Payday Loans in Collison, Illinois

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

Company nameAddressZip codePhone number
Washington Savings Bank 1300 N Keller Dr, Effingham, IL 62401 +1 (217) 347 - 7127
Financial Plus Credit Union 2813 Plaza Dr, Peru, IL 61354 +1 (815) 223 - 6602
Title Cash of Illinois 3311 N Sterling Ave, Peoria, IL 61604 +1 (309) 682 - 8245
Payday Loans Rockford 6, Rockford, IL 61103
Farmington Community Bank 147 E Fort St, Farmington, IL 61531 +1 (309) 245 - 2446
Blaw Knox Credit Union 215 S 17th St, Mattoon, IL 61938 +1 (217) 235 - 0698
Payday Loans Schaumburg 500 Ashland St, Hoffman Estates, IL 60169
First American Bank 700 E Ogden Ave, Naperville, IL 60563 +1 (630) 416 - 4100
B B Investments 722 N Henderson St, Galesburg, IL 61401 +1 (309) 344 - 4414
First National Bank of Raymond 103 S Springfield St, Virden, IL 62690 +1 (217) 965 - 3344

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Collison, IL, you can try to find different companies in big cities near by. Check out the following pages here: Quick Loan in Elmhurst, IL, Payday Loans in Evanston, IL, Payday Loans in Galesburg, IL, Payday Loans in Glendale Heights, IL, Payday Loan Companies in Glenview, IL, Payday Loans in Gurnee, IL, Payday Loans in Hanover Park, IL and Payday Loans in Hoffman Estates, 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 Collison, IL.

Useful Articles

Are Payday Loans Legal In Collison, 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

Collison, IL payday loan calculator

Advise to read before applying

Living in Collison, Illinois, and facing unexpected expenses can be stressful and overwhelming. Payday loans in Collison, Illinois, can offer a solution, but it’s important to understand how they work, the benefits and drawbacks.

What are Payday Loans?

Payday loans are short-term loans that are typically due on the borrower’s next payday. They are designed to help individuals who need fast cash due to an unexpected expense or emergency.

Are Payday Loans Legal in Collison, Illinois?

Yes, payday loans are legal in Collison and throughout Illinois. The Illinois Department of Financial and Professional Regulation regulates and licenses payday lenders.

How do Payday Loans Work in Collison, Illinois?

To get a payday loan in Collison, Illinois, the borrower typically needs to provide proof of income, a government-issued ID, and a personal check or bank account information. The lender will then provide the borrower with the loan amount, which is typically between $100 and $1,500, depending on the borrower’s income and the lender’s policies.

The loan is due on the borrower’s next payday, which is usually within two weeks. However, borrowers can also request an extension on the loan, which typically incurs additional fees and interest.

Benefits of Payday Loans in Collison, Illinois

  • Fast and easy application process
  • No credit check or collateral required
  • Can help individuals with bad credit or high debt-to-income ratios

Drawbacks of Payday Loans in Collison, Illinois

  • High interest rates and fees, which can lead to a cycle of debt
  • Potential for predatory lending practices by some lenders
  • Can result in damage to credit score if not repaid on time

Interesting Facts and Statistics about Payday Loans in Collison, Illinois

  • There are over 500 licensed payday lenders in Illinois
  • The average payday loan in Illinois is $375
  • Illinois residents borrowed over $3 billion in payday loans in 2019
  • The average APR on a payday loan in Illinois is 297%

Apply Now

If you are considering a payday loan in Collison, Illinois, TheGuaranteedLoans can provide you with a fast and secure way to connect with potential lenders. Please note that we are not a direct lender, but rather a connector service that works with a network of trusted lenders. By filling out our online application, you could receive a loan decision in minutes and have access to funds as soon as the next business day.

It’s important to remember that payday loans should be used as a last resort and should only be utilized when necessary. Borrowers should also make sure they understand all fees and repayment terms before accepting a loan.

Conclusion

Payday loans in Collison, Illinois, can be a helpful tool for individuals facing unexpected expenses or emergencies. However, they also come with high fees and risks. It’s important for borrowers to weigh the benefits and drawbacks and consider alternative options before taking out a payday loan. If you do decide to proceed with a payday loan, remember to choose a licensed lender and understand all terms and fees.

F.A.Q.

How do I qualify for a payday loan in Collison, Illinois?

To qualify for a payday loan in Collison, Illinois, borrowers must be at least 18 years old, have a valid ID, and have a steady source of income.

How much can I borrow with a payday loan in Collison, Illinois?

in Collison, Illinois, payday loans are typically limited to $1,000 or 25% of the borrower's gross monthly income, whichever is less.

Look for Short-Term Loans in Other Cities:

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Customer Notice: Cash advance loans should be used for short-term personal requirements primarily, not as long-term budgetary remedies. Clients together with credit score issues ought to look for credit advice. Subject to state regulations, qualification, credit check, underwriting and approval. Rates, terms and conditions apply

Client Guidance: Payday loans are generally designed as a temporary financial bridge that allows individuals to borrow a modest amount of money until their next paycheck arrives. This type of loan is often used as an immediate financial remedy for unforeseen expenses, especially for those lacking a financial cushion or significant savings. If you find yourself struggling to manage your finances and considering a payday loan, it's crucial to consult with a qualified financial advisor. It's also important to familiarize yourself with the specific payday loan laws in your jurisdiction.

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