FAQs


What is a payday loan?

A Payday Loan is a short term cash advance that can help you cover bills, car repairs, medical bills, or any other unexpected expense until your next payday. Avoid costly bounced check fees and late payment charges with a Payday Loan from Short Term Loans.

What is an installment loan?

An Installment loan can help you get cash fast for unexpected expenses, bills, or other household necessities. These loans are designed to be repaid over multiple individual installments over time.

Can bad credit prevent me from getting a loan?

No. At Short Term Loans, bad credit will NOT prevent you from getting the fast cash loan you need. Keep in mind that you still must meet certain requirements to be approved for a loan. For more information on how our process works, click here.

How much money can I receive for a payday loan?

The maximum payday loan allowed by the State of Illinois is $850.00 or 25% of your monthly gross income, whichever is less. Your initial approval amount is based on the information that you provide in your loan application. After successful repayment of your payday loan or installment loan, Short Term Loans may increase the loan amount on future loans up to the state limit.

How much money can I receive for an installment loan?

With an installment loan you may borrow up to $3500 as long as your monthly payments don’t exceed $1000 or 22.5% of your gross monthly income, whichever is less. Like a payday loan, the details of your application are used to calculate your initial approval amount. If you successfully repay your first loan with us, Short Term Loans may increase your limit for subsequent loans.

When will I receive my loan?

If you apply online, your loan application will be processed within minutes. If you choose our “Western Union in Minutes” funding option, your cash will be available for pick up in minutes at any Western Union agent. If you choose “ACH Next Day,” your funds will be deposited in your account as soon as the next business day. If you apply in person at one of our Chicagoland locations, you will receive your funds instantly.

How will I know if my loan has been approved?

Short Term Loans believes in keeping our customers well-informed of the status of their application. You will receive an email notification as soon as your loan has been approved. If you are approved, your funds will be available within seconds, minutes, or the next day depending on the funding option you chose.

What is the payday loan fee?

Payday loan fees vary depending on the amount of the loan and the length of the agreement. Click here to view the Illinois Payday Loan Fee Schedule and review examples. Specifics regarding your loan will be provided to you for review before you accept it.

When will my loan be due?

  • Payday loan payments will be due on your next payday that falls between 13 and 30 days. If you are paid monthly, and your next payday is greater than 30 days away, your loan will be due in 30 days.
  • Installment loan payments will be due bi-weekly on your paydays.

What is the “Cooling Off” Period for a Payday Loan?

The State of Illinois allows residents to have payday loans for up to 45 consecutive days. If a new payday loan would put you over 45 consecutive days, you will be considered ineligible until the 7th calendar day following the closing date of your last payday loan. If you have any questions regarding your state payday loan eligibility, please call us at
1-888-556-2722 or email support@shorttermloans.com.

What is the “Cooling Off” Period for an Installment Loan?

If an installment loan is paid in full before the second to last scheduled payment date, then borrowers must wait 2 full days before applying for a new installment loan. If an installment loan is paid in full any time after the second to last scheduled payment date, then there is no waiting period.

Didn’t Find Your Question?

Short Term Loans seeks to make the lending process as clear and easy as possible for all of our customers. If you have any questions regarding a possible loan or current loan, please reach out to us today!