Here's what you need to know about getting a cash advance in Chicago |
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Cash advances in Chicago

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Learn about how cash advances work in Chicago before you apply.

If you have less than perfect credit and find yourself in a financial emergency, you might be looking for an alternative to traditional bank loans. A payday loan, or cash advance, could get you through this rough patch, but understanding how these types of loans work is important. This guide will give you the information you need to make your decision. The most important thing to keep in mind is that a payday loan is a temporary fix, not a long-term solution.

With straightforward, simple qualifications, these loans offer easy approval for people with poor credit..

  • Min. Loan Amount: $500
  • Loan Term: 3 to 36 months
  • Turnaround Time: Varies
  • Total Costs:
  • Must be 18+
  • Have a checking account in your name.

    A selection of payday loans you can apply for

    Rates last updated October 21st, 2018
    Name Product Max. Loan Amount Term of Loan Turnaround Time Costs
    CashUSA Installment Loans
    90 days to 72 months
    As early as 1 business day
    OppLoans Installment Loans
    9 to 36 months
    1 business day
    99%–199%, varies by state.
    LendYou Short-term Loans
    1 business day
    Depends on your credit score and state of residency
    Check into Cash Payday Loan
    Varies by state
    1–2 business days
    Varies depending on the amount and your state of residency.
    CashNetUSA Loan
    Varies by state
    Varies by state
    1 business day
    Varies by state of residency.
    Jora Installment Loans
    4–30 months, varies by state
    1–2 days
    ACE Cash Express Payday Loans
    Varies by state
    Varies by state
    Generally receive the money the next business day
    Varies depending upon the state where you reside.

    Compare up to 4 providers

    Are cash advances legal in Chicago?

    Yes, cash advances in Chicago are legal. Illinois statutes govern the functioning of payday lenders in this city. Some of the regulations include:

    • The terms of a cash advance in Chicago cannot be less than 13 days and can’t be more than 45 days.
    • Payday lenders can also offer payday installment loans, which involve you paying off your loan in installments. These loans can have terms of between 112 and 180 days.
    • The maximum you can borrow through a payday loan in Chicago is limited to 25% of your gross monthly income, or $1,000, whichever is smaller.
    • You cannot take out more than two cash advance loans at a time.

    What should you consider when taking out a cash advance in Chicago?

    Payday loans for the Chicago market typically include these features:

    • Apply in-store or online. You can easily apply for a payday loan online. While there are several payday lenders that have physical locations, the online world presents more options.
    • Get money quickly. Whether you apply in-store or online you can expect to get your hands on the approved funds quickly. With an in-store loan you can receive the money immediately after a lender approves your application. With an online loan you would typically have to wait one business day before the money makes it to your bank account.
    • Use the money for any purpose. You can use proceeds from a cash advance in Chicago for any legitimate purpose such as paying medical bills, repairing your car or simply getting by until your next paycheck.
    • Apply with bad credit. Getting a traditional loan can be a problem if you have a poor or bad credit history, but this is not the case with most payday lenders. If you can demonstrate an ability to repay the loan, you will likely be approved for a cash advance.
    • Limit on amount of cash advances. You cannot take out more than two cash advances at one time in Chicago, and there needs to be a seven-day cooling-off period after 45 consecutive loan days.

    The difference between credit card cash advances and payday loans: Which is better for you?

    What fees can I be charged with a cash advance in Chicago?

    Getting a cash advance in Chicago is more expensive than getting a traditional loan. These are the general rates and fees that apply to cash advances:

    • Finance rate and fees. The finance charge for a 14-day $100 cash advance cannot exceed $15.50. The maximum annual percentage rate (APR) for a 14-day $100 cash advance is limited to 403%. If you take out an installment payday loan it should be fully amortizing, meaning it needs to be paid off in full by paying equal installments by the end of the loan term.
    • Collection fees. If your bank account does not have sufficient money to honor a debit or check payment, your lender can charge a collection fee. This is limited to $25. The lender cannot process a check or debit more than twice, and cannot charge this fee more than once.
    • Rollover fee. Illinois state laws don’t allow payday loans to be rolled over.

    How can I apply for a cash advance in Chicago?

    You can apply for a cash advance in Chicago online or by visiting a storefront. In either case, you’ll have to meet the following eligibility criteria:

    • You are at least 18 years old
    • You have a regular source of income
    • You are an American citizen or a permanent resident of the U.S.
    • You have documentary evidence to prove you are a resident of Illinois

    In order to complete the application successfully, you will need to supply the following information:

    • Your name, date of birth and Social Security number
    • Details from an acceptable form of ID such as your passport or driver’s license
    • Your employment details
    • Details about your income and expenses

    Frequently asked questions

    Are payday loans available in my state?

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    2 Responses

    1. Default Gravatar
      HerbertMarch 16, 2017

      Can cash advance approve a 15000 loan for 45 months at 10,% interest. Is it even legal i reside in Lewiston,Maine thank you

      • finder Customer Care
        HaroldJuly 18, 2017Staff

        Hi Herbert,

        Thank you for your inquiry.

        Should you need a loan options in Maine you may be interested with the list of lenders here.

        I hope this information has helped.


    US Payday Loans Offers

    Important Information*
    Slam Dunk Loans

    Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.

    LendUp Payday Loans

    LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.

    Check into Cash Payday Loan

    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

    OppLoans Installment Loans

    Installment loans with competitive rates from a top-rated direct lender.

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