Illinois Payday Loans and Cash Advances
We talk about payday loans when we mean unsecured small-dollar advances issued for individuals for the short term. Usually, such loans are used by borrowers who have no access to credit cards, union loans and other kinds of financial help. Some prefer this type of loan because they would rather pay a fee for using it than explain what they need money for to family or friends.
Our website specializes in finding low-cost payday loan lenders in the state of Illinois. The major benefit of our service is that we can guarantee approval even if your credit score is less than stellar.
Are payday loans legal in Illinois?
Payday loans are deemed legal in Illinois, with laws regulating the industry. Thus, the maximal amount you can count on is $1,000, which prevents major hurdles of indebtedness. Also, the short-term nature of such loans is aimed at helping borrowers avoid the debt pitfalls over extended periods. By law, you can use payday loans in Illinois between 13 and 45 days and in case of installment payday loans, 112-180 days. No rollovers are permitted.
The APR applied to payday loans in Illinois is limited at a rather high 403% by the state regulations, so you need to be extra careful choosing a lender. With interest rates tending to spin out of control, you want professional help to find a low-cost lender. At our website, we are experienced in providing this kind of assistance.
How to get a payday loan in Illinois
If you are determined to find a payday loan in Illinois online, you have come to the right place. We have offers of hundreds of lenders from the state ready to approve candidates with a bad credit history or low income without any paperwork.
Of course, certain requirements apply. Thus, you will be asked to fill out an application form where you will need to state your full name, your contact details, the name and the address of your employer, and details about your income. You need to be o18 years of age or older, a citizen of the U.S. and a resident of Illinois to get approved.
What are the minimal and maximal loans I can count on in Illinois?
While the minimal payday loan sum is not limited, it is generally understood that lenders do not work with the application for sums under $100 in their majority. The maximal amount you can get as a payday loan in Idaho is $1,000.
What motivates Illinois citizens to apply for a loan?
The reasons behind payday loan applications in the state of Illinois are most commonly concentrated around meeting unexpected financial challenges, mostly healthcare bills, repair works invoices, and sometimes just plain old food on the table. Some households find it difficult to get through the month from one payday to the other, and so they need to resort to some emergency methods whenever something unpredictable skews their budgetary balance.
The good news here is that you are not asked what you plan to use the money you get for, so you don’t need to feel like your reasons for taking out a loan will have any effect on the approval of your application.
Users often ask us:
How many payday loans can I have in Illinois?
Lenders in Illinois are permitted to issue two loans per borrower.
Here is how you calculate APR for your loan
- Let’s take the maximal APR of 403% (or 4,03 for the calculus part) and divide it by 365 days in a year, this will leave us with 0,011 or 1.1% of daily interest
- If we take out a loan for 45 days, it will mean that you will pay 45 x 0.011 or 49.5% of the sum borrowed for the entire period
- 49.5% of a loan on $750 is $372.63
- Given that you took out a loan of $750 at the cost of $372.63, you will need to return $1,122.63 at the end of 45 days period.
As a result, you arrive at the following payday loan estimation:
- Loan Amount: $750
- Loan Term: 45 days
- APR (Annual Percentage Rate): 403%
- Total Repayments: $1,122.63
- Cost of Loan: $372.63
We will answer any other questions you may have about payday emergency loans Illinois if you contact us directly.