Online Payday Loans in Illinois – 0% APR Alternatives

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Running out of money before your next paycheck? You’re not alone! 1 in every 10 Americans has needed to use a payday or cash advance loan. Now, before you start googling away, let’s take a closer look at what a payday loan is and its alternatives.  

Options For Payday Loans in Illinois 

Traditional payday loans and cash advances are short-term with high interest that are typically due on your next payday.  Guidelines and laws differ from state to state but, often you will write a post-dated check or give electronic authorization for repayment. 

Requirements – To qualify for a payday loan (also known as a cash advance), you must be at least 18 years old, active checking account, and a valid ID. You need to provide proof of a regular income source (i.e.: pay stub), address and work telephone number for verification of employment. Even with bad, little or no credit, you can still apply for a payday loan. 

Credit Affects – Although lenders will not typically pull your credit for qualification, they will review your finances to determine how much they are willing to lend you. This may seem easy enough but, the interest rates and fees are very high with these types of predatory loans. If you fail to make payments or miss any payments, they will put your account into collections resulting in negative marks on your credit history. 

Illinois Payday Loan Laws – According to Illinois law, you cannot have more than two payday loans at a time, and rollover fees are not permitted. After 45 consecutive days of repayment, you have to wait 7 days to apply for a new payday loan. No loans will be approved if the consumer has an outstanding balance on 2 cash advances or payday loans. 

Max Loan Amount – The state of Illinois allows a maximum of up to $1000 in payday loans or cash advances. The maximum interest rate (APR) on your payday loan term is 404% or a maximum of $15.50 per $100 borrowed. These fees are calculated during the application and approval process. Most payday loan terms in Illinois are 14 days. 

Penalties – If you fail to pay your debts to payday loan companies, they will do their best to recoup what they are owed. Additional fees may be added to your already overwhelming debt followed by collections agencies hounding you for repayment.  

Payday Loan Alternatives in Illinois 

Payday loans and cash advances may seem like the solution to your immediate financial needs but, there are safer alternatives out there. 


With Instacash, you can access money directly from your phone, whenever! Your credit score won’t be affected, and you can get advances up to $250 at 0% APR

That same $250 borrowed through most Ilinois payday lenders will end up costing you around $288 at the end of the 14-day term. Unable to pay your loan back in 14 days? Expect more charges to incur rapidly making it nearly impossible to catch up. The better option seems like a no-brainer to us! 

Credit Builder Loans

Need a little more cash up front? Sign up for the Credit Builder Plus Loan from MoneyLion for only $19.99/ month. These loans are perfect for those who have no to low credit history. You can get loans up to $1000 immediately and 0% APR Instacash advances. Plus your membership fee unlocks access to Instacash and so much more.

Pay your monthly payments on time and MoneyLion will help you build your credit by reporting to all 3 credit bureaus. You’ll be able to keep an eye on your credit report with weekly credit score tracking in the app too.   

InstacashCredit Builder LoanLocal Payday Lender
How Much Can You Borrow?$250$1,000$1000 or 25% of your gross monthly income, whichever is less
Fees & Interest0% APRCompetitive APR, $19.99/month fee-Up to 404% interest (max $15.50 fee per $100 borrowed)
Impacts Your Credit?NoYes, it builds your credit score. -Yes,If you don’t pay on time, it can negatively affect your credit score. While on-time payments do not improve your score.
AvailabilityMobileMobileIn-store & Online 
Wait TimeInstantly*InstantlyNext business day 
Next StepsSign UpSign Up
*24-48 hours to receive your advance at 0 cost. $3.99 for instant deposit to your MoneyLion Bank Account, $4.99 to instantly deposit to an alternative bank account.

Borrowing Smart!

Don’t be fooled by the seemingly instantaneous payday loan scheme. We understand that sometimes you are in a tight spot but, these predatory lending options end up costing you hundreds more. 

At MoneyLion, we are here to support and educate you in your time of need, without costing you an arm and a leg! With our straight forward memberships, you can access funds instantly when you need it most. Head over to MoneyLion now and let us help you.

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