Payday Loans in Waukegan, Illinois
Events happen, and we often find ourselves in a spot where we have to cover some unforeseen costs. Consider submitting an application for a cash advance loan in Waukegan, Illinois, to see if you meet the requirements.
The loan request process is swift and painless. To qualify, you must satisfy a few simple criteria.
What is a Payday Loan? What Can It Be Used For?
A paycheck advance loan is where the borrower will receive a petite sum of money on a short-term basis. This is thought of as an unsecured loan as no collateral is expected.
When surprise costs present themselves, for example past due rent or utility payments, car fixes, health or vet fees, and so forth, individuals usually rely upon payday loans.
Payday Loan Requirements In Waukegan, Illinois
In Waukegan, Illinois, payday advance loan borrowers must meet a few criteria to be eligible for a loan.
The borrower has to:
- Show proof that they reside in Waukegan, IL
- Must be 18 years old
- Have a steady stream of income that they can provide proof of being at least $1,000/month
- Provide up-to-date contact details including phone number and email address
- Provide their social security number
If a borrower does not abide by the above requirements, they will automatically be denied a cash advance loan. Make sure you possess the documentation needed when submitting your application.
Laws and Rules Regarding Payday Loans in Waukegan, IL
Illinois has deemed payday lending legal. However, they have enacted the following rules and regulations for the paycheck advance lending industry:
- An individual lender can't offer a loan greater than $600. Borrowers may not take out more than two outstanding 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 are unable to rollover their loans.
- The fees and charges change for each money lender. The service fees charged by lenders on each loan or transaction are not considered interest. The service fees apply to each $100 loaned and can range from 11% up to 15%.
- An interest rate must be mutually agreed upon. APR can range up to 369%.
Will Paycheck Advance Lenders in Waukegan, IL, Complete Credit Checks? What If I Have Bad/No Credit History At All?
Yes, the lenders we have a relationship with will perform a credit check on you, still, even if you possess no credit or less than stellar credit, you may still be approved for a loan as long as you can show that you can pay back the loan. Lenders are generally unbothered by your credit if you have proof of income and a plan to pay back the loan.
Lenders will conduct a soft credit check, 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 inquiry, dissimilarly, needs your permission. These credit inquiries are done for various purposes, including mortgages, credit cards, and more.
You might still qualify for a cash advance loan with less than great credit in Waukegan, IL, provided that you have proof of repayment.
So, when you request a loan, albeit in person or online, double check that you have your income information easily accessible and any other documents proving that you can pay back the loan. The more evidence you provide, the more likely your loan request will be granted.
When Will I Get My Funds in Waukegan, Illinois?
When you see your money actually depends on your lender as some lenders provide same-day cash advance loans, which means you will see your payday advance loan on the same day you submit your application, as long as you get an approval.
Most of the time, however, lenders will send the borrower their lump sum on the following business day. Businesses usually close for holidays and weekends. So, if you apply on a Friday, you might not receive your cash until Monday.
If you're needing a same-day paycheck advance loan in Waukegan, 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 time. However, you should request a loan earlier than that if possible, as it will boost the likelihood that you receive your money on the same day that you apply.
One additional factor that you should understand is even if the money lender grants your loan request and posts the deposit to your checking account, occasionally the bank won't release that funds immediately. It's important to let your bank know that you plan to get a payday loan, so they might make an exception in releasing the cash earlier.
Overall, it's wise to prepare in advance to get your deposit on the next 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 less than great credit or no credit and are looking to get a payday loan, think about applying with us, as you most likely have a higher chance of approval.
We partner with hundreds of different lenders who offer their services online. Most of the time you will see your funds on the next business day so ensure that you plan accordingly.
However, you can always find the nearest cash advance loan store to you and apply in person to boost the chances of seeing your funds on the same business day. When applying in person, ensure that you have your government ID or driver's license; a passport will work as well. Sometimes, lenders may ask for proof of address, so take along a utility bill to the store as well.
To find the nearest payday advance loan storefront, please navigate to the list below and locate your city.
Payday Loan Direct Lender Companies in Waukegan, IL
Below you will find a list of payday loan companies offering their services in Waukegan, Illinois. If you can't find a lender near your location in Waukegan, 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 Waukegan, 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.