SPE Federal Credit Union in Lewistown, IL Near Me: Locations & Hours

Payday loans are unsecured cash advances that allow you to opt for small sums of money (mostly below $1000) with short-term repayment demands and high rates of interest. Typically, these types of loans are often used by borrowers for covering essentials like medical bills, food, utilities, and rent. While these loans are often linked to the borrower’s paycheck, the lender can also issue the loans if they are sure that the repayment will be made soon.

Payday loan lenders generally operate from storefronts and corporate offices in low-income neighborhoods of Lewistown, IL. In most cases, the customers do not have good credit and have no other option than opting for payday loans to cover various urgent emergencies and bills. The method for calculating the interest rates may vary from one lender to another.

While most lenders would charge high interest because these are high-risk deals, the default interest rates are pretty low. Most states regulate the interest rates of these payday loans.

There are several benefits of contacting payday loan lenders in Lewistown, IL, some of which include:

• Removing the middlemen

One of the most important benefits of using the services of lenders in Lewistown, IL is the removal of middlemen like intermediaries, go-betweens, and brokers. These middlemen charge approximately 10%-15% of the loan’s worth. However, their requirement has decreased significantly due to the fact that everything is done on the internet.

• Easy and quick application

Another great advantage of such companies is the method of applying for a loan. Since most companies have now moved their businesses over to the internet, loan application has become very easy. All you need to do is visit the SPE Federal Credit Union website, fill in a simple and straightforward form, and get the funds immediately. There are no contractual obligations, hidden charges, or complications.

• Instant fund availability

These companies are often known for their quick approval and processing — a reputable lender will look into your application and will approve it immediately after checking the documents. The funds will be transferred to your account directly.

• Confidentiality

You can confidently provide sensitive personal information to your payday lender. Reputable lenders will keep the information confidential. Lenders know that it is illegal to share personal information with other third parties if you have not consented to the same, even if it is for marketing purposes.

What You Need to Know About SPE Federal Credit Union in Lewistown, IL

SPE Federal Credit Union in Lewistown is a great financial solution firm that stands out from the rest for providing consumer-friendly features like direct payment to creditors, a deferral option, and mobile app capabilities.

SPE Federal Credit Union in Lewistown, IL provides online and in-person lending and banking solutions. The company is known for providing these loans at zero processing fees and competitive interest rates.

SPE Federal Credit Union aims for consumers that have both excellent and poor credit scores. Some of the features, like the flexible terms of the loan, were added specifically to meet the feedback of the customers. SPE Federal Credit Union in Lewistown, Illinois is also known for reporting its payments to all three credit bureaus.

SPE Federal Credit Union in Lewistown is also one of the few lenders in the US that has its own mobile app. With the help of the mobile app, you will be able to enroll in auto-pay, manage all your payments, and view your remaining principal balance from any available locations.

There are a lot of reasons why SPE Federal Credit Union stands out, which includes:

• No fees

SPE Federal Credit Union in Lewistown, Illinois does not charge any type of hidden fees on the loans, which includes prepayment, origination, and even late fees. However, if you happen to miss a payment, you will still have to repay the interest that can get accumulated during this period.

• Direct payment to the creditors

The lender will pay the creditors directly, especially if you are considering a loan for settling debt consolidation. This feature can be used for free and can be applied to all retail cards and credit cards.

• Various types of loans available

One of the best aspects of SPE Federal Credit Union is that you are offered a wide range of loan options, apart from payday ones. The terms and rates vary greatly and depend on the type you choose. A few include title loans, installment loans, etc.

SPE Federal Credit Union in Lewistown, IL: Interest Rates, Fees and Terms

SPE Federal Credit Union in Lewistown has the following terms, fees, and other SPE Federal Credit Union payday loan rates.

• Current APR: 6.99% to 19.99% (Auto-pay discount of 0.25% available)
• Loan term range: 36 months to 72 months
• Loan amounts: $3,500 to $40000
• Required credit score: Not mentioned
• Prepayment penalty: None
• Origination fee: None
• Secured or unsecured debt: Unsecured

As of now, the above-mentioned SPE Federal Credit Union payday loan in Lewistown, IL information and rates are extremely accurate. However, it is also possible that certain information like APRs can get changed. Some of the lowest rates may only be available for secured loans, which will require some collateral like a car or your home. Additionally, some of the loan offerings are only specific to the state where you reside.

