Frequently Asked Questions

Do you have questions about a desired or existing loan? We have answers! Please read the FAQ’s below. If you still feel you have unanswered questions, call us or write to us!

Q
Can I make additional payments online?
A Yes, there is no prepayment penalty so you can make additional payments with your Debit Card from illinoislending.com anytime. It is fast, and easy! Click here to Make A Payment.
Q
What is a Checkbook Loan?
A A Checkbook Loan is a 9 month loan where your payments are conveniently withdrawn from your personal checking account every pay period.
Q
What is an Installment Loan?
A An Installment Loan is a 9 month loan where your payments are conveniently deducted from your paycheck every pay period and sent directly to ILC from your employer.
Q
How soon can I receive my Installment or Checkbook Loan?
A As long as you meet our requirements, approval is a matter of minutes and your loan proceeds are usually paid the same day* by cash or check.
Q
Is my application online secure and confidential?
A Yes! Your application is on our secure SSL server, utilizing the latest standards for security. We take your privacy very seriously. Your nonpublic information is completely confidential and protected by our company Privacy Policy.
Q
How does ILC determine the amount of money I can borrow?
A State laws generally regulate the maximum loan amount available to our customers. You qualify for a particular loan amount based on your current income and other underwriting criteria.
Q
What if I have poor credit?
A No Problem! We do not require that you have good credit or any credit history at all. Please contact any one of our locations if you have any questions about qualifying for an Installment or Checkbook Loan.
Q
How do I apply for an Installment or Checkbook Loan?
A Applying for an Installment or Checkbook Loan is simple!
  • Select one of our branch locations nearest you.
  • Get Started with your application online or print and complete your application at the branch of your choice.
  • Bring all of your documentation that is required for the loan to the branch of your choice. ( See Checkbook Loans and Installment Loans for requirement details)
  • Please contact the branch of your choice with any additional questions you may have to Get Started.
Q
What are the requirements for a Checkbook Loan?
A In order to qualify for a Checkbook Loan you will need:
  • A weekly net pay greater than $300
  • Current Pay Stub (Must be employed with same employer for 6 months)
  • Direct Deposit
  • Provide two months of current bank statements
  • A personal (voided) check
  • A valid Driver's License or State ID
  • Current Phone Bill
  • Proof of residency (2 pieces of current business mail required if any addresses differ on the documents listed above)
Q
What are the requirements for an Installment Loan?
A In order to qualify for a Checkbook Loan you will need:
  • A weekly net pay greater than $300
  • Current Pay Stub (Must be employed with same employer for 6 months)
  • Provide two months of current bank statements
  • A valid Driver's License or State ID
  • Current Phone Bill
  • A valid Driver's License or State ID
  • Proof of residency (2 pieces of current business mail required if any addresses differ on the documents listed above)
Q
Why should I verify my banking information electronically?
A
  • Faster Turnaround: Electronic bank account verification will help us make an approval decision more quickly.
  • More Convenient: There’s no need to go searching for bank statements and you won’t need to find a fax machine.
Q
How does ILC determine the payment due date for an Installment or Checkbook Loan?
A The due date is based on your pay date every pay period for the duration of the loan.
Q
Can I pay off my Installment or Checkbook Loan early without penalty?
A Yes! You can always pay your Installment or Checkbook Loan back early without penalty. Contact our customer service department to confirm your outstanding total balance due.
Q
Can I refinance my Checkbook or Installment Loan?
A Yes! We are one of the few companies that offer the option to refinance your active Installment or Checkbook loan.* Call one of our locations for details.
Q
Does ILC have any branches outside of Illinois?
A No. All of our locations are in Illinois.
Q
Can I apply for a loan with ILC if I live in another state?
A Yes! You do not have to be an Illinois resident, but you must apply at one of our Illinois locations.
Q
Can I have more than one loan with ILC?
A No. ILC only allows one open Installment or Checkbook Loan at a time, but we may be able to meet your additional cash needs by refinancing an existing loan. Call us for details.
Q
Does ILC provide Installment or Checkbook loans to military personnel?
A No. Unfortunately ILC does not have a loan product available for active or other military personnel or their dependents at this time.
Q
If I have paid off my loan, can I apply for a new loan?
A Yes! No Problem! Call us for details.

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