Know All Terms Of Payday Loans

In case, you are planning to opt for Payday Loans Chicago, here are the terms and conditions that you need to adhere by.

1. You should be working with some legitimate company or should own a business

2. You need to have a Checking A/c in your name

3. You should either hold US citizenship or equivalent right in country

4. You should be an adult; minors could not apply for the same

5. The monthly income that you are earning should adhere by the minimum salary standards set by lending company. In most cases, the minimum salary is $1000 per month.

As you can apply for these loans online, you have to submit application form over the website of lending company. However, we suggest you should submit application form within working days. This is because it takes 24 hours for verification and approval. In case, you submit the form on Monday, you will get credit on Tuesday. But make sure you do the same within Monday to Thursday in case you cannot wait for more than a day. Applying on Friday would mean that you would have to wait for two non working days i.e. Saturday and Sunday.

Since, Payday Loans Chicago are short term loans, the applicant will have to repay the entire amount within 15 to 60 days from approval date. The tenure depends upon the amount you have borrowed. You will have to provide a post dated check stating the total amount including the interest. In some cases, the lender might go for electronic transaction. In this case, the personal account will be linked to the loan account. As soon as the repayment date arrives, the amount gets deducted directly from the account. Considering the easy of availability and instant approval process, you could always look upon this credit option when in need of cash.