Payday Loans in Cypress, Illinois

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

Company nameAddressZip codePhone number
Solutions Bank - Poplar Grove 76 13565 IL-76, Poplar Grove, IL 61065 +1 (815) 765 - 0785
CNB Bank & Trust, N.A. 402 N Webster St, Taylorville, IL 62568 +1 (217) 287 - 2265
Regions Bank 12515 IL-143, Highland, IL 62249 +1 (618) 651 - 6570
Check 'n Go 3127 Broadway St, Quincy, IL 62301 +1 (217) 228 - 2000
Farm Credit Illinois 1100 Farm Credit Dr, Mahomet, IL 61853 +1 (217) 590 - 2222
loanDepot 18311 N Creek Dr Ste E, Tinley Park, IL 60477 +1 (630) 427 - 8420
Check Into Cash 1331 E Jackson, Macomb, IL 61455 +1 (309) 836 - 5054
Chicago National BankCard 6957 W North Ave suite 201, Oak Park, IL 60302 +1 (312) 635 - 5800
Navy Federal Credit Union 525 Clark Avenue, Building 290, Great Lakes, IL 60088 +1 (888) 842 - 6328
Apple River State Bank 215 Jefferson St, Hanover, IL 61041 +1 (815) 591 - 2201

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Cypress, IL, you can try to find different companies in big cities near by. Check out the following pages here: No Credit Check Loans in Dundee, IL, Payday Loans in Elgin, IL, Payday Loan for Elk Grove Village, IL, Short-term Loans in Elmhurst, IL, Emergency Loan in Evanston, IL, 24-Hour Loan in Galesburg, IL, Payday Loans in Glendale Heights, IL and Payday Loans in Glenview, 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 Cypress, IL.

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

62923

Are Payday Loans Legal In Cypress, 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

Cypress, IL payday loan calculator

Advise to read before applying

Understanding Payday Loans in Cypress, Illinois

If you are a resident of Cypress, Illinois, you may have heard about payday loans. Payday loans are a type of short-term loan that typically comes with high-interest rates and fees. They are designed to help people who need cash quickly to cover unexpected expenses until their next payday.

While payday loans can be a quick and easy way to get money, there are significant risks associated with them. It is important to understand how they work, what the fees are, and what the alternatives are.

How Do Payday Loans Work in Cypress, Illinois?

In Illinois, payday loans are legal under the Illinois Consumer Installment Loan Act (CILA). Under this law, lenders can offer loans up to $1,000 or 25% of the borrower’s gross monthly income, whichever is less. The loan term must be between 13 and 120 days, and the interest rate is capped at 15.5% for the first $0-$100 borrowed, 14% for $101-$200, 13% for $201-$300, 12% for $301-$400, and 11% for $401-$1,000.

To apply for a payday loan in Cypress, Illinois, you will need to provide your personal information, including your name, address, social security number, and employment details. You will also need to provide proof of income and a checking account.

Once you have been approved for a payday loan, the funds will typically be deposited into your checking account within a few hours or the next business day.

What Are the Risks of Payday Loans?

While payday loans can be a quick and easy way to get money, there are significant risks associated with them.

One of the biggest risks is the high cost of borrowing. Payday loans typically come with high-interest rates and fees that can add up quickly. If you are not able to repay the loan on time, the fees and interest can continue to accumulate, making it even harder to get out of debt.

Another risk of payday loans is that they can lead to a cycle of debt. Many borrowers take out another loan to pay off their existing loan, which can result in a cycle of borrowing and debt that can be difficult to break.

Finally, payday loans can be a trap for people who are struggling financially. If you are not able to repay the loan, the lender may take legal action against you, which can result in wage garnishment, lawsuits, and other financial consequences.

What Are the Alternatives to Payday Loans in Cypress, Illinois?

If you are in need of cash and are considering a payday loan, there are alternatives available. These include:

  • Personal loans from a bank or credit union
  • Credit card cash advances
  • Assistance from social service agencies
  • Payment plans with creditors

Each of these alternatives has its own pros and cons, so it is important to carefully consider your options before making a decision.

Facts and Statistics About Payday Loans in Cypress, Illinois

  • There were 565 payday lending locations in Illinois in 2020
  • The average payday loan in Illinois is $375
  • Illinois is one of 32 states that allows payday loans
  • Payday loan fees in Illinois are among the highest in the nation

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If you are considering a payday loan in Cypress, Illinois, it is important to understand the risks and alternatives. At TheGuaranteedLoans, we are a connector service that can help you find potential lenders who may be able to provide you with a loan that meets your needs. Remember, payday loans should only be used as a last resort, and you should always borrow responsibly.

To apply for a loan, simply fill out our online application form. We will then match you with potential lenders who may be able to provide you with a loan. Please note that TheGuaranteedLoans is not a direct lender, and we do not make credit decisions. Instead, we connect you with potential lenders so you can make an informed decision about borrowing.

Borrowing money is a big decision, and we are here to help you through the process. If you have any questions or concerns, please don’t hesitate to contact us.

F.A.Q.

How do I find a licensed payday lender in Cypress, Illinois?

To find a licensed payday lender in Cypress, Illinois, you can visit the Illinois Department of Financial and Professional Regulation website and search for licensed lenders in your area. You can also search online for payday lenders and check their license status with the state.

How do I compare payday loan offers in Cypress, Illinois?

To compare payday loan offers in Cypress, Illinois, you should carefully review and compare the interest rate, fees, repayment terms, and any other applicable charges for each lender. You should also consider the lender's reputation and customer service, as well as any potential consequences of defaulting on the loan.

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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