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.

How does the online lending process work?

The process begins with an application on our website. On our main page, you will begin by selecting the loan amount you need to borrow. You will then be directed to fill out an application, which begins by asking which type of loan you prefer (payday or installment) and what kind of funding option will work best for you. You will then enter personal details such as your name, contact information, proof of income, and a payment method. Once we have received your application, it will be processed and a determination will be made. If approved, you will receive your funds based on the selection you made at the beginning of the application.

How quick is the application process?

We’ve done everything we can to make the application process for our online payday loans and installment loans easy! The application requires basic information and shouldn’t take more than 10 minutes to complete. We make our determinations within minutes of receiving your information. If you selected our instant funding option, your funds will be deposited directly into your account. You can also pick up your funds at any Western Union location or have them deposited the next day via the ‘ACH Next Day’ option.

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.

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.

How do I pay back my loan?

The payment schedule for our fast cash payday loans differs from our installment loans. Our fast cash payday loans are to be repaid in full on your next payday. Short term installment loans are repaid with smaller monthly installments. Payments will be made using the information supplied during your application. If you need to update your information, please reach out to our customer service team.

What if I might be late paying back my loan?

Repaying a payday or installment loan is your financial responsibility. Late payments on your loan can incur fees as detailed in your lending agreement. If you have difficulty understanding the terms and conditions of your payday or installment loan, please do not hesitate to contact our team for clarification.

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.

How do I choose a payday loan lender?

When looking for short term loans online, it’s easy to get overwhelmed by everything that’s out there. If someone is promising something that seems too good to be true—it probably is! To narrow down your choices, look for lenders who are properly licensed and have their rates and terms clearly posted on their website. At Short Term Loans, we’re standing by to answer your questions directly via phone or email.

How can I cancel my loan?

Having second thoughts? No longer need the funds? Fortunately, it is possible to cancel your online payday loan without incurring a charge if you act quickly. You will need to reach out by the end of the second business day immediately following the day that your loan was executed. You will also need to repay the full amount at the time of cancellation. See the Illinois Guide to Payday Loans on our Rates and Terms page for more details.

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!