Cash Advance and Payday Loans in Chicago, IL

A cash advance is typically referred to as a short-term payday loan. These advances are provided to applicants with the consensus of a one-time repayment contract. In other words, the borrower must pay back the borrowed amount as soon as their next paycheck arrives. Certain lenders accept post-dated checks as a means to ensure cash repayment. Others prefer automatic withdrawal from the borrower’s account for repayment.

Payday loans are one of the financial products consumers apply for in Chicago, IL. If you want to read more about these short-term cash advances, including information about Illinois lending and licensing laws, visit the Illinois General Assembly website.

Advantages of Taking Out a Payday Loan in Illinois

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

• Payday loan approvals may be provided faster than typical loans, particularly with online payday loan lenders, who quickly process loan requests.
• Most lenders do not dictate what the money borrowed must be spent on. It is up to the borrower to allocate the cash responsibly.
• The borrower’s credit score may not be the only factor taken into consideration.
• Payday loans help you avoid borrowing money from your friends and family.
• With these flexible online cash advances, borrowers can forget about the stress of traditional lending systems.

Payday loans are intended for emergencies and current obligations. This can cover everything from home or auto repairs to utility payments.

How to Get a Cash Advance and Payday Loan in Chicago

Chicago, IL, residents may apply for a short-term cash advance through online platforms or storefront lenders. The application is regarded as a highly user-friendly process that can be completed relatively quickly.

When completing an online request form, the following data is required:

• Personal information, such as your name, address, phone number, and email address
• Bank account number
• Employer name or revenue source

We suggest you keep this information within arm’s reach when filling out the request form.

Cash Advance and Payday Loan Requirements

To qualify for a payday loan application in Chicago, Illinois, the borrower may need to meet the following requirements:

• You must be 18 years or older to apply.
• You must provide your Social Security number.
• You must be a legal resident of Chicago, Illinois. You will need to present proof of residence.
• You must have a stable source of income of at least $1,000/month.
• You must provide a phone number and email address.
•  You must not be in debt or bankruptcy.

Costs and Regulations of Cash Advances and Payday Loans in Chicago, IL

The laws implemented for cash advances and payday loans in Chicago, IL, differ from other states. The state instructs a maximum loan amount of $1,000 or 25% of the borrower’s gross monthly income. The loan duration should be at least 13 days, whereas the maximum loan term shouldn’t surpass 120 days.

Borrowers should be informed that payday loans bear high-interest rates for their short-term period and lack of collateral—the annual percentage rate in Illinois is as high as 404%. Finance charges can reach 15.5% for every $100.

Rollovers are not permitted. There is a cooling-off period of seven business days after 45 days of having a loan, during which a borrower cannot apply for another loan.

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

Installment Loans in Chicago

An installment loan is categorized as a form of short-term loan. Applicants searching for larger loan amounts may seek this type of loan. In some cases, lenders may set the repayment term to reach up to one year. Installment loans may be suitable for candidates with low credit scores.

Requesting Title Loans in Chicago

A title loan is another type of short-term loan. The sole difference between a payday loan and a title loan in Chicago is the need to present a vehicle as collateral. This can vary from a car to a truck or even a motorcycle. The vehicle’s title will temporarily be signed over to the lender.

The application for a title loan is similar to that of payday loans. General information will be needed to complete the application and information about the vehicle to be set as collateral. Once the application is submitted, the lender may inspect the vehicle to determine the offered loan amount.

Chicago residents are required to present the following information:

• Valid government-issued photo identification
• Proof of residence
• Name, address, email address, and phone number
• Photos of the vehicle to be assigned as collateral
• Name of employer or revenue source
• Lien-free car title

If the car presented holds a lien, the borrower must first repay the money borrowed to remove the lien.

Favorite Chicago, IL, Cash Advance and Payday Loan Companies

Chicago, IL, maintains a large number of storefront and online payday loan lenders. Payday loan companies in Chicago include AmeriCash Loans, Chicago Payday Loans for Bad Credit, First American Cash Advance Installment Loans, LendNation, Online Payday Loans Chicago, Payday Loans Car Title Loans, PLS Loan Store, and Sun Cash.

USA Payday Loans offers multiple storefront locations throughout Chicago. They also present a secure online website providing their users with all the essential information about their loan products and an online request process.

Other companies such as Check n’ Go boast plenty of physical destinations in Chicago, along with a reputable website.