Payday Loans in Spring Valley, Illinois
Life happens, and we often end up in a spot where we must cover some unexpected costs. Consider applying for a paycheck advance loan in Spring Valley, IL, to see if you are eligible.
The loan application process is swift and straightforward. To be qualified, borrowers have to meet a few basic criteria.
What is a Cash Advance Loan? What Can It Cover?
A cash advance loan is where the borrower will be extended a small amount of cash on a short-term agreement. This is thought of as an unsecured personal loan due to the fact that no collateral is required.
When unexpected costs come up, like past due rent or utility bills, auto fixes, health or vet payments, and so on, individuals commonly seek out paycheck advance loans.
Payday Advance Loan Requirements In Spring Valley, Illinois
In Spring Valley, Illinois, paycheck advance loan borrowers are required to satisfy several requirements to be eligible for a loan.
The borrower is required to:
- Prove that they reside in Spring Valley, IL
- Must be 18 or older
- Have a steady income that they can prove that's at least $1,000/month
- Provide up-to-date contact information including phone number and email address
- Give their social security number
If a borrower does not meet the above requirements, they will immediately be denied a payday advance loan. Ensure that you possess the documents needed when submitting your application.
Laws and Regulations Regarding Paycheck Advance Loans in Spring Valley, Illinois
The State of Illinois has ruled payday advance lending legal. Although, they have enacted the following rules and laws for the payday lending industry:
- An individual money lender cannot extend a loan for more than $600. Borrowers are not allowed to take out more than two unpaid loans from different lenders. There is no minimum loan amount.
- The minimum loan term is not set, the maximum loan term length is 31 days. In Illinois, borrowers are not allowed to rollover their loans.
- The fees and charges change for each money lender. The service costs charged by lenders on a loan do not fall under interest. The service fees apply to every $100 loaned and can vary from 11% up to 15%.
- An interest rate is required to be mutually settled upon. APR can be as much as 369%.
Will Payday Lenders in Spring Valley, IL, Perform Credit Checks? What If I Have Dismal/No Credit History At All?
Yes, the lenders we have a relationship with will complete a credit check on you, still, even if you possess no credit or bad credit, you may still be eligible for a loan as long as you can prove that you can repay the loan. Lenders are generally unconcerned about your credit if you have proof of income and a plan to repay the loan.
Lenders will rely on a soft credit inquiry, which will not impact your credit score. This is simply to get a look at your credit history and basic information.
A hard credit inquiry, dissimilarly, must have your permission. These credit checks are used for a variety of purposes, including mortgages, credit cards, and more.
You may still be approved for a cash advance loan with poor credit in Spring Valley, IL, as long as 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 at hand and any other documents showing that you can pay back the loan. The more evidence you provide, the better chance you are to be approved.
When Will I See My Money in Spring Valley, Illinois?
When you receive your money really relies on the lender as some lenders offer same-day payday advance loans, which means you will receive your cash advance loan on the same day you request a loan, as long as you receive an approval.
Most of the time, though, lenders will give the borrower their lump sum on the next business day. Businesses often close for holidays and weekends. So, if you apply on a Friday, you may not get your deposit until Monday.
If you're needing a same-day payday loan in Spring Valley, IL, you will need to make sure you're applying by 10:30 am. All same-day funds going out that day will be approved by that cut-off. However, you should request a loan earlier than that if possible, as it will boost the likelihood that you get your loan on the day that you apply.
One additional factor that you should know is even if the money lender grants your loan request and posts the deposit to your bank account, occasionally the bank won't release that credit immediately. It's important to let your bank know that you plan to get a payday advance loan, so they might make an exception in releasing the money earlier.
On the whole, it's best 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 receive it on the same day.
Consider Borrowing From Us
If you have less than great credit or no credit and are needing to secure a cash advance loan, consider applying with us, as you usually 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 get your funds on the following business day so ensure that you plan appropriately.
However, you can always find the closest payday advance loan store to you and apply in person to boost the chances of receiving your loan on the same day. When requesting a loan in person, ensure that you have your government ID or driver's license; a passport is sufficient. Occasionally, lenders may require proof of address, so take along a utility bill to the store as well.
To find the nearest payday loan store, please use the list below and locate your city.
Payday Loan Direct Lender Companies in Spring Valley, IL
Below you will find a list of payday loan companies offering their services in Spring Valley, Illinois. If you can't find a lender near your location in Spring Valley, 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 Spring Valley, 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.