As a guideline thumb, never pay quite $25 per $100 loaned. They do charge just a little bit more in interest but wishes the price for versatility. Payday advances are called many various things. Debt collection is a huge industry these days with 30 million Americans having an average of $1500 in collections. Payday loan collectors have become part of the debt collection industry that spends countless hours making phone calls, sending emails, mailing letters and searching for debtors on the Internet and social media sites. Others advertise "Free Payday Loans," and then pull a bait-and-switch. To sift out the gold from the junk, follow the three rules above, and also look for the following... The usury laws in the state curtail the interest rate. Unlicensed lenders cannot charge an interest that is more than 8% interest on a sum up to $3,000. Make sure you know about every possible fee before you sign any documentation. You might have to pay up to 40 percent of what you borrowed. The annual percentage rate for this kind of loan is about 400%. If you are unable to pay off your loan on time, the interest fees become even higher. What you will need, though, is a job that you have worked at for at least two months, where you bring home more than $1,000 each month. In order to verify this, you may be asked to send fax copies of recent pay stubs and bank account statements. A no fax payday loan means that you do not send this information - but they will still need to verify it. A fax loan can get you the money you need (or want) within an hour. You will be held to your contract in regards to repayment. If you are unable to uphold the agreement held between you and the loan company, you should contact them immediately to find out what your options are. They can generally offer you extensions or roll-overs. If you're looking for a good payday loan reform act illinois loan, try looking for lenders that have instant approvals. Payday Loan Reform Act Illinois is not something you will find too much information on. You might want to check . Any company who is unable to accept or deny a payday loan right away in today's times may not be organized, or they may not have up-to-date tools that will help you through the entire process. See if any of these questions hit home for you. Do you owe a little too much on your credit cards? Have you ever missed a mortgage payment? Do you have the tendency to spend too much at Christmas? Did you write off too much on your taxes last year? How about that car payment, what were you thinking on your salary? Can you prove your wife's income? Are you self-employed? Before you apply for your payday loan, you should shop around some to get the best deal you can find. You will also need to make sure that you apply at a place within your state to ensure compliance and that you understand the laws that apply. The interest rates vary widely, going anywhere between 15 and 30%. By looking around, you can get lower interest rates and new options are popping up all the time - including the ability to repay in multiple payments in some places.