A personal line of credit is somewhat like a credit card. You can use the funds as you need them, and pay them back when you like (the longer you wait, however, the more you will pay in interest and fees). Line of credit loans are particularly useful when you need a cash advance; unlike a credit card, there won’t be a fee. If you’re looking for a line of credit in Illinois, use the guidelines below for help.
Line of Credit in Illinois
Why Choose a Line of Credit?
- A line of credit loan is open ended and does not have a set maturity date. This allows you to use it (and ignore it) as you like depending on your finances. This can be especially useful in a situation that requires multiple payments to different people at different times, such as a home improvement project.
- You can pay off the loan when you like, with the interests and fees rising until you repay the cash advance. Regular billing statements will notify you of the amount you owe.
- A line of credit loan is versatile, allowing you to take out a cash advance up to the credit limit. When you pay back the money, you can re-draw additional cash up to the limit. There is no need to apply over and over again.
Choosing a Line of Credit in Illinois
According to the Illinois Department of Financial and Professional Regulation (IDFPR), which oversees consumer lending in the state, line of credit loans fall under the realm of consumer installment loans. The Consumer Installment Loan License Act (CILA) authorizes the licensing and regulation of all companies that provide consumer installment loans with a principal amount of $40,000 or less. You can review the rules and regulations lenders must abide by online.
Before you apply for a line of credit loan in Illinois, be sure the lending company has a consumer installment loan license. For example, you can see Advance Paycheck Online’s state license on the terms and conditions page for Illinois.
If you would like to secure a line of credit in Illinois, check out Advance Paycheck Online. We are a direct online lending company offering short-term advances, installment loans, and lines of credit to the residents of four states, including Illinois. We offer line of credit loans of up to $1,500 to residents of the Prairie State. The loan fee (finance charges) will increase, of course, as the number of days increases. With an 18% annual percentage rate (APR), a $100 loan will incur the following fees as time goes by:
- 1 day = $0.05
- 5 days = $0.25
- 10 days = $0.50
- 15 days = $0.75
- 20 days = $1.00
- 25 days = $1.25
- 30 days = $1.50
With our low-rate guarantee, you can rest assured that you are getting the lowest interest rates around (and if you find a lower rate, we’ll match it!). Our flexible payment schedules will help you pay off your loan as soon as possible, and we prorate the fees involved so that if you pay off the loan early, you will have very few fees to pay. To get started, please contact us online or give us a call at 1-815-436-4242. We would be happy to help!