Payday Loans in Bingham, Illinois

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

Company nameAddressZip codePhone number
World Finance 1521 E Riverside Blvd Ste E, Loves Park, IL 61111 +1 (815) 708 - 7492
Land of Lincoln Credit Union 2302 S Banker St, Effingham, IL 62401 +1 (217) 342 - 7077
AmeriCash Loans 17340 Torrence Ave, Lansing, IL 60438 +1 (708) 474 - 7448
Wise Finance of Normal, llc 1730 Bradford Ln #200, Normal, IL 61761 +1 (309) 268 - 9473
Fast Cash & Pawn Warrenville 2S610 Illinois Rte 59, Warrenville, IL 60555 +1 (630) 836 - 2499
First Bank 1405 N, IL-3, Waterloo, IL 62298 +1 (618) 939 - 5566
Anna-Jonesboro National Bank 201 S Main St, Anna, IL 62906 +1 (618) 833 - 8506
TBK Bank 123 Main St, Chadwick, IL 61014 +1 (815) 684 - 5141
Ambraw Federal Credit Union 2300 Lexington Ave, Lawrenceville, IL 62439 +1 (618) 943 - 2913
World Finance Corporation 1101 Caseyville Rd g, Caseyville, IL 62232 +1 (618) 344 - 3492

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Bingham, IL, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan Companies in Elgin, IL, Payday Loan Without a Credit Check in Elk Grove Village, IL, Payday Loan Companies in Elmhurst, IL, Online Loans in Evanston, IL, Payday Loans in Galesburg, IL, Payday Loans in Glendale Heights, IL, Short-term Loans in Glenview, IL and Payday Loans in Gurnee, 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 Bingham, IL.

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

62011

Are Payday Loans Legal In Bingham, 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

Bingham, IL payday loan calculator

Everything You Need to Know About Payday Loans in Bingham, Illinois

Are you struggling to make ends meet and need some extra cash to tide you over until your next paycheck? If you live in Bingham, Illinois, you might be considering a payday loan as a solution. But before you take out a loan, it’s essential to understand what you’re getting into and whether it’s the right choice for you. In this article, we’ll examine the ins and outs of payday loans in Bingham, Illinois, so you can make an informed decision.

What is a Payday Loan?

A payday loan is a small, short-term loan typically due on your next payday. In Illinois, payday loans are legal and regulated by state law. The amount you can borrow ranges from $100 to $1,000, and the repayment term is usually two to four weeks. You’ll generally need to provide proof of income, such as a pay stub or bank statement, to qualify for a loan.

How Does a Payday Loan Work?

When you apply for a payday loan, you’ll typically provide the lender with a post-dated check or your bank account information. The lender will then give you the cash you need, minus their fees and interest charges. On the due date, the lender will cash your check or withdraw the funds from your bank account to pay off the loan.

If you’re unable to repay the loan on the due date, you can roll it over for an additional fee. However, rolling over the loan means you’ll pay more in interest and fees, making it harder to pay off the loan in the long run.

What Are the Pros and Cons of Payday Loans?

Like any loan, payday loans have both advantages and disadvantages. Here are some of the pros and cons to consider:

Pros:

  • Quick access to cash when you need it most
  • Easy application process
  • Approval rates are typically higher than traditional loans

Cons:

  • High interest rates and fees
  • Short repayment term makes it challenging to pay off the loan on time
  • Rolling over the loan can lead to a cycle of debt

Payday Loans in Bingham, Illinois: Interesting Facts and Statistics

  • Illinois has some of the most stringent regulations on payday lending, including limiting the amount of money you can borrow and how much lenders can charge in interest and fees.
  • In 2020, Illinois passed the Predatory Loan Prevention Act, which caps interest rates on consumer loans, including payday loans, at 36%.
  • In 2020, there were over 400 payday lending storefronts in Illinois, down from a peak of over 1,000 in 2006.

Apply Now

If you’re considering a payday loan in Bingham, Illinois, TheGuaranteedLoans can help connect you with lenders who can provide the cash you need. Our online application is straightforward, and in just a few minutes, you could be approved for a loan. Keep in mind that TheGuaranteedLoans is a connector service, not a direct lender, and we’ll facilitate your connection with potential lenders, making it easy to find the right loan for you.

In conclusion, payday loans can be a helpful solution when you need quick access to cash. However, it’s crucial to understand the pros and cons and whether it’s the right choice for your financial situation. With the right information and a responsible attitude, you can make a well-informed decision about your finances.

F.A.Q.

Can I roll over my payday loan in Bingham, Illinois?

Rollovers are not allowed for payday loans in Bingham, Illinois. Borrowers must repay the loan in full by the due date, or make arrangements with the lender to extend the loan term.

Can payday loan lenders in Bingham, Illinois sue me if I default on my loan?

Yes, payday loan lenders in Bingham, Illinois can sue borrowers who default on their loans. However, they are not allowed to use criminal charges or imprisonment as a means of collecting on a debt.