Payday Loans in Springfield, Illinois
Life happens, and we often wind up in a place where we must pay for some surprise costs. Consider submitting an application for a cash advance loan in Springfield, IL, to see if you qualify.
The loan process is fast and effortless. To qualify, you must satisfy a few simple conditions.
What is a Cash Advance Loan? What Can It Be Used For?
A cash advance loan is where the borrower will be extended a small amount of money on a short-term contract. This is considered an unsecured loan as no collateral is required.
When unforeseen expenses present themselves, for example past due rent or utility expenditures, vehicle fixes, medical or vet expenditures, and so on, people often rely upon paycheck advance loans.
Paycheck Advance Loan Stipulations In Springfield, Illinois
In Springfield, IL, cash advance loan borrowers must meet a few stipulations to be eligible for a loan.
The borrower must:
- Prove that they are a resident of Springfield, IL
- Must be 18 years of age
- Receive a steady income that they can provide proof of being at least $1,000/month
- Give active contact information like phone number and email address
- Give their SSN
If a borrower does not satisfy the above criteria, they will automatically be denied a cash advance loan. Ensure that you possess the documentation needed when requesting a loan.
Laws and Rules Regarding Paycheck Advance Loans in Springfield, IL
The State of Illinois has ruled payday advance lending legal. However, they have created the below rules and laws for the cash advance lending industry:
- An individual lender can't extend a loan in excess of $600. Borrowers cannot have more than two unpaid loans from different lenders. There is no minimum loan amount.
- There is no minimum loan term, the maximum loan term length is 31 days. In the State of Illinois, borrowers are unable to rollover their loans.
- The fees and charges change for each lender. The service fees enacted by the lender on each loan or transaction are not considered interest. The service fees apply to every $100 loaned and can range from 11% up to 15%.
- An interest rate must be mutually decided upon. APR can range up to 369%.
Will Paycheck Advance Lenders in Springfield, Illinois, Complete Credit Checks? What If I Have Bad/No Credit History At All?
Yes, the lenders we work with will complete a credit check on you, still, even if you have no credit or poor credit, you may still be approved for a loan provided you can prove that you are able to repay the loan. Lenders are generally unbothered by your credit if you possess proof of income and a plan to pay back the loan.
Lenders will perform a soft credit pull, which will not impact your credit score. This is only to get an idea of your credit history and general information.
A hard credit check, alternatively, needs your permission. These credit inquiries are utilized for various purposes, including mortgages, credit cards, and more.
You can still qualify for a payday loan with bad credit in Springfield, IL, as long as you have proof of repayment.
So, when you request a loan, whether it is in person or online, ensure that you have your income information at hand and any other documents showing that you can pay back the loan. The more evidence you have, the more likely your loan request will be granted.
When Will I Get My Deposit in Springfield, IL?
When you get your money really depends on the lender as some lenders advertise 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're approved.
Much of the time, though, lenders will give the borrower their lump sum on the following business day. Businesses generally close for holidays and weekends. So, if you submit your application on a Friday, you might not get your funds until Monday.
If you're wanting a same-day cash advance loan in Springfield, Illinois, you will need to be sure that you're applying by 10:30 am. Any and all same-day funds going out that day will be approved by that deadline. However, you should apply earlier than that if able, as it will boost the likelihood that you receive your cash on the same day that you apply.
One more consideration that you should understand is despite if the lender approves your application and posts the loan to your bank, occasionally the bank won't release that credit at that time. It's vital 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 deposit earlier.
Overall, it's best to prepare in advance to get cash on the following business day. That way, you're not left in the lurch if you cannot receive it on the same day.
Think About Borrowing From PaydayLoanRadar
If you possess bad credit or no credit and are searching to secure a paycheck advance loan, consider applying through us, as you frequently have a better chance of approval.
We partner with hundreds of different lenders who provide their services online. Most of the time you will get your funds on the following business day so ensure that you plan correctly.
However, you can always locate the nearest paycheck advance loan store to you and apply in person to strengthen the chances of getting your cash on the same day. When applying 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 take along a utility bill to the store as well.
To find the nearest payday advance loan store, please navigate to the list below and search for your city.
Payday Loan Direct Lender Companies in Springfield, IL
Below you will find a list of payday loan companies offering their services in Springfield, Illinois. If you can't find a lender near your location in Springfield, 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 Springfield, 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.