Payday Loans in Concord, Illinois

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

Company nameAddressZip codePhone number
Mariner Finance 511 W Town Center Blvd, Champaign, IL 61822 +1 (217) 866 - 0156
Hopedale Community Banking Center 115 NW Main St, Hopedale, IL 61747 +1 (309) 449 - 3393
Colchester State Bank 113 E Depot St, Colchester, IL 62326 +1 (309) 776 - 3245
Gjovik Chevrolet-Buick-Gmc, Inc. 2780 US-34, Sandwich, IL 60548 +1 (630) 743 - 6715
Check 'n Go 1331 E Pershing Rd, Decatur, IL 62526 +1 (217) 875 - 5300
Conversus 190 S LaSalle St, Chicago, IL 60603 +1 (312) 261 - 9700
Southern Bank 145 Russell Ave, Tamms, IL 62988 +1 (618) 747 - 2308
Heartland Bank and Trust Company 207 W Washington St, Carlock, IL 61725 +1 (309) 376 - 2311
Illinois Title Loans, Inc. 700 Front St, McHenry, IL 60050 +1 (815) 363 - 1228
TitleMax Title Loans 10033 S Ridgeland Ave, Oak Lawn, IL 60453 +1 (708) 529 - 2244

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Concord, IL, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Bolingbrook, IL, Same Day Loans in Buffalo Grove, IL, Payday Loans in Calumet City, IL, Emergency Loan in Carol Stream, IL, Payday Loan Without a Credit Check in Carpentersville, IL, Payday Loan Without a Credit Check in Champaign, IL, Payday Loans in Chicago, IL and Payday Loans in Chicago Heights, 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 Concord, IL.

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

62631

Are Payday Loans Legal In Concord, 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

Concord, IL payday loan calculator

Payday Loans in Concord, Illinois: What You Need to Know

If you’re living or working in Concord, Illinois, and you’re facing an unexpected expense, you might be considering a payday loan. Payday loans are a type of short-term loan that can be used to cover emergency expenses until your next paycheck.

While payday loans might be a good option in certain situations, they are not without risks. Understanding payday loans, how they work, and their components is critical before deciding whether to apply for one. This article provides a comprehensive guide on payday loans in Concord, Illinois.

How Payday Loans Work

Payday loans are meant to be short-term loans. Applicants usually request these loans for $500 or less to cover unexpected expenses. You can apply for a payday loan online, or at a storefront lender.

The application process typically involves providing proof of income and identification. You’ll also need to provide a post-dated check, about the loan amount plus interest and fees.

If you’re approved, you’ll get the loan amount minus the interest and fees. Then, on your payday, the lender will deposit the post-dated check, which means that this is a short-term loan, often due in just two weeks.

What Are the Fees for Payday Loans in Concord?

Payday loan fees in Concord are regulated by the Illinois Department of Financial and Professional Regulation. The fees, depending on the amount you borrow, are:

  • Up to $200: a maximum finance fee of $15.50 per $100 borrowed
  • $201 – $300: a maximum finance fee of $13.50 per $100 borrowed
  • $301 – $400: a maximum finance fee of $12.00 per $100 borrowed
  • $401 – $500: a maximum finance fee of $11.00 per $100 borrowed

These fees might not sound like much, but they translate to high annual percentage rates (APRs). APRs on payday loans in Illinois can reach 400%. You should calculate the cost of the loan, including the interest and fees, before you apply.

Repayment Terms of a Payday Loan

The repayment terms of a payday loan in Concord, Illinois, are governed by the Payday Loan Reform Act, which sets out the following rules:

  • The loan term must be between 13 and 180 days
  • Lenders can’t charge fees that exceed the original loan amount
  • You can extend your loan by paying off the loan balance plus an extension fee, which can’t exceed $25
  • Lenders must check borrowers’ ability to repay before providing the loan
  • Their ability to repay must be based on their income and expenses

Always check your loan documents to see the specific terms and repayment conditions of your loan.

The Risks of Payday Loans

Payday loans have high-interest rates and fees, meaning that borrowers might get into a cycle of debt if they find it hard to pay back the loan amount.

You should avoid payday loans if you are not confident that you’ll have the funds to repay the loan amount on time. Missed payments and late payment fees could end up making a payday loan more expensive than other types of credit.

Interesting Facts About Payday Loans in Concord, Illinois

  • The average fee for a payday loan in Illinois is $15.50 per $100 borrowed.
  • The average payday loan amount in Illinois is $354.
  • Residents of Concord, Illinois, took out more than 200,000 payday loans in 2020, totaling more than $50 million.
  • Illinois is one of 32 states where payday lending is legal.

Apply Now for a Payday Loan in Concord, Illinois

If you need emergency cash, consider applying for a payday loan. TheGuaranteedLoans connects borrowers to lenders who might be able to help.

To apply for a payday loan, visit our website and fill out the online application form. We’re not a direct lender, but we’ll connect you with a potential lender who can assist you with your financial needs.

Ensure that you read the loan documents carefully, including the terms and conditions. Only borrow what you need and that you can afford to pay back.

Takeaway

Payday loans can be a source of much-needed cash when you’re in a bind, but they’re not risk-free. High fees and interest rates can make them costly, mostly if you’re not careful. Before you apply for a payday loan in Concord, Illinois, ensure that you understand the terms, fees, and repayment conditions. Always explore other options before tapping into payday loans.

F.A.Q.

Can I be sued if I default on a payday loan in Concord, Illinois?

Yes, payday lenders in Concord, Illinois can sue borrowers who default on their loans. However, borrowers have the right to defend themselves in court and may be able to negotiate a settlement or payment plan with the lender.

How can I file a complaint about a payday lender in Concord, Illinois?

Borrowers who wish to file a complaint about a payday lender in Concord, Illinois can do so by contacting the Illinois Department of Financial and Professional Regulation. Complaints can be filed online, by phone, or by mail.