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Online payday loans in Illinois are a perfect alternative to get fast cash when you have an urgent need and no other way to get the cash. You can count on us to help you get the funds you need to deal with a financial emergency. We offer safe, secure, convenient and no hard credit check payday loans in Illinois, to serve as a helpful bridge between pay periods, and assist you in paying off an unexpected expenses like car repairs and medical bills.
It is easy to apply for an online payday loan with FaaastCash—in Illinois. Just make sure that you meet our basic requirements:
If you meet these requirements, apply online to connect with our trusted lenders, and get a lending decision fast — often instantly. We are committed to making the application process secure and convenient. Once approved, we’ll work hard to get you cash fast — in most cases you get the money into your bank account the next business day!
You have flexible repayment terms to choose from, and the repayment process for our online payday loans is straightforward. Also, if you have a bad credit score and don’t have any option to cover your unexpected expenses, our bad credit payday loans will help you.
Payday loans are fee-based. This is why, when calculating APR or annual percentage rates, the percentages are very high. Payday loans are not meant to be long term (annual) loans and are limited to much shorter durations. They are meant to cover emergency situations and expenses and be repaid quickly.
According to the state laws, the limit for loan term is minimum 13 days to a maximum 120 days. No loan rollovers are allowed in Illinois.
Payday lending is legal in Illinois.
Illinois has a limit on the amount of a classical payday loan: $1,000 or 25% of the gross monthly income, whichever is less. Loans can be taken from 13 days up to 120 days. Finance charges should not exceed 15.5% per $100 borrowed. However, actual APR in the state nears 404%*. Criminal actions are prohibited.
Faaastcash is an online payday loan referral service in Illinois. With almost 10 years of experience, we are committed to helping the people of Illinois solve their financial emergencies quickly by providing instant cash advances. We abide by the rules and regulations of the industry standards organization and have no hidden or upfront fees for our service. You only pay your lender when your loan is to be repaid.
We only refer you to our licensed, direct lenders and never use misleading language like "no hard credit check." These loans are sometimes called bad credit check loans or payday loan in Illinois for a reason.
Almost all reputable lenders never do a true hard credit check from the 3 big credit bureaus. Instead, they use databases to check your background. They are more interested in your current job and income because it is the #1 indicator that you will repay your loan. Feel free to ask your lender if they perform a hard credit check with the 3 main bureaus before you accept a loan offer.
Payday loans are a convenient solution for emergency cash needs. When your car breaks down, and you don’t have the cash to fix it, it is an emergency. You need it to get to work, and you need it fixed now. If no other cash sources are available to you, a payday loan may be your best, and only, solution.
It is easy to apply for an online payday loan with FaaastCash—in Illinois. Just make sure that you meet our basic requirements:
As noted above, qualifying for an Illinois payday loan is very simple.
Payday loans are short term loans that are usually paid back on your next paycheck. They are not meant to be used as a regular financial tool. They are intended for emergency cash needs for those who cannot get a loan or cash in any other way.
First, always contact your lender immediately. Most lenders will work with you if you have questions or a problem. However, if you feel you are treated unfairly or improperly, you can report a lender by contacting the Illinois Division of Financial Regulation and can review all related Illinois laws on the state site.
It is forbidden to take more than 2 loans at one time.
$1 for the verification fee.
APRs for payday loans in Illinois can reach 400%.
With a 13 day term:
Loan cost: $16.50
Total cost = $116.50
Cost Components:
15.5% of $100 = $15.50 (one-time fee)
$15.50 + $1.00 (verification fee) = $16.50
In Illinois, a person can take a payday loan for a term from 13 days up to 120 days. Most loans are for 1 month. Rollovers are prohibited especially if they are intended to extend the repayment period of the payday loan. A cooling-off period means that you have to wait 7 days after 45 days of having a loan. Otherwise, you cannot be approved for the next loan.
The answer is yes but this is unlikely to happen. What really happens is the lender sends you to a collection agency who tries to get you to pay your loan. If anyone takes you to court it is normally a collection agency and it is in civil court. Payday loans cannot be criminal cases in any state.
Payday lending is legal in Illinois.
I Need a Payday Loan but Keep Getting Refused
The most common reasons for denials include: You did not pass affordability checks, which means enough income to qualify for the loan. Your past borrowing history, missed payments on loans, or loan defaults could all cause you to be refused for a loan. The number one reason for refusal is not having enough income recently and for the immediate future.
Yes
State law allows you to get a second payday loan if you already have one open. But that does not mean lenders will give you a second loan. Before a lender gives you another loan, they will recheck your income and job status and do another soft check of your outstanding payments. There is higher risk having 2 loans and lenders know this and are usually hesitant to provide a second loan while one is unpaid.
Over time payday loans that are unpaid do get written off. However, writing off payday loans does not happen quickly. It can take 5 years for a write-off to happen. In the meantime, a collection agency could be harassing you all the time to arrange to pay the outstanding loan debt.
Payday lenders usually verify employment status or income by asking you to provide a recent pay stub or bank statement, SSI payment letter, or some other document verifying your recent earnings.
