Payday Loans in Mode, Illinois

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

Company nameAddressZip codePhone number
Advance America 1239 Sandy Hollow Rd, Rockford, IL 61109 +1 (815) 399 - 2700
Easy Street Acceptance 348 Health Dept Rd, Murphysboro, IL 62966
Heights Finance Corporation 122 May Mart Dr, Rochelle, IL 61068 +1 (815) 561 - 8844
Regions Bank 1706 W Deyoung St, Marion, IL 62959 +1 (618) 440 - 5460
Denton & Associates, Inc. - DBA Larimer And O'Connor 729 W Broadway St, Bradley, IL 60915 +1 (815) 932 - 7493
Busey Bank 312 E Main St, Mahomet, IL 61853 +1 (217) 586 - 4981
Illinois Title Loans, Inc. 1025 E Main St, Carbondale, IL 62901 +1 (618) 549 - 5499
New Lenox Currency Exchange 358 W Maple St, New Lenox, IL 60451 +1 (815) 485 - 0400
Tower Loan 466 N Green Bay Rd, Waukegan, IL 60085 +1 (847) 782 - 8850
Andy's Autobody-Chester Inc 1207 Opdyke St, Chester, IL 62233 +1 (618) 826 - 4512

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Mode, IL, you can try to find different companies in big cities near by. Check out the following pages here: Same Day Loans in Streamwood, IL, Payday Loans in Tinley Park, IL, Payday Loans in Urbana, IL, Payday Loans in Waukegan, IL, No Credit Check Loans in Wheaton, IL, Payday Loans in Wheeling, IL, Payday Loans in Woodridge, IL and Quick Loan in Addison, 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 Mode, IL.

Are Payday Loans Legal In Mode, 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

Mode, IL payday loan calculator

Payday Loans in Mode, Illinois: What You Need to Know

When you’re in a financial bind and need money quickly, payday loans can offer a solution. While these loans can be a convenient option for many people, it’s important to understand the rules and regulations surrounding payday loans in your state. If you’re a resident of Mode, Illinois and considering a payday loan, here’s what you need to know.

Legal Regulations Surrounding Payday Loans in Illinois

Payday loans are legal in Illinois, and there are a few regulations in place to protect borrowers. The most significant regulation is the cap on the amount of interest and fees that payday lenders can charge. According to Illinois law, payday loan lenders can charge a maximum of $15.50 per $100 borrowed. This cap is in place to help prevent borrowers from being trapped in a cycle of debt, where they end up paying more in fees than they originally borrowed.

Applying for a Payday Loan in Mode, Illinois

If you’re a resident of Mode, Illinois and considering a payday loan, the first step is to find a reputable lender. TheGuaranteedLoans is a connector service that can help you find a lender that matches your needs. We’ll facilitate your connection with potential lenders, but we are not a direct lender ourselves.

Once you’ve selected a lender, you’ll need to fill out an application. Be prepared to provide personal and financial information, including your name, address, employer information, and income. You’ll also need to provide your bank account information so that the lender can deposit the loan funds and withdraw payments.

Repaying Your Payday Loan

One of the most important things to keep in mind when taking out a payday loan is that you’ll need to pay it back on time. In Illinois, payday loan terms cannot exceed 45 days, and lenders are required to provide a repayment plan that allows borrowers to pay back the loan in installments. Be sure to read the terms and conditions of your loan carefully, and make sure you understand the repayment plan.

If you are unable to repay your payday loan on time, the lender may offer an extension or rollover. However, it’s important to note that this can come with additional fees and interest charges, which can quickly add up. Make sure you understand the total cost of borrowing before you agree to any terms.

Interesting Facts and Statistics

  • There are currently over 500 payday lenders operating in Illinois.
  • In 2018, Illinois residents took out over 1.5 million payday loans, totaling over $550 million in loan volume.
  • Payday lenders in Illinois charge an average interest rate of 297%.
  • Over 75% of payday loan borrowers in Illinois take out multiple loans per year.

Apply Now

If you’re in need of a payday loan in Mode, Illinois, TheGuaranteedLoans can help. Our online application process is fast and easy, and we’ll connect you with potential lenders who match your needs. Remember, we are not a direct lender – we’re a connector service that helps you find the right lender for your situation. Apply now and get the money you need to cover your expenses.

F.A.Q.

Are there any alternatives to payday loans in Mode, Illinois?

Yes, there are several alternatives to payday loans in Mode, Illinois. For example, borrowers can seek out small personal loans from banks or credit unions, apply for assistance from social service organizations, or negotiate payment plans with creditors.

Can I be charged additional fees if I make a payment on my payday loan late?

Yes, Illinois law allows lenders to charge additional fees for late payments on payday loans. The maximum late fee that can be charged is $25, or 5% of the unpaid balance, whichever is less.