Pick up your funds the same day you apply — but only for residents of the Prairie State.
If you’re a resident of Illinois and need cash fast, you may want to check out Illinois Lending. It offers both online and in-store loans with the potential to pick up your funds the same day you apply. But you’ll need a bank account and steady income to qualify.
Kellye Guinan was a financer writer for Finder, covering everything from loans from auto to personal to business finance.
What is Illinois Lending?
Illinois Lending offers both in-store and online installment loans ranging from $100 to $4,000 with APRs capped at 99%. While the lender doesn’t list loan terms on its website, you can expect to have between 112 to 180 days to pay off your loan based on Illinois’ state regulations.
How much you qualify for — as well as your specific terms — will vary depending on your financial situation, not your credit score. However, you need to have a checking account that’s at least 60 days old and bring home at least $300 a week to qualify.
You may be able to get your funds the same day you’re approved by picking up a check from your local Illinois Lending branch. Otherwise, you’ll receive your funds in your bank account as soon as the next business day.
Where does Illinois Lending have branches?
While Illinois Lending is only available to residents of Illinois, it has six branches located across the state:
Grand and Western: 2350 W. Grand Avenue, Chicago, IL 60612
35th and Ashland: 3455 S. Ashland Avenue, Chicago, IL 60608
Thompson Center: 100 W. Randolph Street, Suite 111, Chicago, IL 60601
King Plaza Shopping Center: 3612 Avenue of the Cities, Moline, IL 61265
Lakeview Plaza: 15826 S. LaGrange Road, Orland Park, IL 60462
Pembrook Corners: 5250 Grand Avenue, Suite 13A, Gurnee IL 60031
What are the benefits of Illinois Lending?
Even as a short-term lender, there are a few perks to borrowing from Illinois Lending:
APR cap. While still expensive, its APR cap of 99% is relatively low for short-term loans.
Available both online and in stores. Illinois Lending has six branches and an online application so you can choose the option that’s most convenient for you.
Same-day turnaround. Even if you apply online, you can get your funds the same day by picking up a check at your local branch.
What to watch out for
Consider these potential drawbacks before taking out an installment loan from Illinois Lending:
Only available in Illinois. You need to be a resident of the Prairie State to qualify.
Stricter eligibility requirements. Not only do you need to have a bank account that’s been open for at least 60 days, but you must bring home at least $300 a week to be eligible.
Minimal reviews. A lack of borrower reviews means you won’t know how others fared before you apply.
Compare more installment loan providers
Choose your state of residence to see the best providers in your area. Explore your options by loan amount, turnaround time or requirements. Select the Go to site button for more information about a particular provider.
Is it safe to apply for an installment loan from Illinois Lending?
In general, yes — though no website can ensure your personal information stays 100% secure. Illinois Lending does its part by encrypting any details you enter on its online application. Plus, you can apply in person if you’re worried about your information being compromised.
Illinois Lending reviews and complaints
BBB customer complaints
Customer reviews verified as of
16 October 2020
There isn’t much online about Illinois Lending doesn’t have a Trustpilot page, and its Better Business Bureau (BBB) page is empty aside from one complaint back in 2017. Because of this, it’s difficult to get a read on how you might be treated as a customer before applying.
Am I eligible?
To qualify for an installment loan from Illinois Lending, you need to meet the following requirements:
Weekly income of $300 or more
Bank account open for at least 60 days
Resident of Illinois
US citizen or permanent resident
At least 18 years old
How do I apply?
You can apply in store by visiting an Illinois Lending branch or online by following these steps:
Visit Illinois Lending’s website and click Apply Now.
Enter your full name, email and phone number. Click Get Started.
Enter your Social Security number, date of birth and address. Click Next.
Enter information about your bank account, employment and income. Select your military status. Click Next.
Select how much you want to borrow and how you’d like to receive your funds.
Read over its disclosures and click Submit Application.
Create your Illinois Lending account by setting up a password and clicking Create Your Account.
Once you’ve submitted your application and created your account, you’ll be able to sign in to view the status of your request. If you applied during business hours, Illinois Lending will go over your information and may approve you on the same day. If you applied outside of business hours, you’ll generally be notified of your approval status by the next business day.
What documents do I need to apply?
When you fill out your application, make sure to have these documents on hand:
Proof of residence
Current pay stub or income statement
60 days of banking history
Valid driver’s license or state ID
Voided check or direct deposit form
I got the installment loan. Now what?
Once you receive your funds, it’s time to think about repayments. How much you owe — along with your due dates — should be listed on your loan agreement. Read this over carefully to ensure you understand any fees you may be charged for late payments or insufficient funds. If you’re unable to make a repayment or have any questions about your account, reach out to Illinois Lending as soon as possible.
If you live in Illinois and don’t have the best credit, Illinois Lending could help you get some extra cash to make ends meet. But you’ll need to live near a branch to pick up your funds the same day. And borrowers without a bank account or steady stream of income won’t qualify.
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