If you ever find yourself in a financial pinch and you need a way to get money fast that doesn’t come with huge loan fees, you may want to consider applying for a small consumer Checkbook or Installment Loan. The two other common short term loan options that are readily available are payday loans or payday installment loans. Small consumer Checkbook and Installment loans are usually the best option for people, despite payday loans being more popular. Always be sure to contact your loan provider to determine the best option for you and your situation. Checkbook Loan Requirements: In order to qualify for a Checkbook or Installment loan, you must be 18 years or older, have a checking account and you must be able to provide a verifiable source of income as well as proof of residency. The following is an example of what we require for someone who is trying to get a small consumer Checkbook or Installment loan: ● A weekly net pay greater than $300.00 ● Current pay stub (must be employed by the same employer for 6 months or more) ● Direct Deposit into checking account ● Provide two months of current bank statements ● A personal (voided) check ● A valid Drivers License or State ID ● Current telephone bill ● Proof of residency (2 pieces of current business mail required if any addresses differ on the documents listed above) Other lending providers may have slightly different criteria for acquiring a loan. These are provided here as an example of what you might be expected to show when applying for a Checkbook or Installment loan. Basically, if you have a stable job and proof of it, you should be able to get approved without much trouble.
The biggest benefit of a small consumer loan such as our Checkbook or Installment loan versus other payday advance loans are that you will generally pay back less money than you would with the other options. Checkbook or Installment loans are also fast to get, usually taking less than 24 hours and sometimes being approved in a matter of minutes. When applying for a Checkbook or Installment loan there are no credit checks, which can be a big advantage for you depending on your situation. Also, Illinois Lending Corporation offers refinancing options with a Checkbook or Installment loan. Small consumer Checkbook and Installment loans can be a great option for someone who is mostly financially stable but may have a bad credit history or occasionally runs into financial issues where they need quick help. Not sure what kind of loan is right for you? Contact us today and we will help you find the best solution for your situation! Illinois Lending Corporation…The Better Way to Borrow!