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Illinois Payday Loans

Payday loans can be a very expensive way of borrowing money. CashinaMoment has an easy application for online payday loans in Illinois. When you apply and qualify for a cash advance loan, you can get an answer within 90 seconds using our online form!

Illinois payday loans are intended to help folks with a steady income in times of a financial emergency. This could involve unexpected auto repairs or medical bills.

States have their own rules and regulations concerning online payday loans. You can find the payday loans in Illinois on the state website.

Our loan request process for Online Loans, Illinois

It’s easy to request your online payday loan with CashinaMoment in Illinois. Just make sure that you meet our basic requirements:

  • You must be 18 or older
  • You need to have an active bank account
  • You must be a U.S. citizen or permanent resident
  • You need a phone number and email address
  • You need a current income of $1,200 or more per month.

Payday Loans in Illinois, Do I Really Need One?

Payday loans are currently the most popular loan option available. This is because many consumers cannot get a traditional loan and only need a small loan to cover urgent expenses.

There are many reasons why people apply for payday loans in Illinois.

First, you can apply for a loan if a traditional loan is not available to you.

Secondly, payday loans can help when you are short cash until your next payday. This can be an urgent auto repair, medical bills, utility bills, etc.

We offer safe, secure, convenient, and no hard credit check payday loans in Illinois to serve as a helpful bridge between pay periods and assist you in paying off an unexpected expense.

Top Benefits of Payday Loans:

  • Quick approvals
  • Online applications from any device
  • Available 24/7 and 365 days a year
  • Secure processing
  • Approved loans are funded in 1 business day.

Why Apply for an Online Loan?

The reasons to apply for a loan are as unique and diverse as the people who request them. Every person’s financial situation is different. And there are countless factors that influence a decision to borrow.

Whether it’s a leaking roof that requires an immediate repair, buying much-needed baby food or clothes, or covering monthly bills. Online loans are the safety net many Americans rely on when they are faced with an urgent financial need.

Additionally, online loans offer a level of convenience that traditional banks and institutions are unable to provide. For instance, a person looking to take out a loan can apply at CashinaMoment from anywhere they have an internet connection, eliminating the need to travel to an office, take time off work during business hours, or wait until the doors of a physical location are open.

Basic Payday Loan Requirements

  • Basic Contact Information
  • Current ID
  • Social Security Number
  • Checking account
  • Proof of Income

Illinois Payday Loans: Law, Stats, and History

Legal Status Legal
Interest Rate (APR) 36% maximum
Maximum Loan Amount $1,000 (or 25% of gross monthly income)
Minimum Loan Term 13 days
Maximum Loan Term 120 days
Number of Rollovers 0 (for installment payday loans is just one time)
Number of Outstanding Loans 2
Cooling-off Period 7 days after 45 consecutive loan days
Finance Charges- $1 verification fee A fee for insufficient funds cannot exceed $25
Statute of Limitations 10 years
Database Loan Tracking Yes

In the state of Illinois, payday lending is legal.

Illinois Payday Loan Term

In Illinois, a person can take a payday loan for a term from 13 days to 120 days.

Rollovers are prohibited.

A cooling-off period means that you must wait seven days after having a loan (except for installment loans). Otherwise, you will not get another loan.

Illinois Payday Lending Statutes

Payday lending is considered legal in the state of Illinois.

The Illinois Department of Financial and Professional Regulations (IDFPR) keeps a database of all Illinois payday loans. It is required that all lenders check the database before issuing a new loan to a consumer and enter information regarding the new loans into the database.

What Can I Use an Illinois Payday Loan For?

Illinois payday loans are designed to assist those with a regular income in cash emergencies. This may include urgent repairs or bills. The loan can be used for whatever you wish but isn’t meant for frivolous spending. Payday loans in Illinois should also not be used to make repayments on other loans.

How Do Payday Loans work?

You can get an Illinois payday loan from $100 up to $1,000. Most loans are repaid in 2-4 weeks. With longer-term loans, you can borrow the funds and pay them back in equal installments each month. You can repay your loan early, and this will save you money on interest.

Do I Need Good Credit to Get a Payday Loan in Illinois?

Don’t despair if you have bad credit; you can still get a payday loan in Illinois. CashinaMoment helps find payday loans for people with all credit histories, including poor credit. Even if you have been turned down by a bank because of bad credit, you are still eligible for a Bad Credit Loan.

FAQs - Illinois Payday Loans

You can do so. Our direct lenders assess each request, and your credit scores are not a key factor. Your current income is the most important factor in gaining approval.

Payday loans are designed for people with a stable income. Inability to make your payday loan repayments will cause interest (and/or penalties) to be added. You should be sure you can make your repayment before getting an online loan.

There may be alternative options available to you, such as borrowing money from family or friends, selling unused items, etc.

It’s best to make sure that you only borrow what you need. If you have a cash emergency, it is important to cover your costs until you can get your finances in a better position. If you borrow too much, you may find yourself unable to make your payments.

You should decide whether you wish to pay on your next payday or take use a longer-term. If you just need the cash to tide you over until payday, go for the shortest-term loan. This will give you between 2 and 4 weeks to repay the loan in one full repayment.

The loan is paid back on the due date. Generally, this is done by an automatic bank withdrawal on the due date.