Payday Loans in Cisco, Illinois

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No payday loan companies in Cisco, IL. Consider companies in other cities:

Company nameAddressZip codePhone number
Walmart Money Center 710 S Commercial St, Harrisburg, IL 62946
CEFCU 2449 N Dirksen Pkwy, Springfield, IL 62702 +1 (217) 528 - 9441
American Cash N Go 1254 W Galena Ave, Freeport, IL 61032 +1 (815) 235 - 4250
Check Into Cash 1526 W Springfield Rd, Taylorville, IL 62568 +1 (217) 824 - 0510
Heartland Bank and Trust Company 105 N Menard St, Metamora, IL 61548 +1 (309) 367 - 2375
BMO Harris Bank 4844 Hononegah Rd, Roscoe, IL 61073 +1 (815) 623 - 2322
Virginia's Cash Advance 1610 E Court St b, Kankakee, IL 60901 +1 (815) 929 - 3850
Fast Cash Advance 2005 75th St, Woodridge, IL 60517 +1 (630) 420 - 2200
Jackson Hewitt Tax Service 902 W Union Ave, Litchfield, IL 62056 +1 (217) 324 - 5620
Fast Cash & Pawn USA 929 E Ogden Ave, Naperville, IL 60563 +1 (630) 579 - 3278

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Cisco, IL, you can try to find different companies in big cities near by. Check out the following pages here: No Credit Check Loans in Carol Stream, IL, Payday Loans in Carpentersville, IL, Payday Loans in Champaign, IL, Bad Credit Loans in Chicago, IL, Short-term Loans in Chicago Heights, IL, Payday Loans in Crystal Lake, IL, Payday Loans in Danville, IL and Payday Loans in Decatur, IL. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Cisco, IL.

Payday Loans Available in Cisco, IL By The Following ZIP Codes:

61830

Are Payday Loans Legal In Cisco, Illinois?

Loan Rates and Fees, Laws and Regulations in Illinois.

Illinois Loan Regulations

Legal StatusLegal
Interest Rate (APR, %)404
Maximum Loan Amount$1,000 (or 25% of the gross monthly income)
Minimum Loan Term13 days
Maximum Loan Term120 days
Number of Rollovers Allowed0
Finance Charges15.5% per $100

Cisco, IL payday loan calculator

If you live in Cisco, Illinois, and are facing a sudden financial emergency, you may be considering taking out a payday loan. These short-term loans are a popular option for those who need a fast cash fix but may not have the credit score or collateral required for a traditional loan. In Illinois, payday loans are legal, but there are regulations in place to protect consumers from predatory lending practices.

How do payday loans work in Illinois?

Payday loans function as a cash advance on your upcoming paycheck. You borrow a small amount of money, typically ranging from $100 to $1,500, and pay it back with interest on your next payday. To qualify for a payday loan in Illinois, you must have a valid ID, proof of income, and a checking account. The loan’s APR is capped at 403%, and the loan term cannot exceed 120 days.

Predatory lending practices, such as trapping borrowers in a cycle of debt by offering multiple loans, are illegal in Illinois. Borrowers can only take out one payday loan at a time and must wait at least 24 hours to apply for another loan. Additionally, borrowers have the option to request an extended payment plan if they cannot repay the loan on time.

The Pros and Cons of Payday Loans in Cisco, Illinois

The Pros

  • Accessible: You can often get a payday loan quickly, with many lenders offering online applications and same-day approval.
  • No credit check required: Payday lenders typically do not check your credit score, making it a viable option for those with poor credit.
  • No collateral required: Unlike traditional loans, payday loans do not require collateral, such as a car or house.

The Cons

  • High-interest rates: The APR on payday loans can be incredibly high, making it costly to repay the loan in full.
  • Potential for a debt cycle: Borrowers who cannot repay the loan on time may be tempted to take out another loan to cover the previous loan, resulting in a cycle of debt.
  • Fees: Many payday lenders charge upfront fees, such as origination or application fees, which can add up quickly.

Before taking out a payday loan, it’s essential to weigh the pros and cons carefully. If you’re struggling to find an alternative solution to a financial emergency, a payday loan may be the right choice. However, borrowers must have a clear understanding of the loan terms, including the rate, fees, and repayment timeline, to ensure they can make timely payments.

Facts and Statistics about Payday Loans in Cisco, Illinois

  • The average payday loan amount in Illinois is $365.
  • Illinois payday lenders charge an average interest rate of 279%.
  • In 2019, Illinois borrowers took out approximately 1.5 million payday loans.

These statistics show that payday loans are prevalent in Illinois and can serve as a vital financial tool for those in need.

Apply Now for Payday Loans in Cisco, Illinois

If you’re a Cisco, Illinois resident in need of a payday loan, TheGuaranteedLoans can connect you with potential lenders. We are a connector service, so we don’t lend money directly. Instead, we partner with reputable lenders who provide short-term loans to borrowers in need. Fill out an online application today, and we’ll work with our network of lenders to help you find the best loan option for your unique financial situation.

Remember, a payday loan should only be considered as a short-term solution to a financial emergency. Before taking out any form of lending, it’s critical to assess your financial situation and determine whether you have the ability to repay the loan on time.

F.A.Q.

Can payday lenders in Cisco, Illinois require borrowers to provide collateral in order to take out a loan?

No, in Cisco, Illinois, payday lenders cannot require borrowers to provide collateral in order to take out a loan. Borrowers who are asked to provide collateral should be wary of the lender and consider alternative options.

What is a payday loan in Cisco, Illinois?

A payday loan is a short-term, high-interest loan that is intended to be repaid on the borrower's next payday. These loans are typically offered by non-bank lenders, such as storefront lenders or online lenders, and are often used by people who need quick access to cash to cover unexpected expenses or to bridge a temporary gap in their finances.