Payday Loans in New Boston, Illinois

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

Company nameAddressZip codePhone number
Sun Loan Company 100 S Commercial St Unit B, Harrisburg, IL 62946 +1 (618) 294 - 8431
Peter Francis Geraci Law L.L.C. 4315 E State St, Rockford, IL 61108 +1 (888) 456 - 1953
Shelby County State Bank 920 E Main St, Moweaqua, IL 62550 +1 (217) 768 - 3838
First Mid Bank & Trust Murphysboro 1709 Walnut St, Murphysboro, IL 62966 +1 (618) 565 - 1366
The Harvard State Bank 1265 S Division St, Harvard, IL 60033 +1 (815) 943 - 4400
PLS Check Cashing Store 1830 Dempster St Ave, Evanston, IL 60202 +1 (847) 491 - 1400
SERVPRO of North Central Tazewell County SERVPRO of Peoria SERVPRO of Galesburg and Macomb 113 Sapp St, Pekin, IL 61554 +1 (309) 346 - 5600
TitleMax Title Loans 1063 W Broadway, Centralia, IL 62801 +1 (618) 533 - 3055
CFSC 425 Huehl Rd 3, Northbrook, IL 60062 +1 (847) 509 - 6600
World Finance 2501 E Lincolnway Unit 4, Sterling, IL 61081 +1 (815) 625 - 0127

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in New Boston, IL, you can try to find different companies in big cities near by. Check out the following pages here: Same Day Loans in Carpentersville, IL, Short-term Loans in Champaign, IL, Payday Loan Without a Credit Check in Chicago, IL, Short-term Loans in Chicago Heights, IL, Quick Loan in Crystal Lake, IL, Payday Loans in Danville, IL, No Credit Check Loans in Decatur, IL and Payday Loans in Dekalb, 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 New Boston, IL.

Beautiful sights of New Boston, IL

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

61272

Are Payday Loans Legal In New Boston, 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

New Boston, IL payday loan calculator

Payday Loans in New Boston, Illinois: Everything You Need to Know

Are you stuck in a financial bind and in need of quick cash? If you’re a resident of New Boston, Illinois, you may be considering taking out a payday loan. Payday loans are short-term, high-interest loans that are designed to help borrowers cover unexpected expenses or emergencies until their next paycheck. Although payday loans are legal in Illinois, it’s essential to know the regulations and risks associated with these types of loans before applying.

How Do Payday Loans Work in Illinois?

In Illinois, payday loans can be taken out for a maximum of $1,000 or 25% of the borrower’s gross monthly income, whichever is less. The loan term cannot exceed 120 days, and borrowers are limited to one loan at a time. Additionally, lenders are required to provide borrowers with a repayment schedule and cannot charge more than $15.50 per $100 borrowed.

Once the borrower is approved for a payday loan, they must provide a post-dated check or authorize an electronic withdrawal for the amount borrowed plus interest and fees. If the borrower is unable to repay the loan on the due date, they may be subject to additional fees and interest.

The Risks of Payday Loans

While payday loans may seem like a quick solution to financial emergencies, they come with high risks. Due to the high-interest rates and fees, borrowers can easily fall into a cycle of debt, taking out additional loans to cover the initial balance. Additionally, if the borrower is unable to repay the loan on the due date, they may face additional fees and damaged credit. In extreme cases, borrowers may even face legal action.

It’s essential to consider all options before taking out a payday loan and to have a solid plan for repayment. If possible, it’s best to seek alternative options such as borrowing from a friend or family member, negotiating with creditors, or applying for a traditional personal loan.

Interesting Facts and Statistics About Payday Loans in New Boston, Illinois

  • According to a report by the Illinois Department of Financial and Professional Regulation, in 2019, Illinois residents took out nearly 1.5 million payday loans, totaling over $500 million in loan volume.
  • The same report found that the average payday loan in Illinois carries an annual percentage rate of 297%, with an average loan term of 31 days.
  • A survey by the Center for Responsible Lending found that the average payday loan borrower takes out eight loans per year, spending an average of $520 on interest and fees.

Don’t Get Caught in the Payday Loan Cycle: Apply Now

If you’re considering a payday loan in New Boston, Illinois, it’s essential to understand the risks and regulations associated with these types of loans. At TheGuaranteedLoans, we are committed to providing our clients with the information and resources they need to make informed financial decisions. As a connector service, we work with a network of potential lenders to facilitate your connection and get you the funds you need.

To apply for a payday loan through our platform, simply fill out our online application. We’ll match you with potential lenders who meet your specific needs and connect you with the one that’s the best fit. Remember, payday loans should only be considered a last resort. Be sure to have a solid plan for repayment and only borrow what you can afford to pay back.

Apply now for a payday loan through TheGuaranteedLoans and get the funds you need to cover unexpected expenses and emergencies.

F.A.Q.

Can payday lenders in New Boston, Illinois operate without a license?

No, all payday lenders in New Boston, 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 New Boston, 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.