Cash and check advance Chicago types include payday loans, payday installment loans, and small consumer loans.
These distinctions are due to the payday loan laws in Illinois regulating the cash advance industry, with each loan type having different types of characteristics.
The traditional short-term payday loans, with repayment in two to four weeks, are one of these options. The average term, in fact, according to the state's official statistics, has been around 16.5 days.
Some nationally operating payday lenders, such as the online cash advance provider CashNetUSA, concentrate on providing payday installment loans, where the terms are often longer, up to six months in total.
The least expensive alternative out of the three types is small consumer loans, and you should research all of the alternatives, before considering a traditional high APR (annual percentage rate) payday loan.
You should also read through the payday loan laws in Illinois, including "The Payday Loan Reform Act", to familiarize yourself with your rights as a consumer, and to find out the obligations for the payday lenders to operate in the state.
The regulations govern over many aspects of payday lending, including consumer protection in case of nonpayment of the debt, maximum finance charges, and amount that the consumer can borrow and the maximum number of loans.
Most of the national payday loan franchises, both bricks-and-mortar
stores and online payday lenders, have operations within Illinois and
Among the most of these alternatives is Advance America, the largest payday advance company in the United States, with over 2,400 outlets.
The company, which is owned by the Latin American banking and consumer finance conglomerate Grupo Elektra, has 4 locations within 20 miles of downtown Chicago, IL.
Services from the stores include, in addition to cash advance loans, VISA prepaid cards, tax services, MoneyGram services, and installment loans.
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
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