Payday Loans in Mound City, Illinois

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

Company nameAddressZip codePhone number
Palatine Nurses Lending Services 200 E Wood St 266, Palatine, IL 60067 +1 (847) 934 - 3016
Mercantile Bank 101 N 36th St, Quincy, IL 62301 +1 (217) 224 - 8787
Personal Finance Company 6222 Northwest Hwy, Crystal Lake, IL 60014 +1 (815) 526 - 3006
Brookdale Lisle 1700 Robin Ln, Lisle, IL 60532 +1 (630) 963 - 1600
Check 'n Go 4634 N Harlem Ave, Harwood Heights, IL 60706 +1 (708) 867 - 9800
United Community Bank 600 W Main St, Mechanicsburg, IL 62545 +1 (217) 364 - 4456
AmeriCashLoans.Net 2400 E Devon Ave Suite 300, Des Plaines, IL 60018 +1 (888) 907 - 4227
Raymond James Financial Services 1201 Network Centre Dr, Effingham, IL 62401 +1 (217) 342 - 7354
Peoples State Bank of Sumner 2388 IL-250, Sumner, IL 62466 +1 (618) 936 - 2396
Vernon Hills Checkexpress Currency Exchange 701 N Milwaukee Ave 100, Vernon Hills, IL 60061 +1 (847) 816 - 1230

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Mound City, 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 Chicago Heights, IL, Short-term Loans in Crystal Lake, IL, Payday Loan for Danville, IL, Guaranteed Loans in Decatur, IL, Payday Loans in Dekalb, IL, Payday Loans in Des Plaines, IL, Same Day Loans in Downers Grove, IL and Payday Loans in Dundee, 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 Mound City, IL.

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

62963

Are Payday Loans Legal In Mound City, 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

Mound City, IL payday loan calculator

Advise to read before applying

Everything You Need to Know About Payday Loans in Mound City, Illinois

If you find yourself in a financial bind and you need emergency funds, a payday loan may seem like a good option. Payday loans are short-term loans that usually come with high-interest rates and fees. In this article, we will explore everything you need to know about payday loans in Mound City, Illinois.

How Do Payday Loans Work?

Payday loans are designed to help people who need short-term cash quickly. When you apply for a payday loan, you will give the lender a postdated check for the loan amount plus fees and interest. The lender will then give you the loan amount in cash. The loan is due on your next payday, and the lender will deposit the check you gave them to get their money back.

Are Payday Loans Legal in Mound City, Illinois?

Yes, payday loans are legal in Mound City, Illinois, just like in the rest of the state. However, there are several regulations in place to protect borrowers from predatory lending practices. Illinois law requires payday lenders to follow certain guidelines, such as capping the loan amount and limiting the number of loans you can take out at once.

How Much Can You Borrow with a Payday Loan in Mound City, Illinois?

In Mound City, Illinois, you can borrow up to $1,000 with a payday loan. The loan amount you receive will depend on your income, the lender’s requirements, and your credit history. However, it is essential to remember that payday loans come with high-interest rates and fees. You should only borrow what you can comfortably pay back on your next payday.

What Are the Requirements for a Payday Loan in Mound City, Illinois?

Here are the requirements for getting a payday loan in Mound City, Illinois:

  • You must be at least 18 years old.
  • You must have a valid ID.
  • You must have a steady source of income.
  • You must have an active checking account.

If you meet these requirements, you can apply for a payday loan. However, keep in mind that some lenders may have additional requirements.

What Are the Fees and Interest Rates for Payday Loans in Mound City, Illinois?

In Mound City, Illinois, payday lenders are allowed to charge up to $15.50 for every $100 borrowed. This fee is in addition to interest rates, which can be as high as 400%. For example, if you borrow $500, you will have to pay back $577.50 on your next payday, assuming you pay it back on time. It is essential to understand these fees and interest rates before taking out a payday loan.

What Happens If You Don’t Repay Your Payday Loan in Mound City, Illinois?

If you do not repay your payday loan on time, you may incur additional fees and interest charges. The lender may also take legal action to collect the debt. It is critical to read your loan agreement carefully, understand the repayment terms, and make sure you can pay back the loan on time.

Apply Now

If you need emergency funds and are considering a payday loan in Mound City, Illinois, TheGuaranteedLoans can help. We are a connector service that can facilitate your connection with potential lenders. Apply now and get the funds you need quickly and easily.

Interesting Facts and Statistics About Payday Loans in Mound City, Illinois

  • Illinois has more payday lenders than McDonald’s, Burger King, and Wendy’s combined.
  • The average payday loan in Illinois is $365, but borrowers pay $520 in interest and fees.
  • According to the Illinois Department of Financial and Professional Regulation, over 400,000 payday loans were issued in Illinois in 2020, totaling over $1.5 billion in loans.
  • Payday lending is a controversial topic, with advocacy groups arguing that payday loans trap vulnerable borrowers in a cycle of debt.

Remember, while payday loans may provide short-term relief, they come with high-interest rates and fees. We recommend exploring alternative options, such as personal loans or credit cards, before taking out a payday loan. Apply for a payday loan only if it’s a last resort, and make sure you read and understand the loan agreement.

F.A.Q.

How do payday loans work in Mound City, Illinois?

To obtain a payday loan in Mound City, Illinois, borrowers typically have to provide proof of income, a valid ID, and a checking account. The lender will then advance the borrower a small amount of money, typically up to $1,000, which must be repaid on the borrower's next payday. The loan will typically include fees and interest charges, which can make it expensive to repay.

Are payday loans legal in Mound City, Illinois?

Yes, payday loans are legal in Mound City, Illinois, but they are subject to certain regulations designed to protect borrowers from predatory lending practices. For example, Illinois law limits the amount of interest and fees that can be charged on payday loans, and it requires lenders to disclose the terms of the loan to the borrower before the loan is made.

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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