Sometimes we fall on hard times, and need to take out a loan to resolve debt or make a necessary purchase. If you need to borrow some cash, but don’t want to ask your family or friends for cash loans, there are short-term emergency loans available, typically referred to as pay day loans. The average payday loan is typically secured by the borrower’s first pay check, and allows the borrower to borrow cash amounts ranging from $100 to $1,000 U.S. Dollars. In the state of Illinois, the maximum payday loan allowed is $1,000 or 25% of your monthly gross income, whichever is less. According to US law, a payday lender can use only the same industry standard collection practices used to collect other debts.
The state of Illinois allows their residents to obtain a pay day loan for up to 45 consecutive days. Residents of
Read moreAre You Considering a Short-term Cash Loan? Learn About, and Consider Pay Day Loans
