Payday Loans in Arrowsmith, Illinois

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

Company nameAddressZip codePhone number
PLS Loan Store 8026 S Cicero Ave, Burbank, IL 60459 +1 (708) 857 - 0000
Short Term Loans 1227 Glen Ellyn Rd, Glendale Heights, IL 60139 +1 (630) 469 - 8597
Sun Loan Company 130 S Chicago St, Lincoln, IL 62656 +1 (217) 732 - 2033
GMAC Mortgage 400 E Deyoung St, Marion, IL 62959 +1 (618) 998 - 1000
The Gerber State Bank 102 S, IL-48, Oreana, IL 62554 +1 (217) 468 - 2330
AAA Community Finance 5611 N 2nd St, Loves Park, IL 61111 +1 (815) 637 - 2763
First National Bank 210 S Main St, Pinckneyville, IL 62274 +1 (618) 357 - 9393
PLS Loan Store 2904 Ogden Ave, Aurora, IL 60504 +1 (630) 723 - 0500
Banterra Bank 318 S Park Ave, Herrin, IL 62948 +1 (618) 942 - 7373
First National Bank 209 S Railroad St, Patoka, IL 62875 +1 (618) 432 - 7233

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Arrowsmith, IL, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Palatine, IL, Online Loans in Park Ridge, IL, Payday Loans in Pekin, IL, Online Loans in Peoria, IL, Payday Loans in Plainfield, IL, Payday Loans in Quincy, IL, Payday Loans in Rock Island, IL and 24-Hour Loan in Rockford, 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 Arrowsmith, IL.

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

61722

Are Payday Loans Legal In Arrowsmith, 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

Arrowsmith, IL payday loan calculator

Advise to read before applying

Payday Loans in Arrowsmith, Illinois: Everything You Need to Know

Are you considering taking out a payday loan in Arrowsmith, Illinois? If so, it’s important to know the facts before you decide if it’s the right choice for you. In this guide, we’ll cover everything you need to know about payday loans in Abingdon and help you make an informed decision about your financial future.

What Are Payday Loans?

Payday loans are a type of short-term, high-interest loan. They are designed to be repaid in full on the borrower’s next payday, hence the name “payday loan.” These loans are typically for smaller amounts, ranging from a few hundred to a few thousand dollars, and are usually borrowed by those with bad credit or who are in need of quick cash.

While payday loans can seem like a good solution for emergency expenses or unexpected bills, they come with high fees and interest rates that can make them difficult to repay. For this reason, payday loans are generally considered a last resort for those in financial need.

Payday Loans in Arrowsmith, Illinois: The Basics

If you’re considering taking out a payday loan in Arrowsmith, there are several things to keep in mind:

Legal Status of Payday Loans in Illinois

Payday loans are legal in Illinois, including in Arrowsmith. However, the state has enacted regulations to protect consumers from predatory lending practices. These regulations include:

  • A limit of $1,000 or 25% of the borrower’s gross monthly income, whichever is less, on the amount that can be borrowed.
  • A limit of 45 days on the term of the loan.
  • A maximum fee of $15.50 per $100 borrowed.
  • Prohibition of rollovers or refinancing of loans, which can lead to a cycle of debt.

It’s important to note that lenders are required to be licensed in Illinois and must follow these regulations. If you are considering taking out a payday loan, make sure to choose a licensed lender and read the terms and conditions carefully before signing a contract.

Interest Rates and Fees

Payday loans come with high fees and interest rates. In Illinois, the maximum fee for a payday loan is $15.50 per $100 borrowed. This means that if you borrow $500, you will owe $77.50 in fees. It’s important to be aware of these fees and factor them into your budget before taking out a payday loan.

Repayment Terms

Payday loans in Illinois must be repaid in full on the borrower’s next payday. This means that if you borrow money on a Friday, you will need to repay the loan, including fees and interest, by the following Friday. If you are unable to repay the loan on time, you may be subject to additional fees and interest, which can quickly add up and make it difficult to repay the loan.

Pros and Cons of Payday Loans

Like any financial product, payday loans have both advantages and disadvantages. Here are a few to consider:

Advantages

  • Fast and easy application process
  • No credit check required
  • Can be a good option for those with bad credit or no credit history

Disadvantages

  • High fees and interest rates
  • Short repayment terms
  • Can lead to a cycle of debt if not repaid on time
  • May not be a good option for those with a history of financial instability

Interesting Facts about Payday Loans in Arrowsmith, Illinois

Did you know that the average payday loan borrower in Illinois takes out eight loans per year? Or that the total amount borrowed for payday loans in the state was over $3.5 billion in 2020? These are just a few of the interesting statistics about payday loans in Arrowsmith and Illinois as a whole.

Apply Now

If you are considering taking out a payday loan in Arrowsmith, TheGuaranteedLoans can help. We are a connector service that works with a network of trusted lenders to help you find the best payday loan for your needs.

Our online application process is fast and easy, and we can connect you with lenders who are licensed and follow the regulations set by the state of Illinois. Remember, payday loans should be used as a last resort. If you do decide to take out a payday loan, make sure to read the terms and conditions carefully and budget for the fees and interest.

Apply now to get started.

F.A.Q.

Are there any restrictions on how payday loans can be used in Arrowsmith, Illinois?

Yes, payday loans in Arrowsmith, Illinois must be used for immediate, short-term financial needs, and cannot be used to pay off other loans or debts.

What are the interest rates and fees associated with payday loans in Arrowsmith, Illinois?

in Arrowsmith, Illinois, payday lenders can charge an annual interest rate of up to 99%. In addition, lenders can charge origination fees, late fees, and non-sufficient funds fees.

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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