The state of Illinois, home to the city of Chicago, is one that connects the great lakes to the Mississippi River. It is quite expensive to live in Chicago, and with price of gasoline, accommodations, and food - travelling in this “land of Lincoln” may drain your pocket. It is a beautiful city, and as long as your paycheck can cover expenses, you won't miss out on the excitement this city offers its visitors and residents. In Chicago, payday loans play a very big role and necessary. In Illinois, Payday loans are widely accepted and are relied upon by the public in case they run out of cash and are in desperate need of fast cash. Whether it is a bill that you have to pay off right away or you just need something you can’t live without; a payday loan can help you out as it has for a number of residents in the city. You are protected from the traps that one tends to fall into with other loans. A standard Payday loan is extended for 14 days, and has the possibility of renewal. This means that the person will not be trouble if he is unable to repay the loan, and needs a little more time to pay back the money. There are several repayment plans in case your paycheck is not big enough to pay off the loan in one payment. These repayment plans requires that the borrower pay back a portion of the money after four consecutive loan renewals. In addition, for every $100 borrowed, there is a $30 fee. However you still have the liberty to pay back the money whenever can. This safeguard in Payday loans is not available in many states and definitely offers the borrower peace of mind. In most cases, banks or other loan companies take several weeks to process a loan. Payday loans are extremely fast and advance money to you wherever you require it. It certainly serves the purpose, especially during an emergency. Payday Loans are short term loans and need to be paid off within two weeks. In order to acquire a Payday loan, all you need is to do open a bank account. You should also have a reasonably good account as well as a steady source of income and proper identification. In most cases complete credit checks are not done, making it very simple and easy for anyone to apply for a loan. Payday loans are the best resource in a situation where you are in desperate need of money. It is fast, easy, and simple.