Like other states, Illinois, allows for the use of payday loans in the amount of 1000 dollars or 25 percent of your total monthly income, using whichever amount is less. Simply put, payday loans online or from a brick and mortar business are quick cash loans using pay stubs or other verifiable income information to get a short term loan, usually without the same credit score restrictions you find accompanying more traditional loans.
Since these payday loan lenders are providing short term loans with minimal collateral, they are prevented from requiring excessive interest rates, also known as usury limits. The payday loans provide an immediate way to borrow money for individuals that may have unexpected cash shortages to deal with. An online payday loan typically works the same way. You apply for your installment loans in the same manner using an online loan application and supporting documentation.
Since client needs vary there may be restrictions on the length of loans. Illinois, for example, sets the limit for payday loans to 45 days in a row. You should analyze your unique situation and individual needs as the “price” for the loan can vary by location. Fortunately, access to a payday loan restores some peace of mind when those unexpected situations in life turn up and our need for money is exceeded by our current resources. Payday loans have been established as one possible solution in those situations.