Payday Loans in Modesto, Illinois

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

Company nameAddressZip codePhone number
Walmart Money Center 125 E Bestor Dr, Geneseo, IL 61254
LoanMaster 3145A Avenue of the Cities, Moline, IL 61265 +1 (309) 736 - 1175
America's Financial Choice 5945 Black Diamond Rd, Nashville, IL 62263 +1 (618) 242 - 4400
Bennie Adams - COUNTRY Financial representative 809 N 1st St, Vienna, IL 62995 +1 (618) 658 - 2881
Illinois Title Loans Inc 2733-B Sycamore Road, DeKalb, IL 60115 +1 (815) 756 - 8005
CCG Cash Management Accounts 300 College Ave, Rockford, IL 61104 +1 (815) 965 - 5431
Walmart Money Center 1205 S, State Rte 31, Crystal Lake, IL 60014 +1 (815) 455 - 4200
Lemont Bank & Trust 12400 Archer Ave, Lemont, IL 60439 +1 (630) 243 - 2000
Payday Loans Naperville E 6th Ave, Naperville, IL 60563
CheckChangers - 55th & Wentworth Currency Exchange 148 W Garfield Blvd, Chicago, IL 60609 +1 (773) 268 - 8400

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Modesto, IL, you can try to find different companies in big cities near by. Check out the following pages here: No Credit Check Loans in Algonquin, IL, No Credit Check Loans in Arlington Heights, IL, Emergency Loan in Aurora, IL, Payday Loans in Bartlett, IL, Payday Loans in Belleville, IL, Payday Loans in Berwyn, IL, Payday Loans in Bloomington, IL and Payday Loans in Bolingbrook, 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 Modesto, IL.

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

62667

Are Payday Loans Legal In Modesto, 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

Modesto, IL payday loan calculator

Advise to read before applying

Understanding Payday Loans in Modesto, Illinois

Payday loans are a type of short-term loan that is typically used to help borrowers cover expenses until their next paycheck. While these loans can be a helpful financial tool for those in need, it’s important to understand the terms and limitations that come with them. In this article, we’ll explore what payday loans in Modesto, Illinois are, how they work, and what you need to know before applying for one.

What are Payday Loans in Modesto, Illinois?

In Illinois, payday loans are legal and regulated by the state’s Department of Financial and Professional Regulation. Payday loans are available to borrowers who have a steady income and a checking account. To obtain a payday loan, the borrower must provide the lender with proof of income, such as a paycheck or bank statement, and a post-dated check or authorization for an electronic withdrawal from their bank account.

How Do Payday Loans Work?

When a borrower takes out a payday loan, they receive a lump sum of cash that is typically due on their next payday. The loan amount is usually based on the borrower’s income and can range from $100 to $1,000. The borrower is expected to repay the loan in full, along with any interest and fees, by their next payday.

If the borrower is unable to repay the loan on time, they may be able to roll it over for an additional fee. This can lead to a cycle of debt in which the borrower continually takes out new loans to cover the interest and fees on their previous loans.

What You Need to Know Before Applying for a Payday Loan

Before applying for a payday loan in Modesto, Illinois, it’s important to carefully consider your options and the terms and conditions of the loan. Here are some key things to keep in mind:

  • Interest Rates and Fees: Payday loans in Illinois can have an interest rate of up to 400%. Borrowers should be aware of the fees and interest rates associated with their loan, as these can quickly add up.
  • Loan Limits: The maximum loan amount in Illinois is $1,000 or 25% of your income, whichever is less.
  • Repayment Terms: Payday loans are typically due on your next payday. If you are unable to repay the loan on time, you may be able to roll it over for an additional fee.

Additionally, borrowers should be aware of the risks associated with payday loans. These loans can be a helpful financial tool in the short term, but they can also lead to long-term debt problems if they are not used responsibly.

Interesting Facts and Statistics about Payday Loans in Modesto, Illinois

  • Illinois has more payday loan storefronts than McDonald’s restaurants: According to a 2018 report, Illinois has 563 payday loan storefronts, compared to 369 McDonald’s restaurants.
  • Most payday loans in Illinois are for $500 or less: According to the Illinois Department of Financial and Professional Regulation, the average payday loan amount in Illinois is $354.
  • The average interest rate for payday loans in Illinois is 297%: According to the Center for Responsible Lending, the average APR for payday loans in Illinois is 297%.

Apply Now for a Payday Loan in Modesto, Illinois

If you are in need of a payday loan in Modesto, Illinois, TheGuaranteedLoans can help connect you with potential lenders. We are a connector service and not a direct lender, which means we can help you find the right loan for your needs without the hassle of searching for lenders on your own. To apply for a payday loan, simply fill out our online application and we’ll match you with lenders who may be able to help. Apply now and take the first step toward getting the financial help you need.

F.A.Q.

Can I apply for a payday loan if I have bad credit or no credit history?

Yes, you can apply for a payday loan even if you have bad credit or no credit history. Payday lenders typically do not require a credit check to approve a loan, and instead rely on other factors such as proof of income and a checking account to determine loan eligibility.

What are the eligibility requirements for payday loans in Modesto, Illinois?

To be eligible for a payday loan in Modesto, Illinois, borrowers must be at least 18 years of age, have a valid government-issued ID, and have a verifiable source of income.

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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