Chicago Payday Loans
Getting a Payday Loan in Chicago
For many Americans, unexpected expenses are a major hurdle. Forty-seven percent of Americans do not have adequate savings to cover a $400 emergency expense. To handle the situation, many resort to borrowing from people they know or selling personal belongings.
The ability to get traditional banks to extend credit could help fix this situation. Unfortunately, more than 150 million people in the country can't get approved for credit from traditional institutions. That's mostly because over half the country has a credit score that doesn't reach 680 -- a common cutoff line for lending institutions.
At LendUp, we want to fix this situation. From Evanston to Southside to anywhere in between, we work with residents in need of payday loans in Chicago, focusing on helping those with poor credit get cash when they need.
If you are in a tight financial situation and cash can help, first learn about Chicago payday loans before applying. Here's everything you should know.
Uses of of Payday Loans in Chicago
Payday loans in Chicago can help solve a short-term financial problem. For example, if your check hasn't arrived and you desperately need money for rent, a car repair or groceries, a cash advance can help fill the gap. However, these loans should not become a long-term habit. The idea is that you use them as a temporary solution.
LendUp has an online application that makes it easier for Chicago residents to apply from anywhere their smartphone or home computer in as little as 5 minutes. You don’t need to sit in interstate 90 traffic just to drive to a check cashing store to get a payday loan. Get an instant decision so you can get on with your day.
Requirements for Chicago Payday Loans
Before you apply for a payday loan in Chicago, you should gather your contact information and proof of income. At LendUp, our requirements do not vary based on credit score:
You must reside in Illinois.
You must be 18 years or older.
You must have a checking account that can receive electronic transfers.
You cannot be in the military (or a dependent of the military).
You must show you have income through pay stubs, government checks or another source.
We do not have an established credit requirement at LendUp and don't run a hard credit pull. We do run a soft inquiry, but the score we get isn't the sole factor in determining your approval. We've approved payday loans in Chicago for those with poor credit or no credit.
Factors to Consider for Chicago Payday Loans
The most important things to examine are the loan length, loan amount, fees, interest charge and annual percentage rate (APR). Be sure to know the total repayment amount, because that will tell you the total cost of the Chicago payday loan.
Some lenders may not be entirely upfront about the fees before you apply. Beware of hidden fees, and always ask if you're unsure. At LendUp, we know you deserve transparency, so we're always clear on how much our Chicago payday loans cost. Our rates and terms are clearly written in a simple format so you won’t be hit with any hidden fees. We only succeed when you do, and we want to make sure you don’t get stuck in a cycle of debt.
Choosing a Lender for Chicago Payday Loans
Here's how to find the right loan provider in Chicago.
1. See If the Lender Is Licensed
There are some lenders that get around Illinois and federal laws by establishing headquarters on tribal land or offshore. You may want to avoid these companies, because they may not follow lending regulations in Chicago, Illinois laws. And you won't be protected by state and federal laws if they don't. LendUp is a fully licensed direct loan lender in Chicago, IL. Not only do we cut out the anonymous middleman, but we never sell your personal information.
2. Look at Processing Times
Most lenders process loans and get you the cash quickly. It usually only takes a few business days in Chicago. But if you are need of quick cash, look for lenders that can get your money even faster.
At LendUp, our online application takes as few as five minutes. You'll get the decision instantly. And, if you get approved before 5 p.m. PT on a weekday, we may be able to transfer you the money directly to your checking account on the next business day. It’s important to note that your bank will ultimately determine when funds are made available to you. See lendup.com/faq for more details. You don't even have to go outside your home to do it.
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What people are saying
an innovative new payday loan banking model that’s more Silicon Valley than Wall Street
LendUp is leveraging technology to redefine the payday lending experience, bringing a new level of innovation and transparency to an industry that desperately needs disruption.
...LendUp is a better product than the traditional payday loan.
A lending startup with a heart
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