Payday Loans Requirements
The requirements for payday credit borrowers in Illinois are easy to comply with, as almost every American matches the set criteria. To be qualified for a short-term cash credit in the state of Illinois, the person needs:
- A valid ID/driving license
- Regular income
- Official employment
- A bank account in the name of the customer
- A valid email address
- Personal cell phone number
Except for the personal information about the customer, the moneylenders will need to know about your current employment status, source of additional income (if you have any), your employer contact phone, your per-month income and, of course, your payday. The rest of the information you'll need to give to the creditor is related to your bank account. Besides, you'll have to specify your credit score, though it won't have any serious impact on issuing a loan.
Ways to Get a Payday Loan
There are two ways you can obtain payday loans in Illinois department. The first one is applying for cash in one of the numerous quick loan shops. However, it will take a lot of your time, as you may need to visit several payday loans shops to find the one, which terms seem to be more beneficial. Another way to get fast financial help is to apply for a loan on Express-Cash-USA.Com online. In this case, you'll only have to fill out a special form and wait for the decision. Online lending companies usually approve cash advances without a problem. Yet, the best thing is that you will know, if you get the funds within 15 – 30 minutes.
You'll be informed about your application status by phone. Besides, you'll get a letter to your email address. After that, you are to read the terms of the agreement between you and the lender. In case you have any questions, ask them before you sign the document. Even though you need the money fast, it is better to read the agreement details carefully to make sure there are no hidden fees or other pitfalls.
Only after you make it clear about every clause of the document, you should sign it with an e-signature. The money will be credited to your account within 24 hours since you sign the agreement. This period can be extended, if you fill out for a loan on weekends.
Illinois Payday Loan Terms
Illinois is one of the states, offering the biggest amounts of money for potential borrowers. The biggest sum one can obtain from online loaners reaches $1000. Or, in case you get one or more loans, this sum can be calculated by means of your gross per-month income. The laws on Illinois payday cash loans claim that the sum of one or both (if you have two outstanding credits) loans cannot exceed 25% of the customer's income per month.
The Illinois lenders set the annual percentage rate (APR) at approximately 400%. The charges for each $100 can reach up to $15.50. Except for these fees, the borrower will also need to pay a verification fee, which is not to exceed $1.
Though in the majority of the US states acts a single-loan-at-a-time restriction, in Illinois, people can take up to two loans. However, the borrower can't obtain a cash advance in case it will result in the borrower's being in debt for the term exceeding 45 days.
Based on the legal regulations, fast loans online Illinois can be issued for the term ranging from 13 to 45 days. When it comes to the installment payday loans, the period is increased to 112 – 180 days.
Loan borrowers in Illinois are obliged to have a week-long cooling-off period, if they were in debt for 45 consecutive days. Therefore, loans issued for the term fewer than this are not a reason to take a cooling-off week.
On certain conditions, payday credits in Illinois can be provided on terms different from those described above. The thing goes about the customers who are on current military service. They can obtain payday loans at 36% annual percentage rate. This is one of the reasons why the application form comprises the question about your being the military.
Late Payment Trouble Solution
The borrowers who fail to comply with their payday credit contract and can't repay the loan on its due date are required to enter an interest-free repayment plan. It is intended to help the debtor repay the cash advance and get out of the debt trap. The law requires a person to request an interest-free repayment plan, if he or she is in debt for the term exceeding 35 days.
How to Avoid Mistakes when Getting a Cash Advance?
The bulk of problems, that appear with payday loans, are associated with the wrong choices of the borrowers. To avoid the issues other people faced when using a payday loan, you need to know about the common mistakes.
Illinois laws allow getting up to $1000 as a payday loan. Such an impressive sum of money makes some people forget about their financial capacity and ask a loaner for the maximum deposit. However, when it comes to paying back the debt, it turns out that not everyone can cope with the financial load crushing on him or her. As a result, people can't repay their loans on the due date and start accumulating penalties for late payment.
