Payday Loans in Lee, Illinois

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

Company nameAddressZip codePhone number
America's Financial Choice 821 Bloomington Rd, Champaign, IL 61820 +1 (217) 352 - 1200
Touch Tone Banking First National 1 S Main St, Sullivan, IL 61951 +1 (217) 728 - 3111
Cash America 6337-39 S Kedzie Ave, Chicago, IL 60629 +1 (773) 436 - 0960
Security Finance 1220 Woodlawn Rd Space B4, Lincoln, IL 62656 +1 (217) 735 - 4255
PLS Loan Store 526 Mannheim Rd, Bellwood, IL 60104 +1 (708) 544 - 2013
Vermilion Valley Bank 111 W Hack St, Cullom, IL 60929 +1 (815) 689 - 2146
The FNB Community Bank 432 W Gallatin St, Vandalia, IL 62471 +1 (618) 283 - 1141
Iroquois Federal S & L Association 511 Chicago Rd, Hoopeston, IL 60942 +1 (217) 283 - 5134
A All Financial Services 320 IL-173, Antioch, IL 60002 +1 (847) 395 - 5700
Payday Loan in Rock Falls W 3rd St, Rock Falls, IL 61071 +1 (877) 780 - 1645

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Lee, IL, you can try to find different companies in big cities near by. Check out the following pages here: Emergency Loan in Hoffman Estates, IL, Short-term Loans in Joliet, IL, Short-term Loans in Lombard, IL, Payday Loans in Moline, IL, Payday Loans in Mount Prospect, IL, Payday Loans in Mundelein, IL, Payday Loans in Naperville, IL and Payday Loans in North Chicago, 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 Lee, IL.

Beautiful sights of Lee, IL

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

61457, 60530

Are Payday Loans Legal In Lee, 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

Lee, IL payday loan calculator

Understanding Payday Loans in Lee, Illinois

When it comes to managing unexpected expenses, many people turn to payday loans as a quick solution. In Lee, Illinois, payday loans are legal and can be a viable option for those who need urgent financial assistance. However, like any type of loan, it’s essential to understand how payday loans work, the potential risks involved, and how to make informed borrowing decisions.

What are Payday Loans?

Payday loans are small, short-term loans that borrowers take out with the expectation of repaying them on their next payday. These loans are typically used to cover unexpected expenses, like medical bills or car repairs, and can be obtained from storefront lenders or online. The loan amount usually ranges from $100 to $1,000, and the repayment term is typically two weeks.

How do Payday Loans Work in Lee, Illinois?

In Lee, Illinois, payday loans are regulated by the Payday Loan Reform Act to protect borrowers from excessive fees and interest rates. The maximum loan amount a borrower can receive is the lesser of $1,000 or 25% of gross monthly income, and the maximum loan term is 120 days.

To obtain a payday loan in Lee, Illinois, borrowers must go through a short application process, which typically involves providing proof of income, a valid identification card, and a checking account. The lender will also perform a credit check to determine the borrower’s eligibility for the loan. If the application is approved, the borrower will receive the loan amount in as little as 24 hours.

What are the Risks of Payday Loans?

While payday loans can be helpful in emergencies, they can also be risky for borrowers who cannot repay the loan on time. The interest rates on payday loans are often much higher than other forms of credit, making it difficult for borrowers to pay them back. In Lee, Illinois, the maximum interest rate on payday loans is 400%.

If the borrower cannot repay the loan on time, they may face additional fees, collection calls, and damage to their credit score. In some cases, lenders can also take legal action against borrowers to recover the debt, which can result in wage garnishment or bank account seizure.

How to Make Informed Borrowing Decisions

If you’re considering taking out a payday loan in Lee, Illinois, it’s important to weigh the pros and cons carefully. Consider other options like personal loans or credit cards first, as they may offer better interest rates and repayment terms. You can also seek advice from a financial advisor or credit counselor to help you make informed borrowing decisions.

Interesting Facts about Payday Loans in Lee, Illinois

  • Payday loans in Illinois dates back to 1995 when the Illinois General Assembly passed the Payday Loan Reform Act.
  • As of 2019, there were over 500 payday lenders in the state of Illinois.
  • The Payday Loan Reform Act regulates payday loans in Lee, Illinois, and requires lenders to provide borrowers with a written agreement outlining the loan’s terms and conditions.
  • The average payday loan amount in Illinois is $375.

Apply Now!

At TheGuaranteedLoans, we understand that unexpected expenses can be stressful, and we’re here to help you find the right lending solution for your needs. As a trusted connector service, we work with a network of potential lenders to help you secure a loan. By filling out our online application form, you can connect with lenders who can provide you with the funds you need quickly and easily. Remember, we are not a direct lender, but we take the hassle out of finding the right lender for you. Apply now and get the financial assistance you need today!

F.A.Q.

Can payday lenders in Lee, Illinois require borrowers to provide collateral in order to take out a loan?

No, in Lee, Illinois, payday lenders cannot require borrowers to provide collateral in order to take out a loan. Borrowers who are asked to provide collateral should be wary of the lender and consider alternative options.

What is a payday loan in Lee, Illinois?

A payday loan is a short-term, high-interest loan that is intended to be repaid on the borrower's next payday. These loans are typically offered by non-bank lenders, such as storefront lenders or online lenders, and are often used by people who need quick access to cash to cover unexpected expenses or to bridge a temporary gap in their finances.