Payday Loans in Joliet, Illinois
Life happens, and we usually end up in a situation where we have to pay for some unforeseen costs. Consider applying for a payday loan in Joliet, Illinois, to see if you are eligible.
The loan request process is quick and painless. To be eligible, borrowers must satisfy a few basic criteria.
What is a Payday Loan? What Can It Cover?
A paycheck advance loan is where the borrower will be extended a small amount of cash on a short-term contract. This is deemed to be an unsecured loan because no collateral is needed.
When surprise costs present themselves, like late rent or utility fees, car fixes, medical or vet costs, and so on, people often seek out payday loans.
Payday Loan Criteria In Joliet, Illinois
In Joliet, IL, cash advance loan borrowers are required to meet a few requirements to be eligible for a loan.
The borrower has to:
- Provide proof that they are a resident of Joliet, IL
- Must be 18 years of age
- Have a steady stream of income that they can provide proof of being at least $1,000/month
- Give current contact information like cell phone number and email address
- Give their SSN
If a borrower does not meet the above criteria, they will automatically be denied a payday loan. Ensure that you have the documentation required when submitting your application.
Laws and Regulations Regarding Cash Advance Loans in Joliet, IL
Illinois has ruled payday lending legal. However, they have put forth the below rules and laws for the payday advance lending industry:
- An individual lender cannot offer a loan greater than $600. Borrowers cannot take out more than two unpaid loans from different lenders. There is no smallest 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 change for each loan lender. The service fees charged by the lender on a cash advance loan do not fall under interest. The service fees apply to every $100 borrowed and can vary between 11-15%.
- An interest rate is required to be mutually settled upon. APR can be as much as 369%.
Will Cash Advance Lenders in Joliet, Illinois, Run Credit Checks? What If I Have Bad/No Credit History At All?
Yes, the lenders we have a relationship with will perform a credit check on you, but, even if you possess no credit or less than optimal credit, you may still be approved for a loan given that you can show that you are able to pay back the loan. Lenders are usually unbothered by your credit history if you have 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 only to get an idea of your credit history and general information.
A hard credit pull, dissimilarly, must have your permission. These credit pulls are performed for a plethora of purposes, including mortgages, credit card applications, and more.
You may still qualify for a payday advance loan with poor credit in Joliet, Illinois, if you have proof of repayment.
Therefore, when you request a loan, albeit in person or online, ensure that you have your income information easily accessible and any other documents verifying that you can repay the loan. The more evidence you provide, the more likely you are to be approved.
When Will I See My Cash in Joliet, IL?
When you get your funds actually relies on your lender as some lenders advertise same-day cash advance loans, which means you will receive your paycheck advance loan on the same day you submit your application, as long as you're approved.
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 might not receive your cash until Monday.
If you're wanting a same-day payday advance loan in Joliet, Illinois, you will need to make sure you're applying by 10:30 am. All same-day deposits going out that day will be approved by that cut-off. However, you should submit an application earlier than that if possible, as it will boost the likelihood that you get your money on the same day that you apply.
One other consideration that you should understand is despite if the money lender approves your application and posts the credit to your bank account, occasionally the bank won't release that funds immediately. It's vital that you let your bank know that you plan to get a payday loan, so they could possibly make an exception in releasing the cash 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 receive it on the same day.
Think About Borrowing From Us
If you possess underwhelming credit or no credit and are wanting to secure a paycheck 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. Most of the time you will get your cash on the next business day so make sure that you plan appropriately.
However, you can always find the closest paycheck advance loan storefront to you and apply in person to strengthen the chances of getting your funds on the same day. When submitting an application in person, ensure that you have your government ID or driver's license; a passport will work as well. Occasionally, lenders may ask for proof of address, so bring a utility bill to the store as well.
To find the nearest payday loan storefront, please refer to the list below and locate your city.
Payday Loan Direct Lender Companies in Joliet, IL
Below you will find a list of payday loan companies offering their services in Joliet, Illinois. If you can't find a lender near your location in Joliet, 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 Joliet, 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.