A same-day payday loan is a cash advance that you request and receive on the same day, provided that you are approved. Under Illinois' state law, the loan amount should not exceed $1,000 (or an equivalent of up to 25% of your gross monthly income).

Bear in mind that you have to repay the loan on your next payday. Online payday loans are for emergency expenses that you cannot postpone until your next paycheck.

How Payday Loans Work

Nowadays, most payday lenders operate online. You need to fill out an application for the amount required, provide your details and wait for feedback. Once you get approved and agree with the terms, the lender will deposit the funds into your account. You have to reimburse the lender on the loan plus interest.

Same Day Payday Loan Advantages

Payday lenders' requirements are low, and bad credit is rarely a direct impediment to accessing a loan of this sort. Illinois' 6th Senate District is a cultural melting pot and one of the beneficiaries of payday loans. Locals use emergency funding to pay for rent, tuition, or unexpected expenses. Loans are a sign that our economy is still unstable. Thankfully, there are legal options for the people who struggle financially.

Requirements for a Same Day Payday Loan

To be eligible for emergency same-day payday loans, you should be of age, a US citizen, have a steady income, an active bank account, and include accurate contact details. Bear in mind that payday loans are not available in all states.

Lenders from different states have different terms and regulations for payday loans. In Illinois, the loan terms range from 13 to 120 days. An added advantage is that one borrower can have a maximum of 2 outstanding loans. They need to afford it and comply with a cooling-off period of 7 days. The charge is 15.5% for every $100 borrowed plus a $1 flat fee for verification. In our state, no rollovers are allowed. The decision is there to protect people from added debt. The Illinois Department of Financial and Professional Regulations (IDFPR) oversees the optimal functioning of payday loans within Illinois.

Payday Loans in Illinois

Statistics show that the number of loans in Illinois are in the range of 500,000 for the past decade. The number of unique users per year is not lower than 238,058. Chicago and Springfield record the maximum numbers of payday loans. Other major cities that offer the service and have positive feedback from borrowers are Freeport, Rockford, Aurora, Rock Island, and Bloomington. Payday lenders have given a record number of loans for Montgomery, Alton, Belleville, and Hanover Park. The accessibility of loans has increased together with the digitalization of the loan process.

How Fast Will You Get Your Money?

In a best-case scenario, if you fill out the request form on a workday by noon, you can receive the money in your bank account the same day. If you submit your application by 5:00 PM, you receive approval, but that's the bank's cut-off time; expect to get your loan on the next business day.

Call to Responsibility

When a lender approves your application, they will forward you the terms. Make sure you understand the agreement before signing it. And, most importantly, repay your loan on time.