Payday loan, also known as cash advance loan, postdated loan or check advance loan is a type of loan that can be used to obtain a cash advance. It is usually provided by financial companies, check cashes and other companies that deal in extending financial instruments to individuals and companies alike.
In order to be eligible for a payday loan in IL, all that you are required to do is to write a monetary check for the exact sum of money that you would like to borrow. Also to be included is the lending fee that is applied by the company or financial institution that you would like to borrow from.
The financial company will then give you the amount stated in the check. However, before doing so, it will deduct the amount of fees that it charges for the process. During your next pay day, you have several options including allowing the lender or financial institution to cash the check that you wrote for the cash advance.
You may also choose o extend the loan though this is only limited to two times. However, when you choose this option, you will be required to pay another processing fee that will be deducted by the financial institution that is extending the payday advance to you.
Some of the terms and conditions of a payday loan in Illinois is that it offers short term credits albeit at a high rate. Anytime you borrow using a payday loan, you will be required to pay a particular percentage based on the borrowed sum. Alternatively, you may be required to pay a set fee for every dollar of the total sum borrowed.
Most financial institutions that offer payday loans in Illinois usually charge between $ 15 and $ 50 for every $ 90 that is borrowed. Such a loan may be extended to another period. This is disadvantageous as you may end up spending the borrowed funds clearing the fees. In addition, it will call for payment of another fee.
As a borrower, your rights and liabilities are enshrined in the Lending Act. This sets out the basis upon which the lender in IL can repudiate the Agreement. In addition, it details your right to understand the cost and rates that will applied to the funds that you will have borrowed.
Besides applying for a payday loan directly from a financial institution, you may also apply for it on the internet. Most companies and financial institutions in the state offer online systems that will only require a borrower to fill out simple online forms.
One such online site that you can find online payday services is Loanspayday.us .Loanspayday.us offers applicants high quality services when it comes to obtaining cash advances for their financial needs at the work place.
There are no hassles involved in the payday loan application process. The site features an automated online system that offers an applicant a chance to take advantage of payday loans and advances that are widely available.