Payday Loans in Ellettsville, Indiana
Life happens, and we usually wind up in a place where we must pay for some surprise costs. Consider applying for a payday loan in Ellettsville, Indiana, to see if you qualify.
The loan process is fast and straightforward. To qualify, borrowers have to meet a couple of general criteria.
What is a Cash Advance Loan? What Can It Be Put Towards?
A paycheck advance loan is where the borrower will get a petite amount of funds on a short-term basis. This is deemed to be an unsecured loan as no collateral is required.
When surprise bills present themselves, for example late rent or utility fees, vehicle bills, medical or vet fees, and so forth, people usually turn to paycheck advance loans.
Payday Loan Criteria In Ellettsville, Indiana
In Ellettsville, IN, payday loan borrowers need to meet several criteria to be eligible for a loan.
The borrower must:
- Show proof that they reside in Ellettsville, Indiana
- Must be 18 years of age
- Have an income that they can prove that's at least $1,000 per month
- Provide up-to-date contact information like phone number and email address
- Give their social security number
If a borrower does not meet the above criteria, they will automatically be denied a payday loan. Ensure that you possess the documents needed when submitting your application.
Laws and Rules Concerning Cash Advance Loans in Ellettsville, Indiana
The State of Indiana has ruled payday lending legal. Still, they have set the below rules and regulations for the payday advance lending market:
- A single money lender cannot offer a loan greater than $600. Borrowers are not allowed to 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 Indiana, borrowers are not allowed to rollover their loans.
- The fees and charges are different for each lender. The service costs charged by the lender on each loan or transaction do not fall under interest. The service fees apply to each $100 borrowed and can range between 11-15%.
- An interest rate is required to be mutually agreed upon. APR can range up to 369%.
Will Paycheck Advance Lenders in Ellettsville, IN, Perform Credit Checks? What If I Have Bad/No Credit History At All?
Yes, the lenders we have a relationship with will run a credit check on you, still, even if you have no credit or poor credit, you may still be approved for a loan as long as you can show that you can pay back the loan. Lenders are usually unconcerned about your credit if you provide proof of income and a plan to repay the loan.
Lenders will conduct a soft credit pull, which will have no impact on your credit score. This is solely to get an idea of your credit history and basic information.
A hard credit pull, alternatively, requires your explicit consent. These credit checks are used for a plethora of purposes, such as mortgages, credit card applications, and more.
You can still be approved for a payday advance loan with poor credit in Ellettsville, Indiana, provided that you can prove you will repay the loan.
Therefore, when you apply, whether it is in person or online, double check that you have your income information ready and any other documents proving that you can repay the loan. The more proof you provide, the better chance your loan request will be granted.
When Will I See My Cash in Ellettsville, Indiana?
When you see your money really relies on your lender as some lenders advertise same-day cash advance loans, which means you will get your payday loan on the same day you apply, as long as you receive an approval.
Much of the time, however, lenders will send the borrower their lump sum on the next business day. Businesses generally close for holidays and weekends. Therefore, if you apply on a Friday, you might not receive your funds until Monday.
If you're wanting a same-day payday advance loan in Ellettsville, IN, you will need to be sure that you're applying by 10:30 am. Any and all same-day loans 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 receive your cash on the same day that you apply.
One additional factor that you should be aware of is even if the lender grants your loan request and posts the funds to your bank account, occasionally the bank won't release that funds right away. It's paramount 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.
Overall, it's best to prepare in advance to receive your loan on the following business day. That way, you're not left in the lurch if you cannot receive it on the same day.
Consider Borrowing From Us
If you have underwhelming credit or no credit and are needing to secure a cash advance loan, consider applying through us, as you frequently have a higher chance of approval.
We work with more than one hundred different lenders who provide their services online. Often you will receive your funds on the next business day so make sure that you plan accordingly.
However, you can always find the nearest cash advance loan store to you and apply in person to increase the chances of receiving your cash on the same 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 bring a utility bill to the store too.
To locate the nearest payday loan store, please navigate to the list below and search for your city.
Payday Loan Direct Lender Companies in Ellettsville, IN
Below you will find a list of payday loan companies offering their services in Ellettsville, Indiana. If you can't find a lender near your location in Ellettsville, consider applying in a nearby city in Indiana. 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 Ellettsville, 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.