Payday Loans in Alma, Illinois

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

Company nameAddressZip codePhone number
LendNation 1205 Sibley Blvd, Dolton, IL 60419 +1 (708) 841 - 5505
AAMCO Transmissions & Total Car Care 321 S Main St, Bloomington, IL 61701 +1 (309) 828 - 3337
Access to Money 6800 Kingery Hwy, Darien, IL 60561
Funding Source for Business 1360 Old Skokie Valley Rd, Highland Park, IL 60035 +1 (866) 573 - 3273
Check Into Cash 104 Barrington Rd, Streamwood, IL 60107 +1 (630) 540 - 1734
Cash America Pawn 150 S Kennedy Dr 6 & 7, Carpentersville, IL 60110 +1 (224) 293 - 4052
BMO Harris Bank - Mortgage Banker David Crowder 15901 Illinois Rte 59, Plainfield, IL 60586 +1 (815) 200 - 3200
1st Loans Financial 12601 Western Ave, Blue Island, IL 60406 +1 (708) 396 - 0600
Title Cash 1112 S Park Ave, Herrin, IL 62948 +1 (618) 988 - 8786
Check Into Cash 9 Meadowview Center, Kankakee, IL 60901 +1 (815) 928 - 8200

Payday Loan Companies in Nearby Cities

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

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

62807

Are Payday Loans Legal In Alma, 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

Alma, IL payday loan calculator

Advise to read before applying

Exploring Payday Loans in Alma, Illinois

Payday loans are a type of short-term loan that can help people bridge the gap between paychecks. They are designed to be quick and easy to access, making them a popular option for those facing unexpected expenses or emergencies. Illinois is one of the states where payday loans are legal, and Alma is one of the cities where people can access these loans.

What are Payday Loans?

Payday loans are loans that are typically for $500 or less and are due on the borrower’s next payday. They are meant to be a short-term solution and should not be used as a long-term financial strategy. The borrower usually writes a post-dated check or authorizes an electronic withdrawal from their bank account for the loan amount plus fees. If the borrower is unable to repay the loan on the due date, they may be able to roll it over for an additional fee.

How Do Payday Loans Work in Illinois?

Illinois has specific laws regarding payday loans that borrowers and lenders must follow. 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 the maximum fee is $15.50 per $100 borrowed. Lenders are also required to provide a written agreement that outlines the terms of the loan, including the total cost and the annual percentage rate (APR).

Benefits of Payday Loans

  • Quick and easy access to cash
  • No credit check required
  • Can be helpful in emergencies
  • May be more accessible than traditional bank loans

Drawbacks of Payday Loans

  • High fees and interest rates
  • Can lead to a cycle of debt
  • May not help with long-term financial problems
  • Not a sustainable financial strategy

Interesting Facts and Statistics About Payday Loans in Alma, Illinois

  • In 2020, the average payday loan amount in Illinois was $360.
  • The average APR for a payday loan in Illinois is 297%.
  • According to a report from the Illinois Department of Financial and Professional Regulation, the majority of borrowers take out payday loans for recurring expenses such as rent or utilities.

Apply Now

If you live in Alma, Illinois and are considering a payday loan, TheGuaranteedLoans can help you find a lender. We are a connector service, meaning that we connect borrowers with potential lenders. To apply for a payday loan, simply fill out our online application form. We will then connect you with a lender who can offer you a loan based on your needs and qualifications. Remember that payday loans are not a long-term financial solution and should only be used for emergencies or unexpected expenses.

At TheGuaranteedLoans, we prioritize transparency and responsibility. We highly recommend that borrowers read and understand all loan terms and agreements before accepting a loan. If you have any questions or concerns, do not hesitate to contact us.

F.A.Q.

Can payday lenders in Alma, Illinois operate without a license?

No, all payday lenders in Alma, Illinois must be licensed by the state in order to operate. Borrowers can check the Illinois Department of Financial and Professional Regulation's website to verify that a lender is licensed before taking out a loan.

Is there a maximum number of payday loans that a borrower can take out in Alma, Illinois?

Yes, Illinois law limits borrowers to taking out a maximum of two payday loans at any one time. Borrowers must also wait at least seven days between taking out consecutive payday loans.

Look for Short-Term Loans in Other Cities:

Addison Algonquin Arlington Heights Aurora Bartlett Belleville Berwyn Bloomington Bolingbrook Buffalo Grove Calumet City Carol Stream Carpentersville Champaign Chicago Chicago Heights Crystal Lake Danville Decatur Des Plaines Downers Grove Dundee Elgin Elk Grove Village Elmhurst Evanston Galesburg Glendale Heights Glenview Granite City Gurnee Hanover Park Hoffman Estates Joliet Lombard Moline Mount Prospect Mundelein Naperville North Chicago Northbrook Oak Lawn Oak Park Orland Park Oswego Palatine Park Ridge Pekin Peoria Plainfield Quincy Rock Island Rockford Romeoville Schaumburg Skokie Springfield Streamwood Tinley Park Urbana Waukegan Wheaton Wheeling Woodridge
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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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