Payday Loans in Homewood, Illinois
Life happens, and we usually end up in a place where we have to cover some unexpected costs. Think about applying for a payday loan in Homewood, IL, to see if you qualify.
The loan application process is fast and painless. To be eligible, loan borrowers must satisfy a couple of straightforward conditions.
What is a Paycheck Advance Loan? What Can It Be Used For?
A payday loan is where the borrower will get a small sum of funds on a short-term basis. This is considered an unsecured loan as no collateral is required.
When unexpected expenses arise, for example missed rent or utility fees, vehicle repairs, medical or vet expenditures, and so forth, individuals commonly seek out paycheck advance loans.
Cash Advance Loan Criteria In Homewood, Illinois
In Homewood, IL, payday loan borrowers need to satisfy several criteria to be eligible for a loan.
The borrower must:
- Prove that they live in Homewood, Illinois
- Must be at least 18
- Have a steady income that they can prove that's at least $1,000/month
- Provide active contact details such as phone number and email address
- Give their SSN
If a borrower does not abide by the above requirements, they will immediately be denied a cash advance loan. Make sure you can provide the documentation needed when applying.
Laws and Rules Concerning Cash Advance Loans in Homewood, Illinois
Illinois has deemed cash advance lending legal. However, they have created the below rules and regulations for the cash advance lending industry:
- A single money lender can't extend a loan greater than $600. Borrowers cannot take out more than two unpaid 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 Illinois, borrowers are not allowed to rollover their loans.
- The fees and charges are different for each lender. The service costs enacted by lenders on a payday loan do not fall under interest. The service fees apply to every $100 loaned and can range 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 Homewood, IL, Perform Credit Checks? What If I Have Poor/No Credit History At All?
Yes, the lenders we work with will perform a credit check on you, but, even if you have no credit or dismal credit, you may still be approved for a loan as long as you can show that you can repay the loan. Lenders are typically unconcerned about your credit if you provide proof of income and a plan to pay back the loan.
Lenders will use a soft credit inquiry, which will not impact your credit score. This is solely to get a look at your credit history and general information.
A hard credit pull, on the other hand, requires your explicit consent. These credit inquiries are used for a variety of purposes, including mortgages, credit cards, and more.
You might still be approved for a paycheck advance loan with poor credit in Homewood, IL, provided that you have proof of repayment.
So, when you apply, albeit in person or online, ensure that you have your income information available and any other documents showing that you can repay the loan. The more proof you possess, the better chance your loan application will be approved.
When Will I See My Deposit in Homewood, IL?
When you receive your loan really relies on the lender as some lenders advertise same-day cash advance loans, which means you will receive your cash advance loan on the same day you apply, as long as you get an approval.
Much of the time, though, lenders will send the borrower their lump sum on the following business day. Businesses typically close for holidays and weekends. Therefore, if you submit your application on a Friday, you might not receive your loan until Monday.
If you're wanting a same-day payday advance loan in Homewood, IL, you will need to make sure you're applying by 10:30 am. All same-day loans going out that day will be approved by that cut-off. However, you should submit an application earlier than that if able, as it will increase the likelihood that you get your funds on the day that you submit your application.
One additional factor that you should be aware of is even if the lender approves your application and posts the loan to your checking account, occasionally 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 might make an exception in releasing the funds earlier.
On the whole, it's wise to prepare ahead of time to get your deposit 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 possess bad credit or no credit and are looking to get a payday advance loan, consider applying with us, as you probably have a better chance of approval.
We partner with more than one hundred different lenders who offer their services online. Often you will receive your deposit on the following business day so ensure that you plan accordingly.
However, you can always locate the closest payday loan store to you and apply in person to strengthen the chances of receiving your funds on the same business day. When applying in person, ensure that you have your government ID or driver's license; a passport is sufficient. Sometimes, lenders may ask for proof of address, so take along a utility bill to the store too.
To locate the nearest paycheck advance loan store, please refer to the list below and locate your city.
Payday Loan Direct Lender Companies in Homewood, IL
Below you will find a list of payday loan companies offering their services in Homewood, Illinois. If you can't find a lender near your location in Homewood, 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 Homewood, 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.