Payday Loans in Eleroy, Illinois

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

Company nameAddressZip codePhone number
TitleMax Title Loans 6572 US-34, Plano, IL 60545 +1 (630) 552 - 9770
TitleMax 17643 Torrence Ave, Lansing, IL 60438
Payday Loans Aurora 5th Ave, Aurora, IL 60505
Easy Money 19 County Rd 1180 E, Metropolis, IL 62960 +1 (618) 524 - 7733
Microtech Envios Corporation 2115 Vermont St, Blue Island, IL 60406 +1 (708) 897 - 0537
Cornerstone Credit Union 615 W 3rd St, Sterling, IL 61081 +1 (815) 625 - 9276
Payday Loans Arlington Heights 586 S Banbury Rd, Arlington Heights, IL 60005
Regions Bank 1706 W Deyoung St, Marion, IL 62959 +1 (618) 440 - 5460
Morton Community Bank 721 W Jackson St, Morton, IL 61550 +1 (309) 266 - 5337
James Keenan - COUNTRY Financial representative 37 S E Ave, Amboy, IL 61310 +1 (815) 857 - 3591

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Eleroy, IL, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in North Chicago, IL, Payday Loans in Northbrook, IL, Payday Loans in Oak Lawn, IL, Payday Loan Without a Credit Check in Oak Park, IL, Quick Loan in Orland Park, IL, Quick Loan in Oswego, IL, Emergency Loan in Palatine, IL and Payday Loans in Park Ridge, 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 Eleroy, IL.

Useful Articles

Are Payday Loans Legal In Eleroy, 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

Eleroy, IL payday loan calculator

Advise to read before applying

Understanding Payday Loans in Eleroy, Illinois

Payday loans are small, short-term, high-interest loans that have gained popularity in recent years, thanks to their ease of access, convenience, and rapid approval times. In Eleroy, Illinois, payday loans are legal and are accessible to anyone who meets the state’s lending requirements.

How do Payday Loans work in Eleroy, Illinois?

Payday loans are best used as a short-term fix for anyone experiencing a financial emergency. The borrower writes a post-dated check for the loan amount plus fees and gives it to the lender. The lender then gives the borrower cash, minus the fee, which is typically around $15-30 for every $100 borrowed.

When the loan is due, the lender deposits the borrower’s check. If the check bounces, the borrower incurs additional fees and possibly faces criminal charges for passing a bad check.

Payday Loan requirements in Illinois

To be eligible for payday loans in Eleroy, Illinois, a borrower must:

  • Be at least 18 years old
  • Have proof of income
  • Have a bank account
  • Provide a valid government-issued ID
  • Have a phone number or email address for contact purposes

It is essential to ensure that you understand the terms of a loan before agreeing to it. Ensure you know the interest rates, fees, and the repayment period. Do not hesitate to ask questions if you do not understand anything, and do not take out a payday loan if you cannot repay it on time.

Interest rates on Payday Loans in Eleroy, Illinois

Illinois has enacted laws that regulate the interest rates that a lender can charge on a payday loan. The maximum loan amount is $1000 or 25% of the borrower’s monthly gross income, whichever is less. The maximum financing charge that lenders can charge is $15.50 per $100 borrowed.

Keep in mind that payday loans are known for their high-interest rates and can impose a high financial burden, especially if they are rolled over and extended multiple times.

Interesting Statistics about Payday Loans in Eleroy, Illinois

  • The average payday loan amount borrowed in Illinois is $354.24
  • The average length of time for an Illinois payday loan is about 28 days
  • Almost 15% of Illinois residents have taken out a payday loan
  • Illinois has more than 500 payday loan locations, with most being in low-income areas of the state

These statistics show that payday loans in Illinois are more accessible to those who need them the most, but they can also lead to a cycle of debt if not correctly managed.

Apply Now for a Payday Loan in Eleroy, Illinois

If you are in need of a payday loan in Eleroy, Illinois, TheGuaranteedLoans can help you find a lender who meets your specific lending needs. Our online application process is simple and secure, and we will connect you with potential lenders in our network, so you can choose the best loan offer for you. Note that TheGuaranteedLoans is a connector service and not a direct lender.

Apply now, and let us help you get the financial assistance you need quickly and easily!

F.A.Q.

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

Yes, payday loans in Eleroy, 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 Eleroy, Illinois?

in Eleroy, 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:

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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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