There are a few questions you should ask yourself before making your payday loan request in Illinois:
Can I afford to make the loan repayments on time? Payday loans are designed for people with a stable income. Inability to make your payday loan repayments will cause interest to be added and may also affect your credit rating.
Have I looked at alternative options? There may be alternative options available to you, such as borrowing money from family or friends. Borrowing money from someone close to you may also help you out of your tight financial spot.
Do I know how much I need to borrow? It’s best to make sure that you don’t borrow too much or too little for your needs. If you are having a cash emergency, it is important to cover your costs until you can get your finances in a better position. If you borrow too much, you may find yourself unable to make the payments.
How long do I want to borrow for? You should decide whether you wish to pay on your next payday or take a long-term loan and pay in instalments. If you just need the cash to tide you over until payday, go for a short-term loan. This will give you between 2 and 4 weeks to repay the loan in one full repayment. If you need longer to get your finances in order, a long-term loan lets you borrow funds for up to 5 years.
You can get an Illinois payday loan from $100 up to $35,000. You can choose how long you need to borrow for and when you want to repay it. If you opt for a short-term loan, you repay the money 2-4 weeks later in one final repayment. This gives you time to reach your next paycheck. With longer-term loans, You can borrow the funds for up to five years and pay it back in equal instalments each month. You are able to repay the amount early at any time, and this will also save you money on interest. Finding yourself unable to repay your loan on time could affect your credit score and interest may be added.