Payday Loans in Henderson, Illinois

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

Company nameAddressZip codePhone number
Twin Oaks Savings Bank 125 W Bluff St, Marseilles, IL 61341 +1 (815) 795 - 2129
Raymond James & Associates 222 E Wisconsin Ave 100, Lake Forest, IL 60045 +1 (847) 234 - 5632
First Midwest Bank 11210 W Lincoln Hwy, Mokena, IL 60448 +1 (815) 806 - 9150
Great Rivers Bank of Liberty 400 N Main St, Liberty, IL 62347 +1 (217) 645 - 3838
Security Finance 380 W Eldorado St, Decatur, IL 62522 +1 (217) 422 - 7500
Midwest Bank 200 E Broadway, Monmouth, IL 61462 +1 (309) 734 - 2265
Priority 1 Pawn Shop 3027 Georgetown Rd, Westville, IL 61883 +1 (217) 267 - 7811
Heights Finance Corporation 705 N Carbon St Suite A, Marion, IL 62959 +1 (618) 997 - 8788
Community Trust Credit Union 1380 Deep Lake Rd, Lake Villa, IL 60046 +1 (847) 662 - 2050
World Finance 2201 E Eldorado St, Decatur, IL 62521 +1 (217) 876 - 9168

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Henderson, IL, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Wheaton, IL, Payday Loan Companies in Wheeling, IL, Payday Loans in Woodridge, IL, Same Day Loans in Addison, IL, Payday Loans in Algonquin, IL, Payday Loans in Arlington Heights, IL, Online Loans in Aurora, IL and Payday Loan Companies in Bartlett, 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 Henderson, IL.

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

61439

Are Payday Loans Legal In Henderson, 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

Henderson, IL payday loan calculator

Understanding Payday Loans in Henderson, Illinois

Payday loans are short-term, high-interest loans that serve as a quick solution to a financial crisis. They are typically designed to help people cover unexpected expenses between paychecks.

In Henderson, Illinois, payday loans are legal and regulated by state law. This means that Illinois residents have access to payday loan services, but there are certain rules and regulations that lenders must follow.

How Payday Loans Work in Henderson, Illinois

To obtain a payday loan in Henderson, Illinois, individuals must provide a post-dated check or authorize an electronic funds transfer that will include the loan amount plus interest provided by the lender. The loan process is relatively simple and usually requires minimal documentation. Once approved, the borrower will receive the funds in their account within a few days.

It is important to note that payday loans in Henderson, Illinois are short-term loans, usually with terms of two weeks to a month. Additionally, these loans have notably higher interest rates when compared to traditional bank loans. On average, payday loans in Henderson, Illinois carry an annual percentage rate (APR) of roughly 400%.

The Pros and Cons of Payday Loans in Henderson, Illinois

As with any form of borrowing, there are both advantages and disadvantages associated with obtaining a payday loan in Henderson, Illinois. Here are a few of them:

Pros:

  • Quick access to cash.
  • Easy application process.
  • No credit check required.

Cons:

  • High interest rates and fees.
  • Can potentially lead to a cycle of debt if not paid back on time.
  • Potentially predatory lending practices.

It’s important to thoroughly consider the pros and cons before deciding whether a payday loan in Henderson, Illinois is the right option for your financial needs.

Interesting Facts and Statistics About Payday Loans in Henderson, Illinois

  • Illinois has the highest payday loan interest rates in the nation, with an average APR of roughly 400%.
  • Payday lenders in Illinois made more than 1.5 million payday loans in 2019, totaling more than $800 million in loan volume.
  • The majority of payday loan borrowers in Illinois are individuals with low-to-moderate incomes who often live paycheck-to-paycheck.

Apply Now for a Payday Loan in Henderson, Illinois

If you need quick access to cash, myCompanyName can help you connect with potential lenders in Henderson, Illinois. Simply fill out our online application to get started.

As a connector service, myCompanyName is not a direct lender. Our team works with a network of reputable lending partners to identify potential lenders that best match your financial needs. Once matched, the lender will provide you with details about loan terms, interest rates, and other key factors before you accept the loan.

The application process is simple and straightforward, and our team is here to answer any questions you may have. Apply now and take the first step towards securing the funds you need.

F.A.Q.

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

No, all payday lenders in Henderson, 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 Henderson, 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.