Payday Loans in Urbana, Illinois

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Payday Loan Companies in Urbana, IL

Company nameAddressZip codePhone number
Advance America 114 N Vine St g 61802 +1 (217) 367 - 6811
Brookdale Urbana 1706 E Amber Ln 61802 +1 (217) 328 - 3150
Chase Bank 405 N Broadway Ave 61801 +1 (217) 351 - 3271
Check 'n Go 1815 Philo Rd 61802 +1 (217) 328 - 4600
Check n Go 1815B Philo Rd 61802 +1 (217) 328 - 4600
Dan Punkay - COUNTRY Financial representative 1717 Philo Rd 15A 61802 +1 (217) 328 - 0023
Dollar Mart Loan Co 1717 S Philo Rd 14 61802 +1 (217) 367 - 7630
First Financial Bank 2510 S Philo Rd 61802 +1 (217) 344 - 1300
Raymond James Financial Services 201 W Main St 61801 +1 (217) 365 - 4873
U of I Community Credit Union - Five Points Branch 206 E University Ave 61801 +1 (217) 278 - 7700
Urbana Municipal Employees CU 1606 N, Willow View Rd SUITE 1-O 61802 +1 (217) 337 - 0240
Woodforest National Bank 100 S High Cross Rd 61802 +1 (217) 344 - 2437
World Finance 111 N Broadway Ave 61801 +1 (217) 384 - 2966

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Urbana, IL, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Waukegan, IL, Guaranteed Loans in Wheaton, IL, Payday Loans in Wheeling, IL, Online Loans in Woodridge, IL, Online Loans in Addison, IL, Payday Loans in Algonquin, IL, Payday Loan Without a Credit Check in Arlington Heights, IL and Bad Credit Loans in Aurora, 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 Urbana, IL.

Beautiful sights of Urbana, IL

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

61802, 61803, 61801

Are Payday Loans Legal In Urbana, 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

Urbana, IL payday loan calculator

Payday loans can be a convenient way to get a short-term loan in times of financial need. While payday loans can be a good resource to have, it is important to understand that they come with risks. If you live in Urbana, Illinois, you will find that payday loans are legal in the state, but there are rules that borrowers must follow in order to remain compliant with the law.

What Is a Payday Loan?

A payday loan is a small loan with a high-interest rate. The loan is typically for a short-term period, such as two weeks or less, and is structured so that when the loan period ends, the borrower then must pay back the loan in full, plus interest. The borrower can also choose to extend the loan period with additional fees, but the interest rate continues to increase.

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

If you are considering taking out a payday loan in Urbana, Illinois, it is important to understand the laws and regulations that are in place. The state of Illinois regulates payday loans to ensure that borrowers are treated fairly, and to prevent predatory lending.

Legal Status of Payday Loans in Urbana, Illinois

Payday loans are legal in the state of Illinois, and the state government has established regulations to ensure that payday loans are not predatory. For example, payday loans are limited to $ 1000 or less, and the loan term cannot be longer than 120 days. Borrowers are also limited to only having one payday loan at a time.

Interest Rates and Fees

In Illinois, the maximum interest rate on a payday loan is 403%. This is a very high-interest rate that can lead to significant financial consequences for borrowers, so it is important to make sure that you can afford the loan before taking it out. Additionally, there is a loan origination fee of up to 15% of the loan amount. This fee must be included in the total amount that must be paid back.

Additional Laws and Regulations

In addition to the laws and regulations that regulate payday loans, there are also other laws and regulations that borrowers must be aware of. For example, borrowers must provide their income information before taking out a payday loan, and lenders are not allowed to extend the loan for more than two consecutive extensions. Finally, lenders must provide borrowers with written notice of the loan terms, and provide a repayment plan if the borrower is unable to pay back the loan.

The Benefits and Risks of Payday Loans in Urbana, Illinois

Payday loans can be a useful way to get quick access to funds in times of financial need. However, it is important to understand the risks associated with these loans, such as the high interest rates and fees. It is also important to make sure that you can afford the loan before taking it out and to make sure that you understand the repayment terms.

Benefits

  • Quick access to funds: Payday loans can provide quick access to funds in times of financial need.
  • Flexible repayment terms: Borrowers can choose a repayment plan that works for them.
  • Easy application process: Applying for a payday loan is quick and easy.

Risks

  • High-interest rates: Payday loans come with high-interest rates, which can be difficult to pay off.
  • Short loan terms: The loan must be paid back in full, plus interest, in a short period of time.
  • Fees: Borrowers must pay a loan origination fee of up to 15% of the loan amount.

Conclusion

Payday loans can be a convenient way to get access to funds in times of financial need. However, it is important to understand the risks associated with these loans, such as the high-interest rates and fees. It is also important to make sure that you can afford the loan before taking it out and to make sure that you understand the repayment terms. If you live in Urbana, Illinois, payday loans are legal, but there are specific laws and regulations that borrowers must abide by in order to remain compliant with the law.

Apply Now

If you are considering taking out a payday loan in Urbana, Illinois, visit TheGuaranteedLoans and fill out the application online. We can connect you with lenders that offer payday loans so you can get the financial assistance that you need. Please note: TheGuaranteedLoans is not a lender and does not offer loans. We are a loan matching service that connects lenders and borrowers.

Frequently Asked Questions

  • Are payday loans legal in Urbana, Illinois?
    Yes, payday loans are legal in the state of Illinois.
  • What is the maximum amount that I can borrow?
    The maximum amount that you can borrow is $1000.
  • Are there any fees associated with a payday loan?
    Yes, there is a loan origination fee of up to 15% of the loan amount.
  • How long do I have to pay back the loan?
    The loan must be paid back in full, plus interest, within 120 days.
  • Can I extend the loan period?
    Yes, you can extend the loan period for an additional fee. However, the interest rate will continue to increase.

More F.A.Q.

How do I repay my payday loan in Urbana, Illinois?

Payday loans in Urbana, Illinois are typically repaid on the borrower's next payday, either in person at the lender's location or electronically through the borrower's bank account.

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

Yes, there are several alternatives to payday loans in Urbana, Illinois, such as credit unions, small personal loans, or borrowing from friends or family. It is important to research and compare these options to determine the best option for your financial situation.

How Many Cash Advance Companies are in Urbana, IL?

With the help of our service, you will be able to find 13 cash advance companies in Urbana, IL

What Cash Advance Companies in Urbana, IL are the most popular?

You should check Check 'n Go, Advance America, and Brookdale Urbana. Also, you can start your application online on our website.