Welcome to TheGuaranteedLoans, your trusted source for all things payday loans and title loans. Today, we’re going to dive into the world of payday loans in New Bedford, Illinois. Whether you’re new to the area or just looking for some quick cash, read on to learn all the important details about payday loans in Illinois.
What are payday loans?
Payday loans are short-term loans that are designed to help people get through a financial emergency. These loans are typically for small amounts, and they are intended to be repaid within a few weeks. Payday loans are intended to be a temporary solution, so they usually come with high interest rates and fees.
Payday loans in Illinois
Payday loans are legal in Illinois, but there are some restrictions on how they can be offered. For example, the maximum amount of a payday loan in Illinois is $1,000 or 25% of the borrower’s gross monthly income, whichever is less. The maximum loan term is 120 days, and lenders are not allowed to charge more than $15.50 in fees for every $100 borrowed.
How to get a payday loan in New Bedford, Illinois
If you’re interested in getting a payday loan in New Bedford, Illinois, here is what you need to know:
- You must be at least 18 years old
- You must have a steady source of income
- You must have an active checking account
- You must provide proof of income and residency
Once you meet these requirements, you can apply for a payday loan online or in-person at a payday loan store. Keep in mind that you will need to repay the loan in full by the due date, which is typically your next payday.
Interesting facts about payday loans in New Bedford, Illinois
- Illinois has more payday lenders than McDonald’s restaurants.
- The average payday loan in Illinois is $375.
- Payday lenders in Illinois earned more than $500 million in fees and interest in 2017.
- Illinois has some of the strongest consumer protections for payday loans in the country.
Apply Now
If you’re in a financial pinch and need a payday loan, TheGuaranteedLoans can help. We are a connector service that can help match you with potential lenders who can offer you a loan. Keep in mind that we are not a direct lender, and we cannot guarantee that you will be approved for a loan.
To get started, simply fill out our online application form. We’ll ask for some basic information, including your name, address, income, and employment. Once you submit your application, we’ll review it and try to match you with a lender who can meet your needs.
It’s important to remember that payday loans are a temporary solution, and they should only be used in a financial emergency. Before you take out a payday loan in New Bedford, Illinois, be sure that you understand the fees and terms involved.
The Bottom Line
Payday loans can be a helpful way to get through a financial emergency, but they should be used with caution. If you’re considering a payday loan in New Bedford, Illinois, be sure to do your research and understand the fees and terms involved. And, if you need help finding a lender, TheGuaranteedLoans is here to help.