Payday Loans in Wrights, Illinois

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

Company nameAddressZip codePhone number
Security Finance 620 Market St, Metropolis, IL 62960 +1 (618) 524 - 1551
J C Loan Services 9018 Wondermere Rd, Wonder Lake, IL 60097 +1 (815) 728 - 0453
Tri-County Banking Center 119 S Middle St, Grayville, IL 62844 +1 (618) 375 - 2261
First American Bank 700 E Ogden Ave, Naperville, IL 60563 +1 (630) 416 - 4100
Payday Loans Oak Lawn 245, Cook Ave, Oak Lawn, IL 60453
State Finance Co 216 E Main St, West Frankfort, IL 62896 +1 (618) 932 - 8585
World Finance 1227 W Morton Ave, Jacksonville, IL 62650 +1 (217) 245 - 8035
Solutions Bank - Forreston 200 E Main St, Forreston, IL 61030 +1 (815) 938 - 3121
Holcomb State Bank 233 IL-38, Rochelle, IL 61068 +1 (815) 562 - 3838
AmeriCash Loans 4315 E State St, Rockford, IL 61108 +1 (815) 399 - 9734

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Wrights, IL, you can try to find different companies in big cities near by. Check out the following pages here: Guaranteed Loans in Pekin, IL, Guaranteed Loans in Peoria, IL, Payday Loans in Plainfield, IL, Same Day Loans in Quincy, IL, Payday Loan Companies in Rock Island, IL, Payday Loans in Rockford, IL, Payday Loan for Romeoville, IL and Payday Loans in Saint Charles, 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 Wrights, IL.

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

62098

Are Payday Loans Legal In Wrights, 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

Wrights, IL payday loan calculator

Welcome to TheGuaranteedLoans, the ultimate guide to payday loans in Wrights, Illinois. Whether you’re a resident of Wrights or simply researching payday loans in the area, this guide is for you. In this article, we’ll cover everything you need to know about payday loans in Wrights, including the laws governing them, how they work, their benefits and downsides, and how to apply.

What are Payday Loans?

Payday loans are short-term, high-interest loans that individuals take to cover unexpected expenses until their next payday. These loans are typically used to cover emergency expenses like medical bills, car repairs, or utility bills. The loans are repaid within a few weeks and are usually granted without a credit check.

Payday Loans in Wrights, Illinois

In Illinois, payday loans are legal and regulated by the state laws. The law requires lenders to follow strict guidelines on the amount they can lend, interest rates, and repayment terms.

Loan Amounts

The maximum loan amount that an individual can receive in Illinois is $1,000 or 25% of the borrower’s gross monthly income, whichever is less. Lenders typically offer loans that range between $100 and $500.

Interest Rates

Illinois law requires payday lenders to charge an Annual Percentage Rate (APR) of no more than 400%. This rate includes all fees and charges associated with the loan. Lenders typically charge an interest rate of around 20-25% for a two-week loan.

Repayment Terms

Payday loans in Illinois must be paid back within 13 to 45 days. Lenders are not allowed to charge additional fees for extending the due date of the loan. However, if an individual fails to repay the loan on time, the lender can charge a one-time fee of $25.

How do Payday Loans Work?

The process of getting a payday loan is relatively simple. First, an individual fills out an application. The lender may require proof of employment or income and a copy of the applicant’s ID. Once the application is approved, the lender will disburse the loan amount to the borrower’s account.

When the loan is due, the borrower must repay the loan amount plus interest and fees in one lump sum. If the borrower is unable to repay the loan, they can request an extension, but this will typically come with additional fees and interest.

The Benefits and Downsides of Payday Loans

Benefits

  • Access to cash when you need it most
  • Quick and easy application process
  • No credit check required

Downsides

  • High-interest rates compared to traditional loans
  • Short repayment terms can lead to a cycle of debt
  • Additional fees and charges for late payments

Interesting Facts and Statistics about Payday Loans in Wrights, Illinois

  • According to the Illinois Department of Financial and Professional Regulation, there are over 2,000 licensed payday lenders in the state.
  • As of 2018, the default rate on payday loans in Illinois was 4.66%.
  • The average payday loan amount in Illinois is $354.

Apply Now

Are you in need of a payday loan in Wrights, Illinois? Visit TheGuaranteedLoans today to apply. We are a connector service that will facilitate your connection with potential lenders. Our application process is quick and easy, and we offer instant decisions. Remember, taking out a payday loan should only be done if you can afford to repay it in full and on time.

Thank you for reading our guide to payday loans in Wrights, Illinois. We hope it has provided you with valuable information on this important financial topic.

F.A.Q.

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

No, payday loans are not offered by traditional banks in Wrights, 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 Wrights, Illinois?

Yes, some credit unions in Wrights, 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.