Payday Loans in Joliet, IL

The lenders in our network of providers prioritize a potential borrower’s ability to repay a cash loan over their credit history. Do not worry if other lending institutions have previously denied your application based on your bad credit history—we will match you to lenders that are likely to approve your application. Provided you have a regular monthly income of at least $1,500 after-tax, then you qualify for a no credit check payday loan.

No, we are a licensed broker whose role is to match eligible borrowers in Joliet looking for payday loans, installment loans, and title loans with lenders in Illinois. We only partner with providers offering the most competitive interest rates and flexible repayment terms. All the lenders in our panel are state-licensed and regulated by the Illinois Department of Financial and Professional Regulations (IDFPR).

Our lender matching service is 100% free for all clients within Illinois State. If you’re looking for an affordable payday loan, installment loan, or title loan in Joliet, IL, MoneyZap will help you do just that at no cost whatsoever.

The Illinois Payday Loan Reform Act makes payday lending legal in the state. Joliet residents can access cash advances legally, and every transaction is logged in the IDFPR database for state regulators to keep track of lending activities.

Based on the existing lending laws, Joliet, IL residents can borrow up to $1,000 or the equivalent of 25% of their monthly income before-tax—whichever is higher. If you have taken out more than one loan, the total outstanding balance on all of them should not exceed the legally prescribed limits of $1,000.

Payday regulations in the state allow for individuals in Joliet to have no more than two outstanding payday loans at any given time. All state-approved lenders are required, by law, to consult the IDFPR database before approving a new cash advance to a customer. If a potential borrower is found to have two active payday loans at the time of application, the lender will not issue them with a new one.

Once you complete the secure online form with the requested information, we typically take a few hours to verify your details and match you with a lender that can meet your financial needs. If everything is in order on their end and no additional information is required from you, you can expect the funds to be credited to your checking account by the next business day.

Joliet, IL residents can take a single-payment payday advance for a maximum of 120 days. For installment loans, the maximum repayment period is 180 days. While state lending laws offer no rollover provision for single payment advances like payday loans, you are allowed one rollover for installment loans.

In March 2021, the incumbent governor signed into law an amendment to the existing Illinois payday lending statutes. The new legislation capped the maximum APR on payday loans, installment loans, and small personal loans at 36%. Note that there's also a $1 verification fee for every new cash advance taken out.

Here is how to calculate the total cost of a $100 paycheck advance in Joliet with a 14-day repayment term:

36% 365 days = 0.9863 14 days = $1.38 + $1 verification fee = $2.38

Therefore, the amount you have to pay back on the due date would be $102.38.

Most lenders in our network of providers focus on a potential borrower’s ability to repay a paycheck advance, not their current credit score. If you are at least 18 years old, a resident of Joliet, IL, and earn at least $1,500 monthly after-tax, you qualify for a payday advance, even with bad credit.

All you have to do is fill out our secure online application, give us a few hours to verify the details provided on the form, and we will then match you with a trusted lender.

Once the lender approves your application and you sign the digital agreement, the funds will be deposited into your checking account by the next business day. Some more advantages of using MoneyZap are that the lenders on our panel all support online transactions and you can apply for a cash advance from wherever you are in Joliet.

Payday loans are designed for unexpected emergencies. For example, if you have urgent vehicle/home repairs or medical bills you need to settle, a cash advance will hold you over until you get your next paycheck.

That said, you might need a larger sum of money to sort out some other financial shortcomings you might be grappling with. Cash advance alternatives that are better suited for such instances include Illinois title loans, installment loans, and personal loans. They offer higher amounts and slightly longer repayment durations that do not need to be paid in one lump sum like payday loans.

If you’re worried about going to jail for failing to repay your payday loan, don’t be. Illinois lending laws make it illegal for lenders to pursue criminal action against customers who default on paycheck advances.

Nonetheless, it is still within the lender’s rights to seek legal remedy in civil courts. In other words, they can sue you for failing to live up to your end of the contract. Note that the statute of limitations in Illinois is ten years from the last payment date. Thus, a lender can file a lawsuit against you at any time during this period to recover the outstanding balances owed to them.