To make sure you will handle the loan, including additional fees and interests, ask a loaner about the final sum of money you will have to pay back before your paycheck. Only if you are 100% sure that this sum is bearable for your budget, make a deal. Sometimes, the borrowers sign the contract without reading it, which is another common mistake.
Illinois payday loans can grow into a problem, if you miss the loan due date. Your debt will grow the following day, because the lender will charge penalties for each late payment day.
How Can You Win from Cash Advance IL?
The high annual percentage rate offered by the payday loaners in Illinois is the primary reason making people hesitate about the expediency of this type of credit. However, it should be kept in mind that payday loans are short-term credits. So, in fact, you won't pay a 400% fee for your loan. Besides, payday cash advances offer many benefits, no other type of crediting can give. We'll stop in details on some of them.
Bad Credit History is not an Issue
A lot of customers, working with online payday loaners, do so because of the inability to obtain the needed sum of money from the bank. It happens, because they may have had problems with repaying credits to the bank, which negatively affected their credit score. The reasons why banks may consider you an unreliable borrower are numerous, therefore, they have multiple reasons not to lend you the funds.
The situation is totally different with online loaners. They do check your credit history, but it can never be a reason for the refusal. The borrowers state their credit score in the application form to let the loaner understand the potential risks. In some cases, poor credit history can limit the amount of the cash advance you can count on, but you'll still get professional financial help.
IL Payday Credits. No Guarantor Required
Just some people like to share their financial troubles with their family and friends. In most cases, they prefer to deal with the money issues on their own, without attracting the attention of others. Thanks to payday cash advances, people can avoid judgment and solve their financial troubles without much talking. The loaners don't require you to have a guarantor. Thus, your borrowing will stay between you and your loaner. It is impossible to do the same, when trying to get a loan in banks, because the presence of a guarantor is an obligatory condition to comply with.
Cash Advance in Illinois. Obtain with a Minimum Documents
Every person who has ever taken a loan in the bank knows how many documents are required to get the needed funds. With loans online Illinois, you don't need piles of documents to obtain credit. The only paper required in 100% of cases is your ID issued by the state. However, you should also be ready to submit a copy of your recent utility bill, or your bank account statement. These documents are optional for loaners. Therefore, not every moneylender will ask you for them.
Less than an Hour to Get the Approval
The procedure of getting credit in the bank may last for several days, if not weeks. But in situations when you are in a desperate need of cash, it's not an option. Therefore, you can go to our website and find a lender, who will offer you the needed sum within the shortest terms. Usually, it takes about 15 – 20 minutes to get loan approval. So that the entire lending process, from filling out the application form to receiving the cash, won't take more than 24 hours.
One of the best things about payday loans is that they can be received without getting up from the couch or leaving your workplace. All you need is the internet access and the documents we've named above. The entire application process goes online. The documents are provided as fax copies. In case there's a need to get some additional information or discuss the details of the contract, the lender will contact you either via email or by phone. Anyway, you still can get the money without any harm to your daily schedule.
Get a Loan Regardless of Your Location
Payday cash credits IL are given to the state citizens no matter where they live. Be it a small town or a megapolis, like Chicago, people living there can get a loan anytime, any day. It's not obligatory to visit a loan shop to get the money. We can help you deal with your temporary financial difficulties remotely.
Safety, Speed, Stability
The three S's short-term loans are based on are the safety, the speed of solving your financial problems, and the stability you can get with loans. As for the safety, the moneylenders guarantee, that your personal information stated in the application document will be securely stored.
Payday cash advances are usually the only way out for a person, who has faced some unpredictable circumstances and needs support badly. Fast online loans can become a helping hand in difficult life situations. You'll receive the money within one business day to make through the trouble today.
Financial stability is the thing, each of us wants and needs to feel. With online payday loans Illinois, you always know that there is a way out and that you can rely on them whatever the problem is.