Payday Loans in Loraine, Illinois

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

Company nameAddressZip codePhone number
World Finance 206 Dixon Ave Ste 2, Rock Falls, IL 61071 +1 (815) 535 - 9230
The Farmers State Bank and Trust Company 1718 W Morton Ave, Jacksonville, IL 62650 +1 (217) 479 - 4000
Financial Plus Credit Union 1905 13th Ave, Mendota, IL 61342 +1 (815) 539 - 3444
First National Bank 134 S Sampson St, Tremont, IL 61568 +1 (309) 925 - 2121
Raymond James Financial Services 815 S Main St, Princeton, IL 61356 +1 (815) 875 - 2828
Dieterich Bank Corporate Center 300 Sur Woods Dr, Effingham, IL 62401 +1 (800) 699 - 9766
Midwest Title Loans 2129 S Cicero Ave, Cicero, IL 60804 +1 (708) 222 - 0028
Mariner Finance 206 N Banker St, Effingham, IL 62401 +1 (217) 342 - 2105
Landmark Credit Union 506 W Fairchild St, Danville, IL 61832 +1 (217) 442 - 9005
Lisle Savings Bank 1450 Maple Ave, Lisle, IL 60532 +1 (630) 852 - 3710

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Loraine, IL, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Oswego, IL, Payday Loans in Palatine, IL, Same Day Loans in Park Ridge, IL, No Credit Check Loans in Pekin, IL, Payday Loan for Peoria, IL, Payday Loans in Plainfield, IL, Payday Loans in Quincy, IL and Payday Loans in Rock Island, 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 Loraine, IL.

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

62349

Are Payday Loans Legal In Loraine, 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

Loraine, IL payday loan calculator

Advise to read before applying

Understanding Payday Loans in Loraine, Illinois

Payday loans are a popular option for those who need quick cash in a pinch. These types of loans are short-term, unsecured loans that typically come with high interest rates and fees. Borrowers generally take out payday loans to cover unexpected expenses such as medical bills, car repairs, and utility bills.

In Loraine, Illinois, payday loans are legal and regulated. However, it’s important to note that these loans come with risk, and borrowers should educate themselves on the potential drawbacks before taking them out.

The Basics of Payday Loans

Payday loans are small, short-term loans that typically range from $100 to $1,000. The loan is due on the borrower’s next payday, usually within two weeks to a month. To qualify for a payday loan, borrowers must have a steady source of income and a checking account. They must also be 18 years or older and a legal resident of Loraine, Illinois.

When a borrower takes out a payday loan, they are required to provide the lender with a post-dated check or permission to withdraw funds from their checking account. If the borrower fails to repay the loan on time, the lender can deposit the check or withdraw the funds from the borrower’s account.

The Potential Downsides of Payday Loans

While payday loans can be a lifeline for those in need of quick cash, they come with significant risks. The high interest rates and fees associated with payday loans can trap borrowers in a cycle of debt. In fact, the Consumer Financial Protection Bureau reports that four out of five payday loans are rolled over or renewed within two weeks.

In addition to the high costs, payday loans can also negatively impact a borrower’s credit score. If the borrower fails to repay the loan on time, the lender may report the missed payment to credit bureaus, which can lower the borrower’s credit score.

Interesting Facts and Statistics About Payday Loans in Loraine, Illinois

  • In 2019, Illinois borrowers took out 1.5 million payday loans.
  • The average APR for payday loans in Illinois is 297%.
  • The average payday loan in Illinois is $365.
  • Illinois has strict regulations on payday lenders, including caps on interest rates and fees.

Apply Now

If you’re in need of quick cash and are considering a payday loan, TheGuaranteedLoans can help connect you with potential lenders. We are not a direct lender, but a connector service that helps borrowers find the right loan for their needs. Our online application process is simple and secure, and we work with a network of trusted lenders in Loraine, Illinois.

Note that payday loans are a short-term solution and should only be used for emergency situations. If you are struggling with debt, it’s important to seek help from a financial advisor or credit counselor.

Conclusion

Payday loans can be a useful tool for those in need of quick cash, but they come with risks and should be used carefully. In Loraine, Illinois, payday loans are legal and regulated, and borrowers should educate themselves on the potential pitfalls before borrowing. By working with a trusted lender or connector service like TheGuaranteedLoans, borrowers can find the right loan for their needs and avoid falling into a cycle of debt.

F.A.Q.

Can I apply for a payday loan online in Loraine, Illinois?

Yes, you can apply for a payday loan online in Loraine, Illinois. Many payday lenders have online application processes that allow you to apply for a loan from the comfort of your own home.

Is it safe to take out a payday loan in Loraine, Illinois?

Taking out a payday loan in Loraine, Illinois can be a safe and convenient option for those who need quick access to cash. However, it is important to carefully read and understand the terms of the loan before agreeing to it, and to only borrow what you can afford to repay. It is also important to only borrow from reputable and licensed lenders in order to avoid potential scams or predatory practices.

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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