Payday Loans in Gurnee, Illinois
Events happen, and we often end up in a place where we have to pay for some unexpected bills. Think about submitting an application for a paycheck advance loan in Gurnee, IL, to see if you meet the requirements.
The loan process is quick and straightforward. To be eligible, borrowers must satisfy a couple of straightforward criteria.
What is a Payday Advance Loan? What Can It Be Put Towards?
A cash advance loan is where the borrower will be extended a small amount of funds on a short-term agreement. This is deemed to be an unsecured loan because no collateral is expected.
When unforeseen expenses present themselves, such as late rent or utility fees, vehicle costs, health or vet fees, and so on, people frequently rely upon paycheck advance loans.
Cash Advance Loan Criteria In Gurnee, Illinois
In Gurnee, Illinois, payday advance loan borrowers are required to satisfy several requirements to qualify for a loan.
The borrower must:
- Prove that they reside in Gurnee, IL
- Must be 18 or older
- Receive an income that they can provide proof of being at least $1,000/month
- Provide current contact details like cell phone number and email address
- Provide their social security number
If a borrower does not abide by the above criteria, they will automatically be denied a payday advance loan. Make sure you can provide the documents required when requesting a loan.
Laws and Regulations Regarding Payday Advance Loans in Gurnee, IL
Illinois has ruled paycheck advance lending legal. Although, they have set the following rules and regulations for the payday lending market:
- A single lender can't offer a loan for more than $600. Borrowers may not possess greater than two unpaid loans from different lenders. There is no smallest loan amount.
- The minimum loan term is not set, the maximum loan term length is 31 days. In Illinois, borrowers may not rollover their loans.
- The fees and charges vary for each loan lender. The service costs enacted by lenders on each loan or transaction are not considered interest. The service fees apply to every $100 loaned and can range between 11-15%.
- An interest rate must be mutually settled upon. APR can range up to 369%.
Will Cash Advance Lenders in Gurnee, Illinois, Complete 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 have no credit or less than optimal credit, you may still be eligible for a loan provided you can show that you can pay back the loan. Lenders are commonly unconcerned about your credit if you provide proof of income and a strategy to repay the loan.
Lenders will use a soft credit pull, which will not impact your credit score. This is only to get an idea of your credit history and basic information.
A hard credit check, alternatively, needs your explicit consent. These credit inquiries are used for a plethora of purposes, such as mortgages, credit cards, and more.
You can still be approved for a cash advance loan with imperfect credit in Gurnee, IL, as long as you can prove you will repay the loan.
So, when you apply, whether it is in person or online, ensure that you have your income information easily accessible and any other documents showing that you can pay back the loan. The more proof you show, the more likely your loan request will be granted.
When Will I Receive My Funds in Gurnee, Illinois?
When you receive your cash really relies on the lender as some lenders provide same-day paycheck advance loans, which means you will see your payday loan on the same day you submit your application, as long as you receive an approval.
Much 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 apply on a Friday, you may not get your deposit until Monday.
If you're wanting a same-day cash advance loan in Gurnee, IL, you will need to be sure that 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 request a loan earlier than that if able, as it will boost the likelihood that you receive your loan on the same day that you apply.
One other factor that you should understand is even if the lender grants your loan request and posts the funds to your bank, occasionally the bank won't release that loan at that time. It's paramount that you let your bank know that you plan to receive a payday advance loan, so they could possibly make an exception in releasing the funds earlier.
On the whole, it's wise to prepare ahead of time to get your funds on the following business day. That way, you're not out of luck if you cannot receive it on the same day.
Consider Working With Us
If you have poor credit or no credit and are wanting to secure a paycheck advance loan, consider applying through us, as you probably have a better chance of approval.
We work with over one hundred different lenders who offer their services online. Much of the time you will see your cash on the next business day so ensure that you plan accordingly.
However, you can always locate the closest payday loan storefront to you and apply in person to increase the chances of receiving your money on the same business day. When requesting a loan in person, ensure that you have your government ID or driver's license; a passport is sufficient. Now and again, lenders may request proof of address, so take along a utility bill to the store as well.
To find the nearest payday loan store, please refer to the list below and search for your city.
Payday Loan Direct Lender Companies in Gurnee, IL
Below you will find a list of payday loan companies offering their services in Gurnee, Illinois. If you can't find a lender near your location in Gurnee, 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 Gurnee, 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.