Payday Loans Chicago

Payday Loans – a respite in financial crisis

What is a payday loan?

A payday loan Chicago is a kind of loan which could be explained to be associated with your monthly salary. Also known as Payroll Advance loan and Paycheck loan, a payday loan is a short term loan which is paid back as soon as you receive your next pay. This loan is generally for one to two weeks only. The borrower has to payback the loan within the given timeline, failing which the lender charges a penalty against the loan amount.

When do you take a payday loan?

The lifestyles that we lead these days, is very demanding. With the advanced technology coming up with better products every now and then, you are lured to upgrade yourself with the changing world. There is also a social status that you are expected to maintain. All these require money.

Even before you receive your salary, there is a list of expenses ready to be sorted every month. Once you are through with your monthly expenses, there is hardly much left for you to meet the urgent money requirements. All your money is gone in paying off your phone bills, medical bills, gas bills grocery bills etc. There are certain emergency circumstances when you need a good amount of money and you do not know how to arrange it. This is when payday loan Chicago comes to your rescue. These loan facilities provide you with instant cash amount and provide relief from your money troubles.

Where could you approach for a payday loan?

There are many funding companies available that provide you a payday loan Chicago. Along with the private financial institutions, many banks also have the facility of providing these loans. All you need to do is look for such loan providers online. You would be required to fill up a form online and many loan providers would approach you to offer you with a payday loan. You could also walk into their offices physically and enquire about the procedure of taking a loan.

Criterions you need to fulfill to get a payday loan:- There are a few criterions that you need to fulfill to get a payday loan Chicago. Each company would require you to fit into these criterions in order to provide you with the loan. The criterions are-

• You must be working with a legal company and drawing a regular income.

• You should have a valid account in a bank which should be operative.

• You should be at least 18 years old.

• You should be a US citizen.

• Your monthly salary should be not less than $1000.

Applying for a payday loan:-

The approval of a payday loan Chicago takes at least one working day for processing. Therefore if you apply between Monday to Thursday, you are likely to get your loan on the next working day i.e. Tuesday to Friday respectively. If in case you apply for your payday loan on Friday, Saturday or Sunday, you are then likely to get your loan on Tuesday. Therefore it is advisable to take care of the day when you are applying for the payday loan in order to get it on time.

A funding company generally takes an interest of 15US Dollars to 39 US Dollars per 100 Dollars borrowed. This means that if you borrow 100 dollars from your lending company, you end up paying 115 to 130 US Dollars to them in your next payday cycle. For those who are taking the loan for the first time, you might get an amount only up to 500 USD. If you repay the entire amount in time and hold a good record with that company, your loan amount increases in your next visit to that company.

Things that you should take care of before opting for a payday loan:- 1. Be careful about the APR factor of your payday loan Chicago while applying for it. You should always find out the details of the APR being charged by the funding companies and opt for one which charges a lower APR as compared to its competitors.

2. Find out about the privacy policy of your funding company. They should not share your personal information with anybody else. Therefore be very particular with them on their privacy policies

3. It is advised to read all the legal terms and company policy details carefully before signing any document related to your payday loan Chicago.

Repayment policy of a payday loan: - Once you have taken the loan, you are supposed to repay it through your bank account the day you receive your salary. You should be clear about the amount and date on which you need to repay your loan. In case you are unable to repay the whole or part of your loan amount on the fixed date, you might have to request your lending company for a rollover. Avoid being late in repayment as it results in paying a huge penalty on the loan amount.

Alternate options of a payday loan Chicago? 1. Since payday loans turn out to be quite expensive for your pocket, it is always advisable to think twice before you opt for it. It is wiser to plan your monthly expenses in such a way that there is no shortage towards the end of the month.

2. You should also plan your monthly expenses in a way where you have a fixed amount for savings. You should keep it as one of the slots similar to any other monthly bills which you have to clear each month. This way you end up saving some money for emergency.

3. Even after planning well, you still face some money crunch, think of some friends and relatives who could lend you that amount till your next payday. By borrowing from them, you could avoid paying a huge interest on that amount required. If you have no other alternates left, then only you should opt for a payday loan Chicago and get instant relief from your money crisis.