Payday Loans in Washington, Illinois
Events happen, and we usually find ourselves in a spot where we have to pay for some surprise expenses. Consider applying for a cash advance loan in Washington, Illinois, to see if you are eligible.
The loan process is fast and straightforward. To be eligible, you have to meet a couple of straightforward criteria.
What is a Cash Advance Loan? What Can It Pay For?
A cash advance loan is where the borrower will be extended a small amount of money on a short-term agreement. This is deemed to be an unsecured loan due to the fact that no collateral is required.
When unforeseen financial needs present themselves, for example past due rent or utility payments, car fixes, medical or vet payments, and so forth, people often seek out payday advance loans.
Payday Advance Loan Stipulations In Washington, Illinois
In Washington, Illinois, payday advance loan borrowers need to meet a few criteria to qualify for a loan.
The borrower has to:
- Provide proof that they reside in Washington, Illinois
- Must be 18 or older
- Receive a steady stream of income that they can prove that's at least $1,000/month
- Give current contact information like cell phone number and email address
- Provide their social security number
If a borrower does not abide by the above criteria, they will automatically be denied a paycheck advance loan. Ensure that you have the documentation needed when submitting your application.
Laws and Regulations Concerning Paycheck Advance Loans in Washington, Illinois
Illinois has ruled paycheck advance lending legal. However, they have put forth the below rules and laws for the payday lending market:
- An individual money lender cannot extend a loan for more than $600. Borrowers cannot take out more than two active 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 may not rollover their loans.
- The fees and charges are different for each lender. The service costs enacted by the lender on a cash advance loan do not fall under interest. The service fees apply to each $100 borrowed and can vary between 11-15%.
- An interest rate is required to be mutually decided upon. APR can range up to 369%.
Will Paycheck Advance Lenders in Washington, Illinois, Run Credit Checks? What If I Have Bad/No Credit History At All?
Yes, the lenders we partner with will run a credit check on you, still, even if you possess no credit or bad credit, you may still be approved for a loan given that you can prove that you can repay the loan. Lenders are usually unbothered by your credit history if you possess proof of income and a strategy to repay the loan.
Lenders will perform a soft credit inquiry, which will have no impact on your credit score. This is solely to get a feel of your credit history and general information.
A hard credit inquiry, on the other hand, requires your explicit consent. These credit inquiries are used for a plethora of purposes, such as mortgages, credit cards, and more.
You might still qualify for a paycheck advance loan with poor credit in Washington, IL, if you can prove you will repay the loan.
So, when you apply, albeit in person or online, ensure that you have your income information available and any other documents verifying that you can repay the loan. The more proof you show, the better chance you are to be approved.
When Will I Receive My Cash in Washington, IL?
When you see your money actually relies on your lender as some lenders provide same-day cash 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, however, lenders will send the borrower their lump sum on the following business day. Businesses generally close for holidays and weekends. Because of this, if you apply on a Friday, you may not get your funds until Monday.
If you're wanting a same-day payday loan in Washington, Illinois, you will need to be sure that you're applying by 10:30 am. All same-day payments going out that day will be approved by that deadline. However, you should request a loan earlier than that if able, as it will increase the likelihood that you get your loan on the same day that you apply.
One additional consideration that you should be aware of is despite if the lender approves your application and posts the funds to your bank, sometimes the bank won't release that funds immediately. It's vital that you let your bank know that you plan to receive a cash advance loan, so they might make an exception in releasing the loan earlier.
On the whole, it's wise to prepare ahead of time to receive your funds on the following business day. That way, you're not out of luck if you cannot get it on the same day.
Consider Borrowing From Us
If you possess underwhelming credit or no credit and are searching to secure a payday advance loan, consider applying with us, as you usually have a higher chance of approval.
We work with hundreds of different lenders who provide their services online. Often you will get your money on the next business day so ensure that you plan appropriately.
However, you can always find the closest cash advance loan store 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. Occasionally, lenders may ask for proof of address, so bring a utility bill to the store too.
To locate the nearest payday loan storefront, please use the list below and locate your city.
Payday Loan Direct Lender Companies in Washington, IL
Below you will find a list of payday loan companies offering their services in Washington, Illinois. If you can't find a lender near your location in Washington, 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 Washington, 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.