Payday Loans in Loogootee, Illinois

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

Company nameAddressZip codePhone number
KCT Credit Union 121 S McLean Blvd suite a, South Elgin, IL 60177 +1 (847) 741 - 3344
Old Second National Bank 323 E Norris Dr, Ottawa, IL 61350 +1 (877) 866 - 0202
National Quick Cash 8202 S Stony Island Ave, Chicago, IL 60617
Bank of America with Drive-thru ATM 240 Randall Rd, Lake in the Hills, IL 60156 +1 (847) 915 - 3737
Security Finance 129 E Walnut St Suite 4, Watseka, IL 60970 +1 (815) 432 - 9830
Envious Gonzalez 102 W Front St, Harvard, IL 60033 +1 (815) 943 - 7340
Tower Loan 1247 E Grove Ave, Rantoul, IL 61866 +1 (217) 892 - 2700
Funding Source for Business 1360 Old Skokie Valley Rd, Highland Park, IL 60035 +1 (866) 573 - 3273
Woodforest National Bank 401 River Road, East Peoria, IL 61611 +1 (309) 407 - 7141
First Bankers Trust Company, N.A. 1201 Broadway St, Quincy, IL 62301 +1 (217) 228 - 8000

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Loogootee, IL, you can try to find different companies in big cities near by. Check out the following pages here: 24-Hour Loan in Mount Prospect, IL, Payday Loans in Mundelein, IL, Payday Loans in Naperville, IL, Payday Loans in North Chicago, IL, Payday Loans in Northbrook, IL, Payday Loans in Oak Lawn, IL, Short-term Loans in Oak Park, IL and Payday Loans in Orland Park, 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 Loogootee, IL.

Are Payday Loans Legal In Loogootee, 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

Loogootee, IL payday loan calculator

Understanding Payday Loans in Loogootee, Illinois

Loogootee, Illinois, like every other city in the United States, has its own set of financial systems for its residents. Among these financial options are payday loans, which are short-term loans specifically designed to address immediate financial needs and can be repaid with the next paycheck. We’ll discuss how they work, the advantages and disadvantages, and the legal requirements surrounding payday loans in Loogootee, Illinois.

How Do Payday Loans Work?

Payday loans are intended to serve as short-term solutions for financial issues. They work by allowing borrowers to take out a small sum of money, typically between $100 and $1000, to help tide them over until the next paycheck. In exchange for this money, the borrower is expected to repay the loan amount, along with additional fees and interest, within a short timeframe, usually within two weeks.

When people need emergency funds, payday loans are often their go-to financial alternative. They are called “payday loans” since they’re intended to help individuals keep up with their expenses until their next payday.

The Advantages and Disadvantages of Payday Loans

  • Advantages: One of the significant advantages of payday loans is their allowance for people with low or bad credit scores to borrow money. Payday loan requirements don’t involve any credit checks. Also, they offer a quick way to access cash for people in urgent financial situations.
  • Disadvantages: However, payday loans come with some disadvantages, too. How much you can borrow is typically limited, making it difficult to address more significant expenses. Potentially, your accumulated debt could create financial trouble and lead to higher interest rates. Repayment periods are also short, with most requiring payment within 14 days, which can be challenging for some borrowers to manage.

Legal Requirements for Payday Loans in Loggootee, Illinois

In Illinois, payday loans are legal, subject to regulations governing the industry. It is important to consider these guidelines when taking out a payday loan to avoid facing legal action or penalty payments.

  • Loan Limits: Payday loans in Illinois have a maximum limit of $1000 or 25% of the borrower’s gross monthly income, whichever is smaller.
  • Loan Term The maximum loan repayment term is 120 days.
  • Finance Charges/Interest Rates: Payday loans in Illinois can carry finance charges of up to $15.50 per $100 borrowed. The APR or Annual Percentage Rate of payday loans in Illinois is 403% on average; therefore, borrowers must read and understand the contract’s clauses, including finance charges and interest rates.

Interesting Facts or Statistics about Payday Loans in Loogootee, Illinois

  • Fact 1: Illinois has a largely regulated payday loan market.
  • Fact 2: As of 2011, just over 500 payday loan branches existed throughout Illinois.
  • Fact 3: In 2019, the total number of payday loans was $2.73 million.

Apply Now

At TheGuaranteedLoans, we connect people who need money with potential lenders who can offer short-term loans, title loans, installment loans, payday loans, and other various financial services. Our application process is easy, straightforward, and open to everyone. Fill out our online application to connect with our network of lenders. We’ll work to match you with a lender who meets your needs and financial objectives.

Remember, we exclusively connect you with potential lenders. We are not a direct lender and do not practice direct lending. However, our service allows people to connect to potential lenders that can offer short-term loans, title loans, installment loans, payday loans, and other various financial services.

F.A.Q.

Do I need to have a checking account to take out a payday loan in Loogootee, Illinois?

Yes, most payday lenders in Loogootee, Illinois require borrowers to have a checking account in order to take out a payday loan.

What information do I need to provide to apply for a payday loan in Loogootee, Illinois?

To apply for a payday loan in Loogootee, Illinois, you will typically need to provide personal information such as your name, address, social security number, and proof of income. You may also need to provide information about your checking account.