The Ins and Outs of Payday Loans in Coatsburg, Illinois
Are you in a bind financially and need cash fast? Do you live in Coatsburg, Illinois, and wonder whether payday loans are legal in your state? If so, you’re in luck! This article will explore payday loans in Coatsburg, Illinois, and give you all the ins and outs you need to know.
What is a payday loan?
A payday loan is a short-term loan, also known as a cash advance, that offers quick access to cash for people who need it. To get a payday loan, you typically need to provide proof of income and identification. The loan amount you can receive usually depends on the amount of your paycheck and the state you live in.
Payday loans are usually due on your next payday. If you cannot pay the loan back in full, you can roll it over for another pay period; however, this can result in additional fees and interest charges.
Are payday loans legal in Illinois?
Payday loans are legal in Illinois. In fact, Illinois has some of the most borrower-friendly payday loan laws in the country. Payday lenders in Illinois are regulated and licensed by the Illinois Department of Financial and Professional Regulation.
Illinois law allows you to borrow up to $1,000 or 25% of your gross monthly income, whichever is less. The loan term can range from 13 to 120 days.
What are the fees for payday loans in Coatsburg, Illinois?
In Illinois, payday lenders are allowed to charge up to $15.50 per $100 borrowed. For example, if you borrow $300, you’ll pay $46.50 in fees. This means the total amount due at the end of the loan term would be $346.50.
It’s important to note that payday lenders in Illinois are prohibited from charging more than $15.50 per $100 borrowed, and they cannot charge additional fees or interest charges.
How do I apply for a payday loan in Coatsburg, Illinois?
If you are interested in applying for a payday loan in Coatsburg, Illinois, TheGuaranteedLoans can help! We are a connector service that can connect you with potential lenders who are willing to work with you.
To get started, simply fill out our online application. We will then work to match you with a lender who is willing to work with you. Once you are connected with a lender, you will have the opportunity to review and accept the loan terms before deciding whether to move forward.
Interesting Facts and Statistics about Payday Loans in Coatsburg, Illinois
- Illinois is home to over 500 payday lender storefronts
- Payday loans in Illinois have an average APR of 404%
- Illinois law requires lenders to offer an installment plan if you’ve taken out more than five payday loans in a 180-day period
Apply Now
If you need cash fast and are interested in applying for a payday loan in Coatsburg, Illinois, visit our website to get started. Remember, TheGuaranteedLoans is a connector service, not a direct lender. We will work to connect you with potential lenders who can offer you the cash you need. Apply now for a safe and easy payday loan!