Payday Advances in Waukegan, IL?
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 a huge ouch!
The 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 judgment). Then there are 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 no intention of doing that – I’m simply saying that you can get quick short-term loans all throughout Illinois, and especially in the major centers such as Chicago, Rockford, Aurora, Naperville, Peoria, Springfield, Joliet, Elgin, and of course Waukegan at better APR’s.
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.
Payday Advances and Check Cashing Services
Another reason some people use payday advance companies is for check cashing of their pay checks. Many banks now charge a fee for maintaining a bank account which can be expensive as well unless you have a minimum amount in the bank account. For many people they just do not have the extra cash to be able to afford to keep cash in their accounts. They are operating from pay check to pay check and they just cannot seem to get ahead. As a result they will turn to payday advance companies to cash their pay check and obtain their cash. Check cashing by these same companies can be expensive, however you have to pay somewhere and one place is as good as another.
When it comes to arranging for a payday advance, you at least have some history with the pay day advance company and can provide a stub or a copy of the previous transaction where they cash your pay check. As long as you maintain your credit rating with them and pay back the pay day advance loan on time along with all of the fees, you’re standing with them will remain in good stead.
How To Avoid Pay Day Advance Loans
We know that it is very difficult to pay all of your bills and put food on the table for your family. The past 5 years has been very tough for many families with all of the layoffs and downsizing by companies that are also struggling. In addition many of the high paying jobs are gone. They have either moved overseas or have been replaced by robots that can work 24 hours a day with no break and require little support. As a result there are many low paying minimum wage jobs available compared to the high paying jobs that used to be available.
It is much harder to save money these days because of this change in employment in our economy, however this is exactly what consumers need to try to do in order to survive and make sure they have extra money available to get them through situations that might cause them to borrow funds and pay high fees to a cash advance loan company.
If you can set aside even 10% of your pay every week or every two weeks when you are paid as savings and not touch this money until you really need it for an emergency you can become your own cash advance loan at much less cost. Your savings in a situation like this will be large and you will have more money to spend on other things. Start saving 10% today and although it will be difficult to do, once you get used to living on 90%, after awhile you will not miss this extra cash. It can mean a world of difference for you and your family just knowing that you have that money set aside for an emergency when it is needed.