While loans that are designed more for the shorter term are not necessarily intended to fulfill people’s financial needs in the longer term, they still help out to cover bills and other immediate expenses. This includes installment loans like online payday loans, which offer quick cash for these unforeseen or quickly upcoming expenses. Fortunately, most of today’s payday loan lenders are more than willing to offer these online loans to qualifying individuals.
This is of particular relevance in Illinois, where the maximum online payday loan is at $1,000 or 25 percent of a person’s gross income for the month, whichever number represents a lesser number. The state allows individuals applying for and obtaining these payday loans to have them for as many as 45 days in a row. Normally, the process for obtaining these online loans is such that payday loan lenders will offer these shorter term loans, which are unsecured, and the borrower will repay the amount within the next payday. This applies not only to the state of Illinois but to other states around the country as well.
Of course, there are annual percentage rates, or APRs, which are attached to these loans. To prevent them from getting unruly or excessive, many states and jurisdictions limit the APRs that payday loan lenders and others can charge to their borrowers. This is helpful news for borrowers, since they now know they will not accrue ridiculous charges and interest amounts for their short term loans.
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