Payday loans in Illinois
| Rank | Lender | Amount | Fee | Notes |
|---|---|---|---|---|
| 1 | 100 Day Loans Our Choice |
No details disclosed, see below | No details disclosed, see below |
122 Loan providers in one site No Faxing Bad Credit allowed High approval rates |
| 2 | PayDay One |
No details disclosed, see below | No details disclosed, see below |
High approval rates No Faxing |
| 3 | AmeriAdvance |
No details disclosed, see below | No details disclosed, see below |
High approval rates No Faxing |
| 4 | DiscountAdvances |
No details disclosed, see below | No details disclosed, see below |
Discount for new customers High approval rates |
| 5 | Check City |
No details disclosed, see below | No details disclosed, see below |
Popular choice No Faxing |
Terms specific to Illinois by law
Maximum Amount: 25% gross monthly income or lesser of $1000
Maximum Days of Loan: From 13-45 days
Maximum Charge for a 14-day $100 loan: $15.50
Number of Outstanding Loans at One Time allowed: Two loans
Rollovers Permitted: Not available (a borrower cannot rollover)
Cooling-off Period: 7 days (after 45 continuous loan days)
Repayment Plan: Available
What are Payday Loans and How Does It Work?
- Payday loans are also known as short-term loans or cash-advance loans. These loans come with smaller loan amounts – from $150 to $1500. For the most part, people avail the benefits of these loans in times of an emergency or to pay off bills. While choosing your payday loans, you will have to look for the best option available.
- To begin with, you must contact different lenders in Illinois for better interest rates. The interest rates may vary from one lender to another and comparing these rates will ensure that you get the best possible rate. Apart from the interest rates, there are loan fees involved with payday loans. Make sure that you ask the lender about all the applicable fees. You must also check for the repayment terms. You must know if there are any pre-payment penalties involved in the process.
- Lastly, while looking for your payday loan lender, you must compare the customer service available. At the same time as loan fees and interest rates may seem to be of a greater importance, it is always beneficial to associate yourself with a company that ensures better service. Before signing for your payday loan, you must run a check with the Better Business Bureau. Such a way, you would now if there are any complaints filed against your company and whether they have been resolved or not.
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