Fast Cash Advance Loan Laws Tight in Illinois

With the difficult economy, more people in Illinois are in need of cash advances. CashAdvanceAlliance.com offers information to ensure borrowers are up-to-date on the latest laws.

Minneapolis, Minn. (Vocus/PRWEB ) July 7, 2009 -- With the struggling economy and families working to stretch paychecks further, fast cash advance loan lenders and online cash advance lenders are experiencing higher traffic. As such, CashAdvanceAlliance.com offers borrowers information so they are up-to-date on the latest rules for cash advances.

There are a wide variety of fast cash advance loan lenders and online cash advance lenders, each with their own set of rates, terms and conditions. However, there are laws and basic guidelines that each lender must abide by. Before using online cash advance lenders, borrowers should ensure they understand the rates, fees, terms and conditions.

The maximum amount that can be borrowed at one time in Illinois is $1,000 or 25% of the borrower's gross monthly income - whichever is the lesser amount. However, it is advisable to only borrow the amount that is needed as fees are generally high for cash advances. In Illinois, the rates are 15.5% with the amount of time to repay the loan between 13 and 45 days.

Rollovers are an extension on repaying the loan and are not permitted in Illinois. State law prohibits lenders from taking criminal action against borrowers who are unable to repay the loan in time. To collect the funds, they are required to set up payment plans. In addition, Illinois residents are permitted only two outstanding cash advances at any one time and must abide by a "cooling-off period," which means a borrower must wait 7 days after 45 consecutive loan days before borrowing again.

There are minimal requirements for borrowers to obtain approval for a cash advance. A borrower must be a US citizens who is at least 18 years of age, have a valid bank account and a regular monthly income. There are no credit checks but some additional information may be needed depending on the lender. Cash advance forms are short and easy to understand. Approval is typically only a few minutes with funds being deposited directly into a borrower's bank account immediately.

About CashAdvanceAlliance.com:
Cash Advance Alliance takes the guess work out of borrowing instant funds by connecting people in need with reputable lenders. The application process is quick, easy and free. Borrowers enjoy prompt, professional service. With our online application form, there is no faxing, no lines, no credit check and no hassle. Funds are directly deposited into borrower's bank accounts and payment options are flexible. With no obligation, use our service for free to compare cash advance loan options.

Contact:
Marlene Brown   
Public Relations Specialist
612-385-1331

###

Post Comment:
Trackback URL: http://www.prweb.com/pingpr.php/SW5zZS1Ib3JyLVNxdWEtQ3Jhcy1NYWduLUNvdXAtWmVybw==