Payday loans are typically loans that are smaller amounts of cash usually that are available for people to take out to bridge the gap between paydays. Pay day Loans are designed to be a short fix for a bad situation and they are not intended for consumers to use for the long terms. These loans are designed to get consumers through a tough time and not to be used for large purchase such as a boat, car, or even a house. These loans are an easy way for customers to increase their buying power to cover unexpected expenses. You never know when expenses like school, a car, or bills might sneak up on you. Chicago Cash Loans Inc. can help you get through those tough times.
Borrowers don’t need to offer collateral to take out a payday loan. Collateral is something valuable in the borrower’s possession — the deed to a car, for instance. If the borrower fails to repay the loan, the lender seizes the collateral, regaining some or all of their money. Unsecured lending is riskier for the lender, and because of this, unsecured loans are usually for lower amounts and have higher interest rates.
What you should have to get started:
- Your social security number
- Your government issued driver’s license or photo ID
- Your checking account number
- Your bank’s routing number – This is a nine digit number located at the bottom of your check.
- Be at least 18 years of age
- Proof of Income – Most recent pay stub or other proof of income
- *Indiana residents must provide proof of a Social Security Number
Once the application is received, a customer service representative will then call you to verify your application information. If all information is verified, your funds will usually be available on the next business day.
When you add up the benefits of online payday loans and weigh the alternatives, it’s clear that payday loans can be a good solution for short-term cash problems. Still, only you can decide if a payday loan is right for you. Before making a decision, be sure to consider whether you can afford to repay a payday loan and its fees on time.
If you have concerns about taking a payday loan, don’t worry. We will be here for you every step of the process. Our customer service representatives are ready to help when you need it.
Ready to fix your cash crunch? The sooner you apply the sooner you can get the cash you need. If you have more questions before opening up a line of credit you can give us a call 1 (312) 313-0012