What is a payday loan?
A payday loan is a type of short-term borrowing where you repay the funds plus interest in a lump sum on the day you receive your next paycheck. These are small-dollar loans that usually come with high APR.
Using our matching service, you can get a payday loan ranging from $200 to $5,000. The approved amount will be influenced by several factors, such as state laws, the lender’s policies, the borrower’s income, etc.
Who is eligible for a payday loan in Illinois?
Each state and lender has its own eligibility criteria. Typically, to get a payday loan online, you must:
- be a U.S. citizen or legal resident;
- be at least 18+;
- be employed and have proof of income;
- have a checking account in your name;
- have a valid email address and phone number.
Most lenders from our network will approve your application even if you have bad credit or no credit at all.
How many payday loans can you have in Illinois?
The state allows to have 3 payday loan at once: a small consumer loan with APR not exceeding 99%, payday installment loans that last no longer than 6 months and have an APR not exceeding 400%, and payday loans.
By the way, in Illinois, loans have a 10-year Statute of Limitations.