Payday Loans in Gilson, Illinois

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

Company nameAddressZip codePhone number
TitleMax Title Loans 9400 W 159th St, Orland Park, IL 60467 +1 (708) 403 - 2855
Marine Bank & Trust 1111 Broadway St, Hamilton, IL 62341 +1 (217) 847 - 3341
World Finance 1021 Century Dr, Edwardsville, IL 62025 +1 (618) 800 - 1255
Flanagan State Bank 500 Persimmon Dr, Le Roy, IL 61752 +1 (309) 962 - 4707
The Gerber State Bank 110 E Elm St, Argenta, IL 62501 +1 (217) 795 - 2331
Walmart Money Center 1540 N Worthey St, Flora, IL 62839 +1 (618) 662 - 4491
Mariner Finance 3279 Court St, Pekin, IL 61554 +1 (309) 346 - 1155
Wise Finance of Springfield, llc 2601 Stevenson Dr, Springfield, IL 62703 +1 (217) 529 - 0200
Huntington Bank 3020 S, Illinois Rte 59, Naperville, IL 60564 +1 (630) 637 - 8329
World Finance 1227 W Morton Ave, Jacksonville, IL 62650 +1 (217) 245 - 8035

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Gilson, IL, you can try to find different companies in big cities near by. Check out the following pages here: 24-Hour Loan in Glendale Heights, IL, No Credit Check Loans in Glenview, IL, Payday Loans in Gurnee, IL, No Credit Check Loans in Hanover Park, IL, Quick Loan in Hoffman Estates, IL, Payday Loans in Joliet, IL, Payday Loans in Lombard, IL and Payday Loans in Moline, 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 Gilson, IL.

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

61436

Are Payday Loans Legal In Gilson, 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

Gilson, IL payday loan calculator

Payday loans are a type of short-term loan that is meant to be paid back with your next paycheck. They are usually a few hundred dollars and have high-interest rates and fees attached to them. In Gilson, Illinois, payday loans are legal and readily available to those who need them. While they may seem like a quick fix to financial problems, their high cost and short repayment terms often make them a poor choice. In this article, we will explore everything you need to know about payday loans in Gilson, Illinois.

How Do Payday Loans in Gilson Work?

A payday loan works by providing you with cash in exchange for a post-dated check or electronic access to your bank account. You receive the loan with the promise to pay it back by your next payday, usually within two weeks or a month.

In Gilson, Illinois, you can borrow up to $1000 or 25% of your monthly income, whichever is lower. The fees and interest rate on payday loans vary by lender but can be high. The state of Illinois allows payday lenders to charge up to $15.50 per $100 borrowed, plus a $1 verification fee. This means that if you borrow $300, you could end up paying $408 in total.

What Are the Qualifications for a Payday Loan in Gilson?

To qualify for a payday loan in Gilson, Illinois, you must be at least 18 years old and have a steady source of income. You will also need to provide your Social Security or Taxpayer Identification number, address, phone number, and a valid form of identification. Some lenders may also require a checking account.

What Are the Risks of Payday Loans in Gilson?

While payday loans can provide quick access to cash, they come with several risks. Because they are high-cost and have short repayment terms, you may find yourself in a cycle of debt, unable to pay back the loan on time and forced to roll it over to the next payday. This can lead to more fees and even higher interest rates, trapping you in a cycle of debt.

Additionally, if you default on your payday loan in Gilson, the lender can take legal action against you, including wage garnishment, bank account seizures or even a lawsuit. This can damage your credit and make it difficult to get future loans or credit.

The Benefits of Payday Loans in Gilson

While there are risks associated with payday loans, they can be beneficial to those who need quick cash to cover unexpected expenses. They are easy to qualify for and can provide access to cash that may not be available through conventional lenders. Additionally, some lenders may offer flexible repayment terms or installment loans, which can make repayment easier.

Interesting Facts and Statistics

  • Payday loans are legal in 37 states, including Illinois.
  • According to a Pew Charitable Trusts study, the average payday loan borrower takes out eight loans per year, spending $520 in interest on a $375 loan.
  • Payday lenders in Illinois made $1.3 billion in loans in 2019.

Apply Now

If you need quick cash in Gilson, Illinois, TheGuaranteedLoans can help. We are a connector service that helps borrowers connect with potential lenders who may be able to provide payday loans and other types of short-term loans. Contact us today to learn more.

Remember, payday loans should only be used as a last resort and when you are confident you can repay the loan on time. Take the time to explore all your options before committing to a payday loan, and always read the terms and conditions carefully before signing any agreement.

F.A.Q.

Can payday lenders in Gilson, Illinois require borrowers to provide collateral in order to take out a loan?

No, in Gilson, Illinois, payday lenders cannot require borrowers to provide collateral in order to take out a loan. Borrowers who are asked to provide collateral should be wary of the lender and consider alternative options.

What is a payday loan in Gilson, Illinois?

A payday loan is a short-term, high-interest loan that is intended to be repaid on the borrower's next payday. These loans are typically offered by non-bank lenders, such as storefront lenders or online lenders, and are often used by people who need quick access to cash to cover unexpected expenses or to bridge a temporary gap in their finances.