Are you wondering about payday loans in Chicago? Since 2011, many lenders offer instant payday loan without credit checks but with skyrocketing rates. Payday or short term loans are payable on the next paycheck and usually comes with exorbitant interest rate. This article talks about payday loans in Chicago.
The state of Illinois are very strict when it comes to regular loans, which is why many people turn to payday loans as their solution to financial constrains because of the simplicity of applying for a payday loans in Chicago. Additionally, payday lenders in the state allows loans to be paid in 6 months rather than the usual 2 weeks to 3 months, which allowed them the opportunity to advertise payday loans as installment loans.
Take note, payday loans has negative connotation to many people because of the high interest rate that they charged to customers, probably why some payday lenders prefer to call their service installment loans instead of payday loans. Now, installment loans that do not necessitate credit check require at least an income verification, email address and checking account.
If a borrower qualifies for a loan, most lenders will transfer the loan proceeds to the bank account indicated by the borrower within 2 hours. For the repayment, lenders offering payday loans in Chicago without credit check would require payments at every payday, drafted from the checking account of the borrowers automatically.
By the way, people with savings or retirement account and just short of cash are qualified for installment loan without credit check with union or bank. But of course, if you do not have one then a payday loans in Chicago with shorter loan payment terms is still possible.
Visiting local payday loans in your city is great when you need money badly, but if you want to experience a hassle free payday loans in Chicago then apply online instead.Share