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 from Short Term Loans can also help you get cash fast for unexpected expenses or any other cash need while allowing you to pay the loan back over time in manageable payments.

What if I have bad credit?

At Short Term Loans bad credit will NOT prevent you from getting the fast cash loan you need.

How much can I receive?

The maximum payday loan allowed by the State of Illinois is $850.00 or 25% of your monthly gross income, whichever is less.  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.  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 do I know that my loan has been approved?

Short Term Loans believes in keeping our customers well informed.  As soon as you are approved for your payday loan, you will receive an email notification.

What is the payday loan fee?

Click here to view Illinois Payday Loan Fee Schedule.

When will my loan be due?

Payday Loans

Your payday loan 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 Loans

Your installment loan payments will be due bi-weekly on your paydays.

What is a “cooling off” period?

Payday Loans

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.

Installment Loans

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 anytime after the second to last scheduled payment date, then there is no waiting period.