Payday Loans in New Salem, Illinois

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

Company nameAddressZip codePhone number
Pacesetter Financial Group, LLC 207 S McLean St, Lincoln, IL 62656 +1 (217) 735 - 1576
Ayars Bank 106 N Main St, Moweaqua, IL 62550 +1 (217) 768 - 3933
OppLoans One Prudential Plaza, 130 E Randolph St Suite 3400, Chicago, IL 60601 +1 (800) 990 - 9130
Woodforest National Bank 21101 McGuire Rd, Harvard, IL 60033 +1 (815) 943 - 6041
Christian Rosenbeck - COUNTRY Financial representative 201 E State St 1, Paxton, IL 60957 +1 (217) 379 - 9650
Lakewest Equity 55 E Monroe St UNIT 2910, Chicago, IL 60603 +1 (312) 516 - 5700
Check Into Cash 3923 41st Ave Dr, Moline, IL 61265 +1 (309) 736 - 1300
First National Bank and Trust 300 E Main St, Rockton, IL 61072 +1 (815) 624 - 8111
CommonWealth Credit Union 563 William R Latham Senior Dr, Bourbonnais, IL 60914 +1 (815) 937 - 7447
Heritage Credit Union 1980 National Blvd, Galesburg, IL 61401 +1 (309) 344 - 2001

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in New Salem, IL, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan Companies in Carol Stream, IL, Online Loans in Carpentersville, IL, Guaranteed Loans in Champaign, IL, Payday Loans in Chicago, IL, Payday Loans in Chicago Heights, IL, Payday Loans in Crystal Lake, IL, Payday Loans in Danville, IL and Payday Loan Companies in Decatur, 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 Salem, IL.

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

62357

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

Advise to read before applying

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

Payday loans are short-term loans that can provide individuals with quick cash to cover unexpected expenses. They are typically small loans ranging from $50 to $1,000 and are due to be repaid on the borrower’s next payday. Payday loans are legal in the state of Illinois, including New Salem, but it is important to understand the terms and regulations before taking out a loan.

How Payday Loans Work in New Salem, Illinois

Payday loans are available to individuals who have a steady income and a checking account. Borrowers can apply for a loan at a storefront location or online. To apply, borrowers will need to provide proof of income, a valid ID, and a checking account number. Depending on the lender, additional information may be required.

Once approved, borrowers receive the loan amount in their checking account. The loan is due to be repaid on the borrower’s next payday. If the borrower is unable to repay the loan in full, they can roll over the loan for an additional fee. It is important to note that in Illinois, there is a cap on the finance charges and fees that payday lenders can charge. The loan term must also be at least 13 days.

The Pros and Cons of Payday Loans

Payday loans can be a helpful source of quick cash for those who have unexpected expenses and no other means of getting money. However, there are also potential drawbacks to taking out a payday loan. The following are some of the pros and cons of payday loans in New Salem, Illinois:

  • Pros: Quick access to cash, no credit check required, can be easier to obtain than traditional loans, can help in emergencies
  • Cons: High interest rates and fees, short repayment period, can lead to a cycle of debt, can be harder to repay than anticipated

Interesting Facts and Statistics about Payday Loans in New Salem, Illinois

  • The average payday loan in Illinois is $375, and the average borrower takes out eight loans per year.
  • According to the Illinois Department of Financial and Professional Regulation, there are 564 licensed payday lenders in Illinois as of 2021.
  • The maximum finance charge for a payday loan in Illinois is $15.50 per $100 borrowed or 400% APR, whichever is less.

Apply Now with TheGuaranteedLoans

If you are in need of quick cash and are considering a payday loan, TheGuaranteedLoans can help connect you with a potential lender. We are a connector service, not a direct lender, and we work with a network of trusted lenders to match borrowers with the best loan option for them. Applying is quick and easy, and you could receive the funds you need in as little as one business day. To get started, simply fill out our online application form!

Remember, payday loans are a serious financial decision and should be used with caution. It is important to understand the terms and regulations in Illinois before taking out a loan and to ensure that you will be able to repay the loan on time. But if a payday loan is the right choice for you, TheGuaranteedLoans is here to help.

F.A.Q.

Do I need to have a checking account to take out a payday loan in New Salem, Illinois?

Yes, most payday lenders in New Salem, Illinois require borrowers to have a checking account in order to take out a payday loan.

What information do I need to provide to apply for a payday loan in New Salem, Illinois?

To apply for a payday loan in New Salem, Illinois, you will typically need to provide personal information such as your name, address, social security number, and proof of income. You may also need to provide information about your checking account.

Look for Short-Term Loans in Other Cities:

Addison Algonquin Arlington Heights Aurora Bartlett Belleville Berwyn Bloomington Bolingbrook Buffalo Grove Calumet City Carol Stream Carpentersville Champaign Chicago Chicago Heights Crystal Lake Danville Decatur Des Plaines Downers Grove Dundee Elgin Elk Grove Village Elmhurst Evanston Galesburg Glendale Heights Glenview Granite City Gurnee Hanover Park Hoffman Estates Joliet Lombard Moline Mount Prospect Mundelein Naperville North Chicago Northbrook Oak Lawn Oak Park Orland Park Oswego Palatine Park Ridge Pekin Peoria Plainfield Quincy Rock Island Rockford Romeoville Schaumburg Skokie Springfield Streamwood Tinley Park Urbana Waukegan Wheaton Wheeling Woodridge
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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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