Now getting a payday loan has become easier than ever before, thanks in part to regulation and the willingness of lenders to deal with a broad range of people. However, you shouldn’t just get a payday loan in Chicago from the first lender you run into; in fact, we urge you to do the required research to find the right lender.
If you are in the market for installment loans or fast cash, make sure to follow the tips we discuss in this article.
Tip #1 – Compare Lenders and Rates
Start by researching reputable payday loan lenders in Chicago. Then narrow down lenders with positive customer reviews as they can be trusted. You will want to find ones with a track record of providing a fast and reliable service.
Once you have a short list of lenders, the next step is to compare their interest rates, fees, and repayment terms to find the best option for your needs.
Tip #2 – Gather Required Documentation
Gather all the necessary documentation in advance to speed up the loan application process. Most lenders will require borrowers to provide identification documents, proof of income, proof of residency, and bank account details. Thus, having these documents ready when you apply will help speed up the process. What’s more, you’re also avoiding a great deal of back and forth.
Tip #3 – Take Your Time With The Application Accurately
Applying for installment loans is serious business; thus, you must take your time filling out the application form. Pay attention to every detail when filling out the loan application. Double-check to ensure all the information you provide is accurate and up to date. Bear in mind that any errors or missing information can cause delays in the approval process. Thus you will want to be very careful if you need the loan processed without a hitch.
Tip #4 – Apply Online or In Person
Many payday loan lenders in Chicago offer online applications. The good thing about applying for installment loans online is that they are faster and more convenient than doing it in person.
Online applications allow you to submit your information electronically and receive a quick response since 90% of the process is automated. However, if you prefer a personal touch, you can visit the lender’s physical location and apply in person. Though many of the newer lenders may not entertain people at their physical location. So, make sure they do before you visit them.
Tip #5 – Follow up and Respond Promptly
Submitting your application means that you will receive a response from the lender within 24 hours. However, in some cases, they may respond, and that’s when you should stay proactive and follow up with the lender if necessary.
Prompt communication and cooperation can help speed up the loan process. Find out if they require any additional information or documentation. Then respond promptly to avoid any delays in the approval process.