If you live in Illinois and have been thinking about getting a fast cash loan, the following information will help you to make the right choice. Getting a fast cash loan, also known as a payday loan, in Illinois is not too different than in other states; there are a couple things you should take note of however. The main difference in Illinois fast cash loans is that state law has made a limit on the number of these fast cash loans that you may take out at a single time. Other states that have a similar law are: Florida, Michigan, Indiana, North Dakota, New Mexico, Oklahoma, and Virginia. So you can see that Illinois isn't the only state that has this policy.
When you take out a fast cash loan, you should be aware that they will often ignore the usury laws of the state they are operating in. This can often be done legally if they have been founded in another state and have business agreements with banks in the state they are operating in. Even so, states do not like the fact that their laws are often overlooked. In one such case, the state of Illinois sued a fast cash loan company for the largest fine in state history on a payday lender, a sum of 234,000 dollars. Because of this, you may find that fast cash loans in Illinois will offer you better rates. However, you may also find them to be less available.
For those of you interested in taking out a fast cash loan in Illinois, here is some helpful information that will help you to better understand the practice. Fast cash loans are short term and usually for small amounts from $100 to $1000 dollars. Loans may not usually go up to $1000, but in some cases state law allows for this. The average amount borrowed usually falls within the range of $200 to $500. They are very short term and usually due by the borrower's next payday or 2 to 4 weeks. These institutions do not usually refer to the charges for their lending services as an annual percentage rate, instead they are usually referred to as fees. For example, a small loan of $100 will usually charge a fee of $15. In terms of APR, this can be quite high, up to 400 percent APR.
Because of these high rates, make sure you explore other methods of short term lending first. If you have no other options, you will find that fast cash loans can really help you out if you're in a pinch. You just have to make sure that you will be able to pay them back. To help make this a possibility, be sure to never borrow more than you need, and to do the math ahead of time to be absolutely certain that you will be able to pay the loan back when its due. If you are careful and responsible with these loans, you are certain to benefit from them.
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