What Information Do I Need to Apply with SPE Federal Credit Union in Lewistown, IL?

To be eligible for a SPE Federal Credit Union in Lewistown, IL payday loan, you need to be:

• Over the age requirement of 18 years (19 in Alabama and 21 in Puerto Rico and Mississippi)
• Have a valid Individual Tax ID or Social Security Number
• Have a valid US bank account

Additionally, you do not have to provide a minimum credit score requirement, as you can see on the website. This is because the platform will look into various credit history factors, including the FICO score of the customer, while evaluating the loan application online. Of course, the better your credit, the more chances you have of securing the loan at favorable interest rates.

SPE Federal Credit Union in Lewistown, IL also does not specify a minimum income requirement; however, you will still have to provide proof of income in your application. You can submit documents like tax returns, W-2s, recent bank statements, and pay stubs. The company uses the income and debt obligations of the customers to assess the affordability of the monthly payments for the SPE Federal Credit Union loans.

Another aspect of SPE Federal Credit Union is the possibility of allowing co-signers. The company will only allow joint applications if you meet certain conditions; these terms can be accessed on the company’s website.

How to Apply With SPE Federal Credit Union in Lewistown, IL

If you have decided to apply for SPE Federal Credit Union payday loans in Lewistown, IL, here are the steps to do so:

• Check your loan options

With the help of the SPE Federal Credit Union Review Your Options tool, you can know what types of loans you are qualified for. This tool will help you understand the terms and rates for the payday loans you can qualify for without harming your credit score.

• Choose the terms of the loan that fit you best

At SPE Federal Credit Union in Lewistown, IL, you will find several options with different interest rates, monthly payments, and repayment methods. All you need to do here is choose the option that best fits your requirements. Then choose the amount and head towards the application section.

• Fill out the application form

While filling up the application form, you will have to provide some personal information, including your name, Social Security Number, birth date, and email address. If the loan amount is large, you may have to provide some additional information like the intended use of the loan, the income information, and monthly house expense.

• Review the loan agreement

After applying, SPE Federal Credit Union payday loan company in Lewistown, IL will send you the terms of the loan for you to review and sign. This agreement will list various terms like repayment period, APR, amount, etc. You need to check all the terms and conditions to be comfortable with them before proceeding to sign them.

• Get done with the verification process

Before SPE Federal Credit Union can issue the loan to you, you will have to complete the verification process, including verifying your bank information and identity. You will have to provide a photocopy of documents like account numbers, bank routing, and driver’s license in most cases.

• Receive the loan

After all the provided information has been verified, SPE Federal Credit Union will move forward to disburse the loan. In most cases, you will receive the loan well within a day or two.

What Are the Pros and Cons of SPE Federal Credit Union in Lewistown, IL

Some pros and cons of SPE Federal Credit Union in Lewistown, IL include:

Pros

• SPE Federal Credit Union does not have any origination or late fees
• On timely repayment, SPE Federal Credit Union will offer some rewards
• The SPE Federal Credit Union locations in Lewistown, IL are available in all 50 states
• SPE Federal Credit Union offers a prequalification tool and soft credit check

Cons

• In most cases, SPE Federal Credit Union does not accept co-signers
• Unknown income and credit score requirements

SPE Federal Credit Union Customer Service

One of the best aspects of SPE Federal Credit Union in Lewistown, IL is that the platform has a very effective customer service support team. You can get in touch with the agents via live chat, email, and phone number, and the official hours of operation are available around the clock. The agents are very friendly and have an obvious understanding of the nearest loan market. You can ask them any question or doubt that you have by phone, email, or live chat.

Alternatively, you can also read the FAQ section; here, you will find common questions asked by most of the customers at SPE Federal Credit Union near me in Lewistown, IL. It is recommended that you go through the FAQ section before attempting to contact the customer care agents.