Illinois Payday Loans
In need of a fast payday loan? If so, there are many Illinois resources to assist you in obtaining the loan you need today. In less than 24 hours. The funds from a payday loan can help you get the cash you need to pay bills, make a purchase, or do whatever else you need to do. To get a payday loan today you can easily submit your request online using our website. Due to the financial involvement some people feel more comfortable visiting a local IL payday loan facility.
Payday Loans in Illinois:
Illinois Payday Loan Information
A payday loan is a short-term loan for $100 to $1,000. It is sometimes called a cash advance because you take the loan with the promise to repay the cash from your next paycheck. For example, on February 1st you needed $200 cash but your payday is in two weeks. The lender agrees to give you the Payday loan with a $60 service fee. You then write a post-dated check for February 14th for $260. The lender will then give you $200. The lender will hold your post-dated check. The maximum Illinois payday loan is $1500. In a payday loan transaction, the borrower will provide to the lender items such as a paycheck stub, photo identification and a recent bank statement. The borrower writes a check to the lender for the amount of the payday loan and the lender's fee. Under law, the lender's fee cannot exceed 15 percent of the payday loans amount and the total face value of the check may not be more than $500. The lender agrees to hold the check until the customer's next payday, up to 30 days. At that time, the borrower may redeem the check with cash, allow the lender to deposit the check or roll over the payday loans by paying another fee.
Payday loans are usually priced at a fixed dollar fee, which represents the finance charge to the borrower. Because these loans have such short terms to maturity, the cost of borrowing, expressed as an annual percentage rate (APR), is very high for payday loans. Typically, a IL consumer completes an online form or faxes their application including all information. No fax payday loans appeal to younger consumers, people with limited understanding of finances and those who are deep in debt. According to the FTC, no fax payday loans lenders usually look for people who are high in debt or have a history of using high-risk lenders. The loan is deposited in the verified account of the consumer and the payment of the loan goes electronically in the day of following payment of the Illinois borrower.