Payday Loans in Robbins, Illinois

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

Company nameAddressZip codePhone number
Reynolds Banking Center - Peoples National Bank of Kewanee 227 Main St, Reynolds, IL 61279 +1 (309) 372 - 4242
CitiCash Loans 10334 S Harlem Ave, Palos Hills, IL 60465 +1 (630) 795 - 0100
First Midwest Bank 970 Brook Forest Ave, Shorewood, IL 60404 +1 (815) 609 - 1260
Security Finance 1283 E Grove Ave, Rantoul, IL 61866 +1 (217) 892 - 8848
PLS CHECK CASHERS 5947 W Roosevelt Rd, Cicero, IL 60804 +1 (708) 580 - 4267
Bank of America with Drive-thru ATM 99 Northwest Hwy, Crystal Lake, IL 60014 +1 (815) 788 - 8031
First Bank Carmi Main Branch 201 E Main St, Carmi, IL 62821 +1 (618) 382 - 4118
FFS - King Plaza Currency Exchange 3610 Avenue of the Cities, Moline, IL 61265 +1 (309) 736 - 1704
Heights Finance Corporation 1716 W Bradley Ave, Champaign, IL 61821 +1 (217) 359 - 2274
Bay Equity Home Loans 2011 S, Illinois Rte 59, Plainfield, IL 60586 +1 (815) 609 - 4404

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Robbins, IL, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Palatine, IL, 24-Hour Loan in Park Ridge, IL, Guaranteed Loans in Pekin, IL, Payday Loans in Peoria, IL, Payday Loans in Plainfield, IL, Payday Loans in Quincy, IL, Payday Loans in Rock Island, IL and Payday Loans in Rockford, 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 Robbins, IL.

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

60472

Are Payday Loans Legal In Robbins, 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

Robbins, IL payday loan calculator

Advise to read before applying

Payday Loans in Robbins, Illinois

At some point in life, most people encounter financial difficulties that require urgent attention. Although some people plan for emergencies, unexpected events may still arise, throwing your finances out of balance. In such situations, payday loans can come in handy. Payday loans are short-term, high-interest loans that are easy to access and designed to bridge the financial gap between paydays.

While payday loans can be a lifesaver in times of financial distress, they come with risks that you should be aware of before applying for them. In this article, we explore everything you need to know about payday loans in Robbins, Illinois.

What are Payday Loans?

Payday loans are small-dollar loans that you must repay from your next paycheck. As such, they are only suitable for short-term financial emergencies. Payday loans in Robbins, Illinois, are legal, and the state law regulates the amount you can borrow and the fees that lenders can charge.

The maximum amount of money you can borrow in Illinois is $1,000 or 25% of your gross monthly income, whichever is less. You can only have one payday loan at a time, and rollovers are prohibited.

Payday loans are easy to access, and lenders do not require a credit check. However, they come with high annual percentage rates (APRs), ranging from 300% to 400%. Therefore, it’s crucial to be sure you can repay the loan before applying.

Pros and Cons of Payday Loans

Like any other financial product, payday loans have their benefits and drawbacks. Here’s a breakdown:

Pros

  • Easy to access – You do not need to go through lengthy application processes or credit checks to access payday loans.
  • Quick disbursal – Payday loans are disbursed within a day or two of application, making them ideal for emergencies.
  • Regulated fees – Statutes governing payday loans in Illinois limit the amount you can be charged, protecting you from unscrupulous lenders.

Cons

  • High interest rates – Payday loans come with high APRs, making them expensive in the long run.
  • Risk of debt cycle – If you cannot repay the loan on your next payday, you may be tempted to roll it over, incurring additional charges and getting stuck in a cycle of debt.
  • No long-term solution – Payday loans are not suitable for long-term financial problems as they have to be repaid in full within a short period.

Before taking out a payday loan, weigh the pros and cons and make an informed decision.

How to Apply for Payday Loans in Robbins, Illinois

To apply for a payday loan in Robbins, Illinois, you need to have a stable source of income and an active checking account. Here are the steps to follow:

  • Find a licensed lender in your area
  • Submit your application
  • Provide proof of income and identification
  • Sign the loan agreement
  • The lender disburses the loan within one to two business days.

It’s important to read and understand the terms and conditions of the loan before signing the agreement. Ensure you are comfortable with the fees and interest rates charged and confirm that the lender is licensed and authorized to operate in Illinois.

Interesting Facts and Statistics About Payday Loans in Robbins, Illinois

  • In Illinois, the average payday loan is $354, and the borrower pays $55 in interest and fees to borrow the money, according to Pew Charitable Trusts.
  • Over 60% of payday loan borrowers in Illinois have an annual income of $30,000 or less.
  • The Illinois Senate introduced a bill in 2021 to decrease the maximum interest rate on payday loans from 400% APR to 36%.
  • Illinois is among the few states that have payday loan laws with consumer protections.

Apply Now

If you are in a financial emergency and need a payday loan, TheGuaranteedLoans is here to help. We are a connector service that matches borrowers with licensed lenders in their area. Our application process is easy, and our lenders offer competitive rates and fees. Please note that we are not a direct lender and do not make decisions on loan approval. Fill out our application form on our website, and we’ll connect you with potential lenders who can help you get the financial assistance you need.

Disclaimer

The information provided in this article is for general information purposes only and is not legal, financial, or professional advice. Always do your research before applying for a loan, and make sure you understand the terms and conditions before signing any agreements. TheGuaranteedLoans is a connector service that connects borrowers with potential lenders and does not endorse any loan product or service.

F.A.Q.

Can I get a payday loan from a bank in Robbins, Illinois?

No, payday loans are not offered by traditional banks in Robbins, Illinois. These loans are only available from licensed payday lenders, which are typically small, independent businesses.

Can I get a payday loan from a credit union in Robbins, Illinois?

Yes, some credit unions in Robbins, Illinois may offer small personal loans that are similar to payday loans. However, these loans may have lower interest rates and more favorable terms than payday loans. It is important to compare the terms and conditions of credit union loans with those of payday loans to determine the best option for your financial situation.

Look for Short-Term Loans in Other Cities:

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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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