Payday Loans in Pontiac, Illinois
Events happen, and we usually find ourselves in a place where we must cover some unforeseen expenses. Consider applying for a cash advance loan in Pontiac, Illinois, to see if you are eligible.
The loan request process is swift and simple. To be eligible, loan borrowers have to satisfy a few basic requirements.
What is a Cash 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 agreement. This is deemed to be an unsecured loan because no collateral is expected.
When unexpected costs come up, such as late rent or utility costs, auto repairs, medical or vet bills, and so forth, people often seek out paycheck advance loans.
Payday Loan Requirements In Pontiac, IL
In Pontiac, Illinois, payday advance loan borrowers need to satisfy several stipulations to qualify for a loan.
The borrower is required to:
- Provide proof that they reside in Pontiac, IL
- Must be 18 years of age
- Have an income that they can provide proof of being at least $1,000/month
- Provide current contact details such as phone number and email address
- Provide their social security number
If a borrower does not meet the above criteria, they will immediately be denied a cash advance loan. Ensure that you possess the documents needed when applying for a loan.
Laws and Rules Regarding Cash Advance Loans in Pontiac, IL
Illinois has deemed payday advance lending legal. However, they have created the below rules and laws for the payday advance lending market:
- An individual lender can't offer a loan in excess of $600. Borrowers may not have more than two outstanding loans from different lenders. There is no smallest loan amount.
- The minimum loan term is not determined, the longest loan term length is 31 days. In Illinois, borrowers cannot rollover their loans.
- The fees and charges are different for each loan lender. The service fees enacted by the lender 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 must be mutually agreed upon. APR can be as much as 369%.
Will Payday Advance Lenders in Pontiac, 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, but, even if you possess no credit or bad credit, you might still be eligible for a loan provided you can show that you are able to repay the loan. Lenders are typically unconcerned about your credit if you offer proof of income and a strategy to repay the loan.
Lenders will rely on 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 check, on the other hand, must have your explicit consent. These credit checks are used for a variety of purposes, including mortgages, credit card applications, and more.
You can still be approved for a payday loan with poor credit in Pontiac, Illinois, provided that you can prove you will repay the loan.
So, when you apply, albeit in person or online, double check that you have your income information at hand and any other documents verifying that you can repay the loan. The more evidence you show, the more likely your loan application will be approved.
When Will I Receive My Funds in Pontiac, IL?
When you receive your funds actually relies on your lender as some lenders offer same-day cash advance loans, which means you will get your payday loan on the same day you apply, 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 apply on a Friday, you may not receive your funds until Monday.
If you're searching for a same-day payday loan in Pontiac, Illinois, 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 time. However, you should request a loan earlier than that if possible, as it will increase the likelihood that you see your cash on the day that you submit your application.
One more factor that you should be aware of is despite if the lender grants your loan request and posts the deposit to your bank account, sometimes the bank won't release that deposit at that time. It's vital that you let your bank know that you plan to get a cash advance loan, so they might make an exception in releasing the cash earlier.
Overall, it's best to prepare ahead of time to get money 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 Borrowing From PaydayLoanRadar
If you have bad credit or no credit and are wanting to get a payday advance loan, consider applying with us, as you probably have a better chance of approval.
We partner with hundreds of different lenders who provide their services online. Often you will see your funds on the next business day so make sure that you plan correctly.
However, you can always find the nearest payday loan storefront to you and apply in person to boost the chances of seeing your money on the same day. When requesting a loan in person, make sure that you have your government ID or driver's license; a passport will work as well. Now and again, lenders may request proof of address, so bring a utility bill to the store too.
To find the nearest cash advance loan store, please use the list below and locate your city.
Payday Loan Direct Lender Companies in Pontiac, IL
Below you will find a list of payday loan companies offering their services in Pontiac, Illinois. If you can't find a lender near your location in Pontiac, 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 Pontiac, 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.