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.

Favorite Springfield, IL Cash Advance and Payday Loan Companies

Company name
Address
Phone
Advance America
2516 South Macarthur Boulevard Springfield IL, 62704
217-241-7200
Advance America
3254 East Clear Lake Avenue Springfield IL, 62702
217-544-1900
ADVANCE AMERICA
1508 Wabash Ave Springfield IL, 62704
217-793-6584
ADVANCE AMERICA
2516 S Macarthur Blvd Springfield IL, 62704
217-241-7200
ADVANCE AMERICA
3254 E Clear Lake Ave Springfield IL, 62702
217-544-1900
Advance America
1508 Wabash Avenue Springfield IL, 62704
217-793-6584
Capital Cash Advance
2747 South 6Th Street Springfield IL, 62703
217-753-3333
CASH STORE
2512 N Dirksen Pkwy Springfield IL, 62702
217-492-1172
CASHLAND
100 N Grand Ave W Springfield IL, 62702
217-522-9608
Check Alert
Springfield Springfield IL, 62701
217-241-4400
Check Alert Service
1124 South 8Th Street Springfield IL, 62703
217-522-1686
Check Into Cash
1740 Wabash Avenue Springfield IL, 62704
217-546-5200
Check Into Cash Illinois Llc
1740 Wabash Ave Springfield IL, 62704
217-546-5200
First Currency Exchange Of Springfield
1407 South 16Th Street Springfield IL, 62703
217-544-4420
First Payday Loans
2126 South Macarthur Boulevard Springfield IL, 62704
217-391-1100
FIRST PAYDAY LOANS
2126 S Macarthur Blvd Springfield IL, 62704
217-391-1100
FIRST PAYDAY LOANS
121 N Grand Ave E Springfield IL, 62702
217-321-1500
Loan Company
2328 South Macarthur Boulevard Springfield IL, 62704
217-789-1900
Professional Adjustment Bureau Of Mid America Inc
1306 South 6Th Street Springfield IL, 62703
217-753-8977
Superior Business Solutions, Inc.
2700 W Lawrence Ave Springfield IL, 62704
217-726-4199
The Loan Company
1885 East Sangamon Avenue Springfield IL, 62702
217-525-0051
The Loan Company
2328 North Macarthur Boulevard Springfield IL, 62701
217-789-1900
TITLE CASH
2935 E Clear Lake Ave Springfield IL, 62702
217-522-8799

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