Payday Loans in New Canton, Illinois

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

Company nameAddressZip codePhone number
Currency Exchange 376 Illinois S. Route 59, 104, Naperville, IL 60540 +1 (630) 961 - 5955
Fiat Financial Money Center 3641 N Main St, Rockford, IL 61103 +1 (815) 654 - 6101
Ardmore Finance Corp. 1117 Broadway Ave, Mattoon, IL 61938 +1 (217) 235 - 0599
Scott Vickers - Commercial Loan Officer 1200 Douglas Rd, Oswego, IL 60543 +1 (630) 554 - 4920
First National Bank-Assumption 141 N Chestnut St, Assumption, IL 62510 +1 (217) 226 - 3215
State Bank of Toulon 102 W Main St, Toulon, IL 61483 +1 (309) 286 - 2861
LendNation 2518 College Ave, Alton, IL 62002 +1 (618) 465 - 1600
Clock Tower Community Bank 700 Main St, Erie, IL 61250 +1 (309) 659 - 2211
147th & Pulaski Currency Exchange 14755 S Pulaski Rd, Midlothian, IL 60445 +1 (708) 388 - 3540
Ardmore Finance 1117 Broadway Ave, Mattoon, IL 61938 +1 (217) 235 - 0599

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in New Canton, IL, you can try to find different companies in big cities near by. Check out the following pages here: Quick Loan in Glendale Heights, IL, Payday Loans in Glenview, IL, 24-Hour Loan in Gurnee, IL, Payday Loans in Hanover Park, IL, No Credit Check Loans in Hoffman Estates, IL, Payday Loans in Joliet, IL, Payday Loan for Lombard, IL and Payday Loans in Moline, 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 Canton, IL.

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

62356

Are Payday Loans Legal In New Canton, 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 Canton, IL payday loan calculator

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

When faced with an unexpected expense, such as a car repair or medical bill, it can be challenging to make ends meet. Payday loans are one way to get the money you need quickly. However, before you take out any loan, it is essential to understand how payday loans work, especially if you’re residing in New Canton, Illinois.

What are Payday Loans?

Payday loans are short-term loans designed to help people meet their immediate financial needs. Unlike traditional loans, payday loans often have a much shorter repayment period, typically ranging from a few days to a few weeks. These loans typically involve smaller loan amounts and require borrowers to repay the loan in full, along with any interest and fees, with their next paycheck or within a given period.

Are Payday Loans Legal in Illinois?

Yes, payday loans are legal in Illinois. The Illinois Department of Financial and Professional Regulation regulates payday lenders operating within the state. All lenders must comply with the Illinois Payday Loan Reform Act, which was enacted in 2011. The law intends to protect consumers by ensuring transparency and fairness in the lending process.

Requirements for Getting a Payday Loan in New Canton, Illinois

While payday loans are legal in New Canton, Illinois, there are some requirements borrowers must meet to qualify. Here are some of the requirements:

  • A borrower must be at least 18 years old.
  • A borrower must have a valid government-issued ID or driver’s license.
  • A borrower must provide proof of income, such as a bank statement or pay stub.
  • A borrower must have an active checking account.

It is also worth noting that payday lenders may have additional requirements. Be sure to check with the specific lender you are considering to ensure you meet all of their requirements.

Benefits of Payday Loans

Payday loans offer several benefits to borrowers, including:

  • Easy and fast application process
  • No credit check involved
  • No collateral required
  • Flexible repayment options

Drawbacks of Payday Loans

While payday loans may have some advantages, they also come with several drawbacks, including:

  • High-interest rates
  • Short repayment periods
  • Potential debt traps for borrowers who cannot repay the loan on time
  • Frequent refinancing

Interesting Facts about Payday Loans in Illinois

  • The maximum payday loan amount in Illinois is $1,000 or 25% of the borrower’s monthly income.
  • Illinois has some of the toughest payday loan laws in the country, which include caps on interest rates and fees.
  • Payday lenders in Illinois cannot charge more than $15.50 for every $100 borrowed.
  • The average payday loan borrower in Illinois takes out eight loans per year.

“Apply Now” with a Reminder

At TheGuaranteedLoans, we understand that life can throw unexpected expenses at you. If you are considering a payday loan, we’re here to help. As a connector service, we aim to match you with a lender who can meet your financial needs. Our process is quick and easy, and you can apply online from anywhere. Just remember that payday loans should be used responsibly, and you should only borrow what you can afford to repay.

Don’t let unexpected expenses get in the way of your financial goals. Apply now and take control of your finances!

The Bottom Line

Payday loans are a controversial topic, but they can be a helpful tool when used responsibly. If you’re considering a payday loan in New Canton, Illinois, it’s essential to do your research and understand your options fully. The most crucial factor to keep in mind is that a payday loan should be used as a last resort, and you should only borrow what you can afford to repay. With the right knowledge and awareness, payday loans can help you overcome financial hurdles and achieve your goals.

F.A.Q.

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

No, in New Canton, 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 New Canton, 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.