The Basics of the Short Term Loan in Naperville

If you find yourself short on cash for an emergency, such as car repairs, medical expenses or home repairs, you have a solution to get the money fast without having to deal with the hassle of going through your bank to get a loan or asking friends and family to loan you the money. A short term loan in Naperville is the perfect solution to get you the funds you need fast. Understanding the basics of the short term loan will allow you to determine if it is right for you.

Requirements

The requirements to obtain a short term loan in Naperville are minimal, especially when compared to the requirements to obtain a loan from your bank. Applicants simply need to be at least 18 years old and be currently employed with regular income. If you are not employed but have regular income, such as social security, you might also be eligible. Your gross income, which is your income before taxes, needs to total at least $1000 per month and you need to own a checking account for the funds to be wired into your account. This checking account will also serve as your way to repay the loan through automatic withdrawal.

Amount

In Illinois, the maximum amount of money you can receive from a payday loan is $1000 or 25 percent of your monthly gross income. This does not mean you will automatically be approved for the maximum dollar amount. The information you send in for approval will determine your loan amount. If you successfully repay your loan, the payday loan company might increase your limit for future short term loans.

Proof of Income

In order to prove your income, you will need to provide your most recent pay stub to the payday loan company. If you are paid in any other form, you will need to obtain verifiable proof of your income via a letter or bank statements to show proof that you receive your income on a regular basis.

Repayment

The typical short term loan in Naperville is due between 13 and 30 days from the date of your loan. Your exact due date will depend on how often you are paid. Most payday loan companies automatically withdraw your funds from your checking on your next payday.

Get detailed information about obtaining a short term loan in Naperville or anywhere else in Illinois, visit the website of Short Term Loans.

 

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