Springfield, IL Cash Advance Loans
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Advantages of Taking Out a Payday Loan in Springfield
Payday loans can provide a financial cushion for Springfield residents in need of cash fast. A short-term loan can help consumers who may be struggling to cover crucial bills or personal expenses ahead of payday. When applying for a cash advance in Springfield, IL, it is important to remember that payday loan approvals often come with high interest rates that apply for about two weeks on average.
Consumer Protections in Illinois
The state of Illinois provides a number of consumer protections for residents who apply for short-term loans:
- Consumers are protected from unlimited rollovers
- There is a legal requirement that all loans must be based on a borrower’s ability to repay
- Borrowers have access to small consumer installment loans with a maximum APR of 99%
- Residents can request an interest-free repayment plan after being in debt for more than 35 days
Given the above consumer protections and due to the speed of loan approvals, payday loans can be viable resources for Springfield residents. More so, funds are often deposited within one or two days after loan approval.
Best Practices for Applying for a Payday Loan
The payday application process can be completed online, without any of the common procedures associated with traditional banks and credit union loans. However, there are a few required documents and qualifications needed when applying for such cash advance loans. Therefore, it is important to gather the necessary information before applying, as most lenders require a bank account, proof of income, a valid ID card and proof of address. If a borrower has special circumstances – such as having an irregular income or not having a bank account – additional proof and documentation may be necessary.
When a payday loan becomes due, borrowers can pay it off with cash or a debit card, allowing the lender to deposit a postdated check, or write a new check to cover the full amount of the loan and incurred interest charges. Lending laws require that payday lenders reveal the exact cost of the loan to residents from the start.
Potential borrowers should remember that not all applicants will qualify for a cash advance in Springfield, IL due to issues related, but not limited to, having a bad credit score, having a history of nonpayment or holding a poor debt-to-income ratio. More than 12 million Americans use payday loans regularly, but those who want alternative options can turn to other resources, such as pawnshops, secured loans, or consumer installment loans.