Payday Loans in Sawyerville, Illinois

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

Company nameAddressZip codePhone number
Payday Loans Wheaton 88 Fapp Cir, Wheaton, IL 60187
AAMCO Transmissions & Total Car Care 1406 N Milwaukee Ave, Libertyville, IL 60048 +1 (847) 281 - 5492
Credit Pro Autos Quincy 4929 Broadway St, Quincy, IL 62305 +1 (217) 228 - 3345
Heartland Bank and Trust Company 130 N Church St, Gibson City, IL 60936 +1 (217) 784 - 4206
Streator Home Building & Loan 132 S Monroe St, Streator, IL 61364 +1 (815) 673 - 5566
World Finance 100 S Hickory St, Shelbyville, IL 62565 +1 (217) 774 - 1356
Credit Union 1 250 Lincoln Ave, Charleston, IL 61920 +1 (800) 252 - 6950
Lemont Bank & Trust 12400 Archer Ave, Lemont, IL 60439 +1 (630) 243 - 2000
Oportun 1206 E Dundee Rd, Palatine, IL 60074 +1 (224) 515 - 1180
Busey Bank 1231 E Grove Ave, Rantoul, IL 61866 +1 (217) 892 - 4121

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Sawyerville, IL, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Skokie, IL, Payday Loan Without a Credit Check in Springfield, IL, Payday Loans in Streamwood, IL, Payday Loan Without a Credit Check in Tinley Park, IL, Payday Loans in Urbana, IL, 24-Hour Loan in Waukegan, IL, No Credit Check Loans in Wheaton, IL and Payday Loans in Wheeling, 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 Sawyerville, IL.

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

62085

Are Payday Loans Legal In Sawyerville, 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

Sawyerville, IL payday loan calculator

Advise to read before applying

Payday loans in Sawyerville, Illinois can be a lifeline for those facing unexpected expenses or financial emergencies. While payday loans are legal in the state of Illinois, it’s important to understand the potential risks and benefits of taking out a payday loan, as well as the regulations in place to protect consumers.

What is a Payday Loan?

A payday loan is a short-term loan that generally must be repaid on the borrower’s next payday, along with interest and/or fees. These loans can range from a few hundred to several thousand dollars, depending on the lender and the borrower’s income. Payday loans are often advertised as a quick and easy solution for those facing a financial crisis, but they can come with high costs and should be used with caution.

Payday Loan Regulations in Illinois

Illinois has several state laws in place to protect consumers who take out payday loans. These laws include:

  • Capping the maximum loan amount at $1000 or 25% of the borrower’s gross monthly income, whichever is less.
  • Limiting the loan term to 13 to 45 days.
  • Prohibiting lenders from offering loans to borrowers who have outstanding payday loans.
  • Requiring lenders to provide borrowers with a written agreement outlining the terms and costs of the loan.
  • Prohibiting lenders from charging more than $15.50 per $100 borrowed in fees and interest.

It is important to note that while these regulations provide some protections for borrowers, payday loans can still come with high interest rates and fees. It is important to carefully consider the costs and risks before taking out a payday loan.

Benefits of Payday Loans

Despite the risks, payday loans can also offer some benefits to borrowers in need of quick cash. These benefits include:

  • Quick access to cash: Payday loans can be approved and funded within a matter of hours, providing borrowers with quick access to the funds they need.
  • No credit check required: Payday lenders typically do not require a credit check, making these loans an option for those with poor credit or no credit history.
  • No collateral required: Unlike other types of loans, payday loans do not require borrowers to put up collateral, such as a car or house.

Risks of Payday Loans

While payday loans can be a helpful resource, they also come with several risks and downsides, including:

  • High interest rates and fees: The interest rates and fees associated with payday loans can be much higher than those of other types of loans, in some cases exceeding 400% APR.
  • Short repayment terms: Borrowers typically have only a few weeks to repay the loan, which can be difficult or impossible for those living paycheck to paycheck.
  • Risk of debt trap: If borrowers are unable to repay the loan in full by the due date, they may be forced to roll over the loan, incurring additional fees and interest.
  • Impact on credit score: If borrowers are unable to repay the loan, it can negatively impact their credit score and make it harder to obtain credit in the future.

Interesting Facts and Statistics about Payday Loans in Sawyerville, Illinois

According to a report by the Illinois Department of Financial and Professional Regulation, in 2019 Sawyerville had a total of 24 licensed payday loan locations. In that same year, Illinois borrowers took out a total of 2.5 million payday loans, with more than $1 billion in loan volume. The average loan amount was $365, and the average APR was 297%. In Illinois, the majority of payday loan borrowers (72%) earn less than $40,000 per year.

Apply Now

If you are facing a financial emergency and are considering a payday loan, TheGuaranteedLoans is here to help. We are a connector service that can help connect you with potential lenders who can offer payday loans in Sawyerville, Illinois and beyond. Please keep in mind that we are not a direct lender and we do not make loan decisions. Instead, we work to connect borrowers with lenders who may be able to offer the loan they need. To get started, simply fill out our online application and we’ll take care of the rest.

F.A.Q.

Are there any restrictions on the number of payday loans that can be taken out in Sawyerville, Illinois?

Yes, Illinois law limits the number of payday loans that can be taken out at one time to two.

Are there any fees or interest rates associated with payday loans in Sawyerville, Illinois?

Yes, payday loans in Sawyerville, Illinois come with fees and interest rates. The maximum annual percentage rate (APR) for payday loans in Sawyerville, Illinois is 99%, and the maximum finance charge is 15% of the loan amount.

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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