Illinois Payday loans
Illinois payday loans are a popular way to get cash quickly as long as you have a job and can repay with your next paycheck. It is important to understand the concept properly and the consequences of defaulting in such a loan. Thus, we have created this guide on how you can take advantage of Illinoi payday loans.
Are Illinois payday loans legal?
Yes, Illinois payday loans are legal and governed by a set of laws that dictate interest rates, repay times and all fees and penalties related to the practice. The law says that the minimum term of 13 days, people can borrow up to $1000 or 25% of their income (whichever is smaller). Companies also cannot lend money to people with loans that are late for more than 45 days (except for installment loans). Illinois Installment loans are also governed by the same set of laws and in their case the term can only span 112 to 180 days. Unlimited rollovers are prohibited and the amount of a loan depends on how much a person can afford. Again, we advise that you should exhaust all your other options before taking out a loan.
Illinois Payday loans options
Here is a list of companies that offer Illinois payday loans or alternatives. Please do your research as each offer has their own advantages and disadvantages.
Advantages of Illinois Payday loans
- Many options There are many options available between stores and online vendors for you to get your hands on an Illinois payday loan.
- Bad credit ok Even if your credit history is below par there is a good chance you will be approved because what Illinois payday loan companies are looking for is a steady job.
- Easy application Application is super easy as all you need to do is to go through an online process and upload documents which will be verified electronically. There is no need for faxing out documents.
- Quick money If your in-store application is successful, you will get the money right away. With online vendors the money is ether deposited the same day or the next day.
- High Max You can get a loan of as much as $1000 dollars which is twice as most states allow
- Cancel with no fees You can cancel after 2 business days without any fees. You will have to pay back the money you borrowed.
Illinois Payday loans fees
There are laws in place regulating how much Illinois payday loan companies can charge you. Here is the basic fee structure.
- APR & fees Illinoi payday loan companies can only charge up to $15.50 per $100 loaned. On 14 day loans the max charge on $100 is $15.15. The APR on 14 day $100 loans is 403% max.
- Collection fees NSF fees are charges that you will pay if your check bounces. In the case of Illinois payday loans, the max charge is $25.
- Rollover charges Rollovers are not permitted in Illinois payday loans so fees do not apply.
How to apply for an Illinois Payday loans
Illinois payday loan application are easy to do and you can do so by visiting a store or online. Here are some criteria that needs to be met.
- 18 years old minimum
- American citizen or permanent resident
- A job
- Name, DOB, SS#, valid ID
- Address, email, phone
- Employment and income details
- Checking account details