Payday Loans in Troy, Illinois
Life happens, and we often end up in a situation where we must cover some unforeseen bills. Think about submitting an application for a cash advance loan in Troy, IL, to see if you are eligible.
The loan application process is quick and straightforward. To be qualified, loan borrowers have to satisfy a couple of general criteria.
What is a Cash Advance Loan? What Can It Cover?
A payday loan is where the borrower will be extended a small sum of cash on a short-term agreement. This is considered an unsecured personal loan because no collateral is expected.
When unexpected costs present themselves, for example late rent or utility fees, car costs, medical or vet expenditures, and so on, individuals usually rely upon cash advance loans.
Paycheck Advance Loan Requirements In Troy, IL
In Troy, IL, cash advance loan borrowers need to meet several stipulations to qualify for a loan.
The borrower has to:
- Provide proof that they are a resident of Troy, IL
- Must be 18 years of age
- Receive a steady stream of income that they can provide proof of being at least $1,000/month
- Provide current contact information including phone number and email address
- Provide their SSN
If a borrower does not abide by the above rules, they will automatically be denied a paycheck advance loan. Make sure you possess the documentation needed when applying for a loan.
Laws and Rules Concerning Cash Advance Loans in Troy, IL
Illinois has ruled cash advance lending legal. Although, they have created the below rules and laws for the payday advance lending market:
- An individual lender can't offer a loan for more than $600. Borrowers may not have greater than two active 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 the State of Illinois, borrowers cannot rollover their loans.
- The fees and charges change for each money lender. The service costs enacted by lenders on a loan do not fall under interest. The service fees apply to each $100 borrowed and can vary between 11-15%.
- An interest rate must be mutually agreed upon. APR can be as high as 369%.
Will Cash Advance Lenders in Troy, Illinois, Perform Credit Checks? What If I Have Dismal/No Credit History At All?
Yes, the lenders we work with will do a credit check on you, still, even if you possess no credit or less than optimal credit, you might still be eligible for a loan given that you can show that you are able to repay the loan. Lenders are commonly unbothered by your credit history if you offer proof of income and a strategy to pay back the loan.
Lenders will use a soft credit inquiry, which will have no impact on your credit score. This is simply to get a feel of your credit history and general information.
A hard credit check, dissimilarly, requires your explicit consent. These credit pulls are used for a plethora of purposes, such as mortgages, credit card applications, and more.
You might still be approved for a paycheck advance loan with poor credit in Troy, Illinois, as long as you can prove you will repay the loan.
Therefore, 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 proving that you can repay the loan. The more proof you possess, the better chance you are to be approved.
When Will I Receive My Loan in Troy, Illinois?
When you get your cash truly relies on your lender as some lenders advertise same-day paycheck advance loans, which means you will get your cash advance loan on the same day you request a loan, as long as you receive an approval.
Most of the time, however, lenders will give the borrower their lump sum on the next business day. Businesses typically close for holidays and weekends. So, if you submit your application on a Friday, you might not see your deposit until Monday.
If you're needing a same-day payday loan in Troy, IL, you will need to be sure that 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 able, as it will increase the likelihood that you see your cash on the same 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 funds to your bank, occasionally the bank won't release that loan right away. It's paramount that you let your bank know that you plan to get a paycheck advance loan, so they might make an exception in releasing the cash earlier.
Overall, it's best to prepare in advance to receive your deposit on the next business day. That way, you're not left in the lurch if you cannot receive it on the same day.
Consider Working With PaydayLoanRadar
If you possess bad credit or no credit and are searching to secure a payday loan, think about applying through us, as you most likely have a better chance of approval.
We partner with hundreds of different lenders who provide their services online. Most of the time you will receive your funds on the following business day so ensure that you plan accordingly.
Although, you can always locate the nearest cash advance loan storefront to you and apply in person to increase the chances of receiving your loan on the same business day. When requesting a loan in person, make sure that you have your government ID or driver's license; a passport is sufficient. Sometimes, lenders may request proof of address, so take along a utility bill to the store too.
To locate the nearest payday advance loan storefront, please navigate to the list below and find your city.
Payday Loan Direct Lender Companies in Troy, IL
Below you will find a list of payday loan companies offering their services in Troy, Illinois. If you can't find a lender near your location in Troy, 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 Troy, 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.