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Chicago, IL Payday Loans

A cash advance is often referred to as a payday loan. These online payday loans are often provided with a one-time repayment agreement.

In other words, the borrower must pay back the borrowed amount when their next paycheck arrives. Lenders may allow longer payback terms depending on the borrower’s qualifications. Repayment is normally by automatic withdrawal from the borrower’s account.

Advantages of Getting a Payday Loan in Chicago, IL

There are plenty of benefits of short-term cash advance loans. Here are some advantages:

  • Payday loans online are processed much faster than typical loans.
  • Most lenders do not dictate what the money borrowed must be spent on. It is up to the borrower to manage the use of their cash responsibly.
  • Payday loans help you avoid borrowing money from your friends and family.
  • With these flexible payday loans online, borrowers can forget about the stress of traditional loans and their long processing times.
  • Payday loans are intended for emergencies.

How to Get an Online Loan in Chicago?

Chicago residents may apply for a short-term cash advance through online platforms. The application is regarded as a highly user-friendly and secure process that can be completed in just 2-5 minutes.

Cash Advance / Payday Loan Requirements

  • You must be 18 years of age or older to apply.
  • You must provide your Social Security number.
  • You must be a legal resident of the Chicago, Illinois, area.
  • You must have a stable source of income of at least $1,200/month.
  • You must provide a phone number and email address.
  • You must have a current checking account.

In the state of Illinois, payday lending is legal.

Licensed Chicago lenders should disclose all loan terms, interest, fees, repayment information, and other conditions to applicants before signing the loan. Both parties should agree to the repayment date, which is typically established as the day of or following the borrower’s next paycheck.

Illinois Payday Loan Regulations

Legal Status Legal
Interest Rate (APR) 36%
Maximum Loan Amount $1,000 (or 25% of your gross monthly income)
Minimum Loan Term 13 days
Maximum Loan Term 120 days
Number of Rollovers 0
Number of Outstanding Loans 2
Cooling-off Period 7 days after 45 consecutive loan days
Finance Charges $1 verification fee- $25 for insufficient funds
Statute of Limitations 10 years (from the last payment)
Database Loan Tracking Yes

Reference Reading:Illinois Payday Loan Regulations

Why CashinaMoment?

  • CashinaMoment offers quick access to payday loans to help pay for emergencies.
  • Our direct lenders approve about 80% of received loan requests.
  • We are not a lender but a referral service to licensed, direct lenders in the state.
  • Thanks to the many years we have been in the industry, it is easy, fast, and safe to apply for a loan through us.
  • CashinaMoment works with over 100 direct lenders who are willing to offer loans in Chicago.
  • The best part of it is that you stand a high chance of qualifying for the loans as compared to traditional bank loans.
  • Working with us means choosing a friendly, reliable, and understanding partner who can be there in a time of need.

FAQs - Chicago Payday Loans

The most common reasons include not passing affordability checks, past borrowing history or missed payments, and current income (e.g., not having enough income to qualify).

CashinaMoment is an online payday loan referral service in Chicago. With years of experience, we are committed to helping the people of Chicago to solve their emergency cash situations quickly by providing online payday loans through our direct lenders.

The short answer is yes. A lending company can sue you in civil court if you default on your debt. This rarely happens as lenders send loan defaults to collection agencies that can take you to civil court if they are unable to collect the debt. For you to be sued in civil court, you must be delinquent on your payments and in violation of your loan agreement.

Note: Payday lenders (or collection agencies) can never take you to criminal court.

Have an urgent need of money in Chicago?

The most significant advantage of an online loan in Chicago is that the lender can approve the loan much faster than other money lending businesses. This allows borrowers to address their emergency cash situations.

Borrowers may apply for bad credit payday loans from anywhere on their smartphones, pads, or PCs by filling out a short, secure loan request form and submitting it online. It usually only takes a few minutes.

Yes. Lenders require an active checking account so that they can deposit your cash advance into your account as well as receive repayment on your due date.

No, we are not a direct lender or broker. We are a referral service to direct lenders.

Payday loan amounts range from $100 to $1,000, depending on qualifications.

Repayments for a payday loan are usually taken out automatically from your bank account. This will happen on the date agreed with you and your lender.

None. CashinaMoment does not charge any fees for using our services.

Loans are funded in one business day in almost all cases. There may be delays if your bank does not process the direct deposit. Ask your lender what to expect for your deposit.