Just North of Chicago is a sizable city named Waukegan, and of course they have some of the typical short-term lenders in the city and nearby. We’re not recommending you get a loan from one of these fee-based lenders. Usually they charge between $10-$30 dollars for every $100 dollars you borrow. If want to see how bad the APR is on that check out these calculators. You can end up paying an APR of 350% – 500%. Where I come from that is an ouch!
This reason I’m listing this post for short-term borrowers from the Waukegan, IL area, is because we recently built a new list of micro-lenders for the State of Illinois. We have included most of the major cities, and have listed some of the phone numbers and addresses for these companies.
I know that the issues with these kinds of lenders is hotly contested – some people believe this companies are taking advantage of people who have run into a streak of bad luck (or a streak of bad judgement). Then there ares some that think these companies can act as lifesavers for people who really need a quick loan. It’s hard to be the judge, and I have not intention of doing that – I’m simply saying that you can get quick short-term loans all throughout Illinois, and especially in the major centres such as Chicago, Rockford, Aurora, Naperville, Peoria, Springfield, Joliet, Elgin, and of course Waukegan.
Approval and Credit Checking Borrowers
Some of the loan shops require you to show some valid ID, proof of employment (in the form of a pay stub), and some are strictly running their business online, and they provide the funds with a paperless application and approval processes. Be forewarned though – the lenders that use a paperless system for approving their loans almost always charge $30 dollars for every $100 borrowed. This is extremely expensive, and this does not include all of the other fees, such as administration fees. Most payday advance shops in Waukegan DO require a paper process, and they check out your borrowing history with the use of the infamous Teletrack system. The truth is that almost ALL of these lenders us the Teletrack system to check the credibility of their applicants. Even the lenders that don’t require faxing, and run their business 100% online. They boast approval in just minutes but that doesn’t mean they are not checking the borrower (you) out – their databases are digitally conversing with the Teletrack database, and they are sometimes doing the same thing with Transunion, Equifax, and Experian.
Well I hope some of this information helps our visiting borrowers who are in need a fast loan. It’s rather simple and it can happen (your approval) very very fast. You can be doing a search online, clicking a couple of links, and viola – you have applied for a cash loan between $500-$1000, been approved, and expecting the funds to be in your savings or checking account before 24 hours has gone by.
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