Payday Loans in Viola, Illinois

Payday Loans in Viola, Illinois

When unexpected expenses arise, it can be difficult to come up with the money right away. This is where payday loans come in. Payday loans are a type of short-term loan designed to help people get the money they need quickly. They are legal in Illinois, including the small town of Viola.

Viola is a community of around 950 people located in the northwestern part of Illinois. Despite its small size, the town has several options for those looking to take out a payday loan.

What are Payday Loans?

Payday loans are loans that typically last for 14 days or until the borrower’s next payday. They are meant to provide a short-term solution to those who need money quickly. The loans are usually for small amounts, up to $1,000, and have high-interest rates.

To apply for a payday loan, the borrower must have a job, a bank account, and identification. The application process is quick and easy, and the borrower can receive the money they need within hours. In many cases, the borrower must provide a post-dated check for the loan amount plus interest to the lender, who then cashes the check on the borrower’s next payday.

Payday Loan Regulations in Illinois

Payday loans are legal in Illinois, but there are regulations in place to protect borrowers. The maximum loan amount is $1,000 or 25% of the borrower’s gross monthly income, whichever is less. The maximum term for a payday loan is 120 days, and lenders are not allowed to charge more than $15.50 per $100 borrowed.

Illinois also has a cooling-off period of at least seven days between payday loans. This means that once a borrower has taken out a payday loan, they must wait at least seven days before taking out another one.

Payday Loan Options in Viola, Illinois

Viola has several options for those looking to take out a payday loan. Some of the lenders in the area include Check Into Cash, Cashcity Payday, and Loan N Go.

Check Into Cash offers payday loans up to $850 and installment loans up to $3,000. They have several locations in the area, including one in nearby Moline.

Cashcity Payday is an online lender that offers payday loans up to $1,000. They have a simple online application process and can provide the money the same day.

Loan N Go is another online lender that offers payday loans up to $1,000. They have a quick and easy application process and can provide the money within 24 hours.

Interesting Facts and Statistics About Payday Loans in Viola, Illinois

– According to a 2019 report by the Illinois Department of Financial and Professional Regulation, there were 232,000 payday loans made in Illinois in the first quarter of 2019. The total amount borrowed was $81.6 million, and the average loan amount was $352.
– The same report found that the average annual percentage rate (APR) for payday loans in Illinois was 297%. This is much higher than the average APR for credit cards, which is around 15%.
– A 2018 study by the Pew Charitable Trusts found that 12 million Americans take out payday loans each year. The study also found that the average payday loan borrower takes out eight loans per year, spending an average of $520 in interest.

Apply Now

If you’re considering taking out a payday loan in Viola, Illinois, TheGuaranteedLoans can help. We are a connector service that can facilitate your connection with potential lenders. Our online application process is quick and easy, and we can provide the money you need within hours.

Remember, a payday loan should only be used as a short-term solution to a financial problem. If you find yourself struggling with debt, there are other options available, including credit counseling and debt consolidation.