term agreement. This is considered an unsecured loan because no collateral is needed.
When surprise bills arise, such as missed rent or utility bills, vehicle fees, medical or vet costs, and so on, people frequently rely upon cash advance loans.
Cash Advance Loan Requirements In Godfrey, IL
In Godfrey, Illinois, paycheck advance loan borrowers are required to satisfy a few stipulations to be eligible for a loan.
The borrower has to:
- Provide proof that they are a resident of Godfrey, IL
- Must be 18 years old
- Have a steady income that they can provide proof of being at least $1,000/month
- Give active contact details such as phone number and email address
- Provide their social security number
If a borrower does not meet the above rules, they will immediately be denied a cash advance loan. Ensure that you possess the documentation required when applying for a loan.
Laws and Rules Concerning Payday Loans in Godfrey, IL
Illinois has deemed payday advance lending legal. Although, they have created the following rules and laws for the paycheck advance lending market:
- A single money lender cannot offer a loan for more than $600. Borrowers cannot take out more than two unpaid loans from different lenders. There is no minimum 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 charged by lenders on a payday loan do not fall under interest. The service fees apply to each $100 loaned and can vary between 11-15%.
- An interest rate is required to be mutually agreed upon. APR can be as high as 369%.
Will Payday Advance Lenders in Godfrey, Illinois, Run Credit Checks? What If I Have Bad/No Credit History At All?
Yes, the lenders we partner with will perform a credit check on you, still, even if you have no credit or dismal credit, you may still be eligible for a loan provided you can show that you can pay back the loan. Lenders are generally unbothered by your credit if you offer proof of income and a plan to pay back the loan.
Lenders will use a soft credit check, which will not impact your credit score. This is simply to get a look at your credit history and general information.
A hard credit check, dissimilarly, requires your explicit consent. These credit checks are performed for various purposes, including mortgages, credit card applications, and more.
You might still qualify for a payday advance loan with bad credit in Godfrey, IL, if you can prove you will repay the loan.
So, when you apply, whether it is in person or online, make sure that you have your income information ready and any other documents verifying that you can repay the loan. The more proof you have, the better chance your loan request will be granted.
When Will I Receive My Funds in Godfrey, IL?
When you see your deposit truly depends on your lender as some lenders offer same-day paycheck advance loans, which means you will receive your payday advance loan on the same day you request a loan, as long as you get an approval.
Most of the time, however, lenders will give 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 might not get your loan until Monday.
If you're needing a same-day cash advance loan in Godfrey, 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 deadline. However, you should apply earlier than that if able, as it will increase the likelihood that you get your money on the same day that you submit your application.
One additional factor that you should understand is despite if the money lender approves your application and posts the loan to your bank, sometimes the bank won't release that deposit right away. It's important to let your bank know that you plan to receive a payday loan, so they could possibly make an exception in releasing the cash earlier.
On the whole, it's wise to prepare in advance to receive your loan 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 Working With PaydayLoanRadar
If you possess less than great credit or no credit and are wanting to get a paycheck advance loan, consider applying through us, as you most likely have a better chance of approval.
We partner with hundreds of different lenders who offer their services online. Much of the time you will get your cash on the following business day so make sure that you plan appropriately.
Although, you can always find the closest paycheck advance loan storefront to you and apply in person to increase 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. Sometimes, lenders may require proof of address, so take along a utility bill to the store too.
To find the nearest paycheck advance loan storefront, please refer to the list below and locate your city.
Payday Loan Direct Lender Companies in Godfrey, IL
Below you will find a list of payday loan companies offering their services in Godfrey, Illinois. If you can't find a lender near your location in Godfrey, 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 Godfrey, 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.