Payday Advance Illinois
Let's face it, life can be difficult enough just trying to make ends meet. However, when unexpected emergencies occur and money is needed immediately to handle them, coming up with the cash can compound an already difficult moment.
Tough financial times can mean that sufficient funds aren't available for such emergencies that often pop up without warning and usually prior to paydays. Such financial needs not only cause problems at the moment they occur, but they also increase the amount of stress from worrying about where the cash will come from.
Why Obtain an Illinois Payday Advance?
Illinois payday advances make great go-to solutions when you are strapped for cash. Payday advances provide the cash needed both quickly and without much hassle so you can handle financial emergencies and avoid much of the worry and stress that they can cause.
Because Illinois cash advances are repaid quickly (usually upon your next scheduled payday), you avoid long-term bank loans, using credit cards, and the embarrassment of borrowing money from family or friends, as well as eliminate the stress associated with payments.
Illinois Payday Loans: The Process
If acquiring a payday advance Illinois loan sounds like the solution to your present financial problem, you can either go to participating payday advance stores within the state or apply for them, conveniently, online from the comfort of your office or home.
You begin the application process by filling out a short form that requests basic information, as well as the amount of cash you require and the proposed repayment date, which normally falls on your next scheduled payday. You will also be required to provide an approved form of personal ID in addition to employment verification or other approved regular income, such as disability or Social Security payments.
Physical lending locations often require a post-dated personal check made out for the amount of the loan plus associated fees and interest which can be cashed by the company on the pre-determined repayment date. Your bank account information (either checking or savings) is also required so that the loan amount can be deposited upon approval. Some lenders use your account information to withdraw the total loan amount on the repayment date.
Illinois payday advances can be obtained rapidly, usually providing the needed cash in less than 24 hours. They can also be acquired without credit checks which makes them obtainable by those who have less than good credit.
Legal Guidelines for Illinois Payday Advances
Lending companies based both inside Illinois and on the internet must adhere to the legal guidelines set by the state. Illinois payday loans can be up to $1,000 or an amount of 25% of your gross monthly income, whichever is less. The repayment period of the cash advance can run from 13 to 45 days and no rollovers (extensions on the loan) can be obtained.
The maximum combined finance rate and associated fees set by Illinois law is $15.50 per $100 of the loan amount. This equates to 403% APR on a $100 loan taken out for 14 days. Illinois residents can have a maximum of two payday loans taken out at one time and there is a seven-day cooling off period after a loan is paid off and before another can be obtained. Also, up to two non-sufficient fund (NSF) fees of $25 each can be charged against the account.
Where to Turn for Additional Information
More information on Illinois payday loans, the laws surrounding them, and the physical locations of participants within the state may be obtained by contacting the following office.
Illinois Division of Financial Institutions
Consumer Credit Section
320 West Washington
Springfield, IL 62701