Illinois Payday Loans Online – No Credit Check, Bad Credit OK

Payday loans in Illinois – Rates and fees

Legal loaning in Illinois takes place within a strict timeframe, with short terms being considered periods from 13 up to 120 days. A single Illinois resident is allowed to borrow not more than $1,000, the amount reaching up to 25% of their non-taxed monthly income. A fee of $15.50 is the absolute maximum for each $100 borrowed. A single $100 loan issued for a fortnight, in this case, gets APR not higher than 403%.

When 45 days of your loaning period expires, you have to wait for seven more days before taking another loan. Getting the next loan within this cooling-off week is prohibited. Rollovers, too, are forbidden, particularly if they are pursued as a way to prolong the repayment period of another short-term credit. The number of simultaneous loans cannot exceed two.

With the newest reforms in Illinois, short-term loans fall into three main categories, namely:

  • Traditional Payday Loan (PLRA) – these provide you with the shortest payment period starting from two and going up to four weeks, with an APR not exceeding 400%;
  • Payday Installment Loan (IPL) – the credits with a payment term capped at 6 months and the same APR of not greater than 400%. This type of a loan also cannot exceed 22.5% of the borrower’s monthly income.
  • Small Consumer Loans (SCL) – the loan type with the longest payment period coming up to a year. With these, you get a maximum APR of 99%. The same level of 22.5% applies to the borrower’s monthly income.

Will my request with a bad credit history be accepted in Illinois?

Customers with imperfect credits are welcomed in the majority of cases. Loaners tend to close eyes on minor troubles with borrowing records; what actually matters is that you have a verifiable source of income and a reasonable amount of time for your bad credit to settle.

The loaning industry fully supports giving the opportunity to their customers to pay off their loans quick and clear. This both foster healthy loaner-and-borrower relationships and helps add taxes to the state’s economy. Access to reasonable, affordable credit is especially important for low-income and hard-working consumers, for whom their temporary financial issues often constitute a matter of survival. On the other hand, forbidding ex-defaulters the right for atonement may send them to illegal loaning offices, which would only drive them further into financial trouble with 300-plus percent interests set up by profiteers.

Illinois state policies prohibit any criminal actions against defaulting borrowers. The only way to resolve the indebtedness is via a repayment plan. Furthermore, the law states that a lender cannot charge a borrower with a default repayment sooner than 28 days after the deal. At the same time, lenders neither have the right to claim possession of a borrower’s properties in place of the repayment nor are they allowed compensation for covering attorney’s fees or any other juridical costs.

Apply for an Illinois payday loan today

Main requirements for taking a loan are as follows:

  1. Being of age;
  2. Being officially employed;
  3. Being an Illinois resident;
  4. Having a bank account.

After you fill in the web form, your payment will be sent via bank-to-bank transfer, which cannot take more than 48 hours. As the loan funds get transferred directly into your account, loaners, therefore, ask the applicants to submit their full bank information. This will include your full name, address of residence, statement of monthly income, and loan purpose.

Many loaners will also offer Illinois residents the opportunity to cash out the money anywhere in the world, with the banking transfer taking four working days to make it to the applicant plus 5 days for the operation of clearing the check. Again, for local transfers, your agreement to the loan terms and conditions will mean you stand to get your loan within 24-48 hours. Identification of the borrower can be done using either a Driver’s License or your current Identity Card. The loan request is acknowledged in a matter of minutes, followed by a call from the manager. Only after you are contacted, loaning offices online start processing your loan application.