Payday Loans in Kempton, Illinois

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

Company nameAddressZip codePhone number
First National Bank of Raymond 403 E Broad St, Raymond, IL 62560 +1 (217) 229 - 3701
Walmart Money Center 730 Tenney St, Kewanee, IL 61443 +1 (309) 853 - 2020
First National Bank of Waterloo 210 E Fayette Ave, Effingham, IL 62401 +1 (217) 342 - 3200
First National Bank of Waterloo 107 N 2nd St, Dupo, IL 62239 +1 (618) 601 - 1200
Sun Loan Company 100 S Commercial St Unit B, Harrisburg, IL 62946 +1 (618) 294 - 8431
Cash Store 224 N Galena Ave, Dixon, IL 61021 +1 (815) 285 - 2274
Illinois Community Credit Union 508 W State St, Sycamore, IL 60178 +1 (815) 895 - 4541
Cash Store 1872 S West Ave, Freeport, IL 61032 +1 (815) 232 - 3558
Midwest Title Loans 1718 Ogden Ave, Lisle, IL 60532 +1 (630) 599 - 7167
AmeriCash Loans 180 S Bolingbrook Dr, Bolingbrook, IL 60440 +1 (630) 783 - 0400

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Kempton, IL, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan Without a Credit Check in Romeoville, IL, Payday Loans in Saint Charles, IL, No Credit Check Loans in Schaumburg, IL, Payday Loans in Skokie, IL, Short-term Loans in Springfield, IL, Payday Loans in Streamwood, IL, Payday Loan Companies in Tinley Park, IL and Quick Loan in Urbana, 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 Kempton, IL.

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

60946

Are Payday Loans Legal In Kempton, 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

Kempton, IL payday loan calculator

Advise to read before applying

Payday Loans in Kempton, Illinois: A Comprehensive Guide

Payday loans are short-term loans that allow individuals to borrow money before their next paycheck. These loans are typically for small amounts, ranging from $100 to $1,000, and have high-interest rates. Although payday loans are legal in Illinois, it is essential to understand the benefits, drawbacks, and regulations surrounding these loans before taking one out.

Benefits of Payday Loans in Kempton, Illinois

Payday loans offer several benefits, such as:

  • Easy and fast access to money: Payday loans don’t require credit checks, so individuals can receive their funds within one business day.
  • No collateral or credit requirements: Unlike traditional loans, payday loans don’t require collateral or credit check, making it easier for individuals to obtain them.
  • Flexibility: Payday loans are flexible and can be used to cover various expenses, including unexpected bills, auto repairs, and medical emergencies.

Drawbacks of Payday Loans in Kempton, Illinois

While payday loans can be useful, there are several drawbacks to be aware of, including:

  • High-Interest Rates: Payday loans come with high-interest rates, which can add up quickly, making it difficult to pay back the loan on time.
  • Limited Loan Amounts: Payday loans are typically for small amounts, so individuals may not be able to get the money they need.
  • Risk of Debt Cycle: If individuals can’t pay back the loan on time, they can incur additional fees and interest, leading to a debt cycle that is challenging to break.
  • No Consumer Protections: Payday loans in Illinois lack consumer protections, and lenders can engage in unethical practices without penalties.

Payday Loans Regulations in Kempton, Illinois

Illinois has specific regulations in place to protect consumers; however, these regulations are not as strict as other states.

  • Loan Term: Payday loans in Illinois have a maximum loan term of 120 days.
  • Loan Amount: Payday loans in Illinois have a maximum loan amount of $1,000 or 25% of the borrower’s gross monthly income, whichever is less.
  • Finance Charges: Payday loan finance charges cannot exceed 15.5% of the total loan amount.
  • Rollovers: Payday loans in Illinois can’t be rolled over or refinanced more than twice.
  • Cooling-Off Period: Illinois requires a 7-day cooling-off period between payday loans.

Interesting Facts and Statistics About Payday Loans in Kempton, Illinois

  • Approximately 4% of Illinois residents have used payday loans in the past year.
  • The average payday loan in Illinois is for $350.
  • The average interest rate for payday loans in Illinois is 404%.
  • Over 300,000 payday loans are taken out in Illinois each year, with over $80 million in fees and interest.

How to Apply for a Payday Loan in Kempton, Illinois

To apply for a payday loan, individuals can fill out an online application on TheGuaranteedLoans website. TheGuaranteedLoans is a connector service that connects borrowers with potential lenders.

It’s important to note that TheGuaranteedLoans is not a direct lender and does not make credit decisions. Instead, they work with a network of lenders who will review the application and offer the loan terms. Once a lender has made an offer, individuals can review it and decide whether or not to accept it.

If individuals accept the offer, they will receive the funds within one business day. It’s essential to read the loan terms carefully and make sure that they can afford to repay the loan on time. If they can’t, they can explore other options, such as installment loans.

Conclusion

Payday loans in Kempton, Illinois, can be a helpful solution for individuals who need fast cash. However, it’s crucial to understand the benefits, drawbacks, and regulations surrounding these loans before taking one out. Make sure to explore other options and borrow responsibly to avoid falling into a debt cycle.

Apply for a payday loan today through our website and get connected with potential lenders!

F.A.Q.

Can I get a payday loan from a bank in Kempton, Illinois?

No, payday loans are not offered by traditional banks in Kempton, Illinois. These loans are only available from licensed payday lenders, which are typically small, independent businesses.

Can I get a payday loan from a credit union in Kempton, Illinois?

Yes, some credit unions in Kempton, Illinois may offer small personal loans that are similar to payday loans. However, these loans may have lower interest rates and more favorable terms than payday loans. It is important to compare the terms and conditions of credit union loans with those of payday loans to determine the best option for your financial situation.

Look for Short-Term Loans in Other Cities:

Addison Algonquin Arlington Heights Aurora Bartlett Belleville Berwyn Bloomington Bolingbrook Buffalo Grove Calumet City Carol Stream Carpentersville Champaign Chicago Chicago Heights Crystal Lake Danville Decatur Des Plaines Downers Grove Dundee Elgin Elk Grove Village Elmhurst Evanston Galesburg Glendale Heights Glenview Granite City Gurnee Hanover Park Hoffman Estates Joliet Lombard Moline Mount Prospect Mundelein Naperville North Chicago Northbrook Oak Lawn Oak Park Orland Park Oswego Palatine Park Ridge Pekin Peoria Plainfield Quincy Rock Island Rockford Romeoville Schaumburg Skokie Springfield Streamwood Tinley Park Urbana Waukegan Wheaton Wheeling Woodridge
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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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