Payday Loans in Evanston, Illinois
Payday loans offer short-term solutions for quickly obtaining cash, and are legal in the state of Illinois. Payday loans typically range from $100 to $500, with repayment timeframes of two to four weeks. If you live in the area of Evanston, Illinois, and need access to quick cash, read on to learn more about payday loan regulations in this state, and what your options are.
What are Payday Loans?
Payday loans are short-term loans that are typically repaid upon receipt of your next paycheck. They are small-dollar, unsecured loans that are offered to individuals in need of quick cash. Payday loans are also referred to as cash advances, and can be a helpful solution for covering unexpected expenses or emergency bills.
Are Payday Loans Legal in Illinois?
Yes, payday loans are legal in Illinois. The Illinois Payday Loan Reform Act of 2005 regulates the payday loan industry in the state. Payday loans are regulated at the state level and must follow state regulations. In recent years, there have been changes to Illinois payday loan regulations, including new caps on repayments and loan amounts.
What are the Regulations for Payday Loans in Evanston, Illinois?
Payday loan regulations in Illinois include the following:
- Loan Amounts: The maximum loan amount is $500. Payday loans greater than $500 are prohibited in Illinois.
- Loan Terms: The minimum loan term is 13 days and the maximum is 120 days. Payday loans must be repaid in full within this timeframe.
- Fees: The maximum finance rate and fees are $15.50 per $100 up to $500. Additional fees may be charged if the loan is not repaid on time.
- Rollovers: Rollovers, or extending the loan, are not allowed.
- Cooling off Periods: Cooling off periods are required. Borrowers are not allowed to take out another loan for at least two days after repaying the previous loan.
Where to Get a Payday Loan in Evanston, Illinois?
There are several payday lenders in Evanston, Illinois. Here is a list of some of the most popular options:
- Advance America
- Check Into Cash
- Money Mart
- CashNetUSA
- LendNation
F.A.Q. section
Q1. How much can I borrow in a payday loan?
The maximum loan amount is $500. Payday loans greater than $500 are prohibited in Illinois.
Q2. What is the loan term for a payday loan in Evanston, Illinois?
The minimum loan term is 13 days and the maximum is 120 days. Payday loans must be repaid in full within this timeframe.
Q3. Are rollovers allowed in Illinois?
No, rollovers, or extending the loan, are not allowed in Illinois.
Q4. Is there a cooling off period for payday loans?
Yes, cooling off periods are required. Borrowers are not allowed to take out another loan for at least two days after repaying the previous loan.
Applying for a Payday Loan in Evanston, Illinois
If you are in need of quick cash, payday loans may be a viable option. However, it is important to understand the regulations and read the fine print before you take out a loan. If you are considering applying for a payday loan in Evanston, Illinois, TheGuaranteedLoans can help. We work with lenders across the nation to help connect customers with loan options online.
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If you are ready to apply for a payday loan in Evanston, Illinois, TheGuaranteedLoans can help you get started. We are not a lender, but we can connect you with lenders who may be able to provide you with a loan. Simply fill out our online application and we will get started matching you with a lender.