Payday Loans in Wood River, Illinois
Events happen, and we often wind up in a place where we must pay for some unforeseen costs. Think about submitting an application for a paycheck advance loan in Wood River, Illinois, to see if you qualify.
The loan application process is quick and simple. To qualify, borrowers have to satisfy a couple of basic requirements.
What is a Payday Advance Loan? What Can It Be Put Towards?
A paycheck advance loan is where the borrower will receive a small sum of funds on a short-term agreement. This is deemed to be an unsecured loan due to the fact that no collateral is expected.
When unforeseen expenses come up, such as late rent or utility fees, auto repairs, medical or vet bills, and so forth, individuals usually turn to cash advance loans.
Paycheck Advance Loan Criteria In Wood River, IL
In Wood River, IL, payday loan borrowers need to satisfy a few criteria to be eligible for a loan.
The borrower must:
- Show proof that they reside in Wood River, IL
- Must be 18 years old
- Receive a steady stream of income that they can prove that's at least $1,000/month
- Give current contact details such as phone number and email address
- Provide their social security number
If a borrower does not satisfy the above requirements, they will automatically be denied a payday advance loan. Ensure that you can provide the documentation required when submitting your application.
Laws and Regulations Concerning Paycheck Advance Loans in Wood River, IL
Illinois has deemed payday advance lending legal. Although, they have enacted the following rules and laws for the cash advance lending market:
- A single lender can't extend a loan in excess of $600. Borrowers cannot possess more than two active 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 money lender. The service costs enacted by the lender on a loan are not considered interest. The service fees apply to each $100 borrowed and can range between 11-15%.
- An interest rate must be mutually agreed upon. APR can range up to 369%.
Will Payday Advance Lenders in Wood River, IL, Run Credit Checks? What If I Have Poor/No Credit History At All?
Yes, the lenders we have a relationship with will perform a credit check on you, still, even if you have no credit or less than optimal credit, you might still be eligible for a loan given that you can prove that you are able to repay the loan. Lenders are generally unconcerned about your credit history if you provide proof of income and a strategy to pay back the loan.
Lenders will use a soft credit inquiry, which will not impact your credit score. This is only to get an idea of your credit history and basic information.
A hard credit pull, alternatively, must have your permission. These credit pulls are used for a variety of purposes, including mortgages, credit card applications, and more.
You can still be approved for a paycheck advance loan with less than great credit in Wood River, Illinois, provided that you have proof of repayment.
So, when you apply, whether it is in person or online, make sure that you have your income information available and any other documents showing that you can repay the loan. The more proof you show, the better chance you are to be approved.
When Will I See My Money in Wood River, Illinois?
When you see your cash really depends on the lender as some lenders provide same-day payday advance loans, which means you will get your payday advance loan on the same day you apply, as long as you receive an approval.
Much of the time, though, lenders will send the borrower their lump sum on the next business day. Businesses often close for holidays and weekends. Because of this, if you apply on a Friday, you may not see your loan until Monday.
If you're looking for a same-day payday advance loan in Wood River, Illinois, you will need to make sure you're applying by 10:30 am. All same-day deposits going out that day will be approved by that deadline. However, you should submit an application earlier than that if possible, as it will boost the likelihood that you see your money on the day that you apply.
One other consideration that you should know is even if the lender approves your application and posts the loan to your bank, sometimes the bank won't release that loan immediately. It's vital that you let your bank know that you plan to get a payday loan, so they could possibly make an exception in releasing the funds earlier.
On the whole, it's wise to prepare ahead of time to receive cash on the next business day. That way, you're not surprised if you cannot receive it on the same day.
Consider Borrowing From PaydayLoanRadar
If you have less than great credit or no credit and are looking to get a payday loan, consider applying through us, as you usually have a higher chance of approval.
We work with hundreds of different lenders who provide their services online. Frequently you will see your cash on the next business day so make sure that you plan correctly.
However, you can always locate the closest cash advance loan storefront to you and apply in person to increase the chances of seeing your money on the same day. When applying in person, ensure that you have your government ID or driver's license; a passport will work as well. Occasionally, lenders may require proof of address, so bring a utility bill to the store too.
To locate the nearest payday loan store, please use the list below and search for your city.
Payday Loan Direct Lender Companies in Wood River, IL
Below you will find a list of payday loan companies offering their services in Wood River, Illinois. If you can't find a lender near your location in Wood River, 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 Wood River, 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.