15 Minute Payday Loan in Elgin, IL – Low Interest 200 –> Look, I’m in Elgin, IL and I need a quick payday loan for $200. I want a low interest loan and I need it today. Maybe one of those 15 minute payday loans I hear about.
My phone contract came up today and I want to renew and get a new iPhone with it, but I don’t get paid until next week.
The guy at the store says I have to pay cash for the phone, so I need this money to do that. There is a deal on the service that expires within a week, so I need to get the cash now to take advantage of the offer.
It’s just two bills, so it’s not a lot of money or anything and I get paid at the end of the week (or maybe a little longer), so you’ll get paid back on Monday if you want.
I don’t want to wait that long for my new phone, though. Thanks! – P. Barney
Loan Officer Notes:
Mr. Barney here is actually smart in getting a PDL in this situation. Sure he will be paying the high rate associated with a payday loan, but even then, he is still ahead if you consider the savings he gets by making his purchase and entering into a contract for the iPhone and the 3 years service deal at a reduced rate.
Location of Applicant – West of Chicago, IL
Just to clear things up on where he is applying in IL – the applicant actually lives in South Elgin, which is about a 45 minute drive West of Chicago. This area of Illinois has enough cash advance stores available to service more than enough of the populace. “So we got that going for us.”
The So-Called 15 Minute Loan Approval
We noted that request for the PDL has a time factor attached, and he wants to perhaps get approved in as little as 15 minutes. I want to be honest with you and tell you that we rarely have lender scouring our site that will actually transfer funds into their customers’ checking or savings accounts within a paltry 15 minutes from the time of the application submission online. If you want a PDL approved sooner you need to physically go down to the lender’s store. Even then, sometimes they can’t process the transaction within fifteen minutes. The truth anyway is the most all PDL customers are willing to wait a few hours for the money, and even the following morning.
Employment of Applicant – AT&T in Chicago
Mr. Barney has a steady job. He is 26 years old and is single. He commutes to Chicago every day from Elgin, and he works for the AT&T, and has been employed with them for 18 months. He is sharing rent with two other roomates, and has a somewhat damaged credit rating. His Teletrack record is clean, so he had no problem getting approved for this small paycheck advance.
Illinois State Payday Loan Laws – APR
The State of Illinois has very specific laws on the books for PDL businesses. There are 3 actual types of small consumer loans allowed in Illinois, and we have added some bits from the Illinois State Attorney General Web Site – go there for the full text. So as per the ISAG site;
Small Consumer Loans: There are three types of payday or payday-like loans sold in Illinois. The least expensive of these is the small consumer loan. Under Illinois law, a lender can charge an Annual Percentage Rate (APR) of no more than 99% on a small consumer loan.
Payday Installment Loans: Like small consumer loans, payday installment loans have longer terms than conventional payday loans, lasting up to six months. However, payday installment loans are more expensive than small consumer loans, with APRs running as high as 400%.
Payday Loan: A payday loan is truly a short-term loan; it has to be paid back in two to four weeks. Like the payday installment loan, a payday loan can carry an APR as high as 400%. The combination of the short term and high rates increases the likelihood that you’ll be unable to pay off your payday loan when it comes due.
So keeping in mind the laws regarding small consumer loans in IL, and the application Mr. Barney submitted, we know that his request for funds falls into the straight-up PDL. Not a smaller consumer loan, and not a PDL installment loan. So with this information we know that he will be paying upwards of 300% APR on his two week paycheck advance.
Fees and APR On This Payday Loan
- Amount Borrowered = $200
- Term = 14 days
- Fee Per $100 = $15
- Effective APR = 390%
- Total Fees = $30
What Applicant Needs To Have for Data
- Valid Photo Identification
- Pay Stub Within Last Thirty Days
- Lates Bank Statement
- Check book
In the end this customer ended up being ahead when you consider he got (forgot to tell you – you DID get approved, and got the money in his account later the same day (not in 15 min.) a $212 dollar savings with his cellular phone company contract and iPhone purchase. He spent $30 in PDL fees, so that is a total savings of $182 dollars. This is a perfect example of when a payday loan can actually pay off in the end state.
In some cases it can be useful to borrow a small amount of cash from one of these high APR charging small consumer loan companies. For instance: when you want to take advantage of a retail store’s offer before expiration of the offer. The key factor is the term of the loan – make sure you pay the loan off within one week – two weeks maximum. [LL Officer Cite] [Time-Stamp September 23, 2011 10:25:23]
Disclaimer: The views expressed by this author don't necessarily reflect the opinions of Lazerloan.com, it's owners, or it's affliates.
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