For a cooling off period, Illinois legislation requires a cooling off interval of 7 days after 45 consecutive loan days. Nevertheless, you can’t get a payday loan if it leads to you being indebted to one or IL more payday lenders for a interval exceeding 45 consecutive days. Sure, payday loans are authorized in Illinois. Payday installment loan lesser of 22.5% gross month-to-month income or $1,000.
Our mission was to put an ease on the application process and highlight some baseline parameters you need to consider. We strongly recommend examining all requirements before you apply to make sure you can meet them. Otherwise, you will have to look for another lender. Let’s start with those fundamental requirements.
General Payday Loan Application Requirements
The first thing you need to know is that some requirements may change depending on the state you live in. Moreover, they can be different from those established by banks and other offline credit organizations. When it comes to payday loans, the requirements are as follows:
- US-based Citizenship – you need to attach a copy of your ID;
- Age 18+;
- Steady Monthly Income – you can be asked to submit an official document to prove your wage;
- Checking account – submit a copy of your valid checking account;
- Prove that you are not bankrupt – any document proving this fact may be necessary.
In some cases, a lender may ask you to prove our permanent place of work as well as some other issues. Get ready to provide more documents if necessary
Tips to Repay a Loan
Great! You have been approved. You got the money and finally coped with financial problems. What is next? Now you need to get ready for the repayment process. A good thing about the payday loan is that you only need to repay once. As a rule, timeframes are from 12 to 14 days depending on the borrowers’ creditworthiness. Remember that paying the bills on time is vital. On the one hand, you will avoid extra fees for delays. On the other hand, you will have a chance to fix your credit in case of a bad score cashdisc.com