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Payday Loans Illinois

Illinois State – Payday Loans Information

Payday loans Illinois are made by payday loan stores, check cashers, and pawn shops. Some rent-to-own companies also make payday loans. Loans are also marketed via toll-free telephone numbers and over the Internet. All a consumer needs to get a payday loan is an open bank account in relatively good standing, a steady source of income, and identification. Lenders do not conduct a full credit check or ask questions to determine if a borrower can afford to repay the loan.

Legal Status: Legal

Loan Terms:

Maximum Loan Amount: lesser of $1000 or 25% gross monthly income. Payday installment loan lesser of 22.5% gross monthly income or $1,000.

Loan Term: 13 to 120 days. Payday installment loans 112 to 180 day terms.

Maximum Finance Rate and Fees: $15.50 per $100, plus a $1 verification fee

Finance Charge for 14-day $100 loan: $15.50

APR for 14-day $100 loan: 403%

Debt Limits:

Maximum Number of Outstanding Loans at One Time: Two

Rollovers Permitted: None (cannot rollover). Payday installment loan can be refinanced one time during term.

Cooling-off Period: 7 days after 45 consecutive loan days. Payday installment loan max 180 days in debt.

Repayment Plan: Yes. After 35 days, if payday loan unpaid, right to at least 55 days to repay in installments with no added cost.

Collection Limits:

Collection Fees: One $25 NSF fee (Presentment limit = 2)

Criminal Action: Prohibited

Call for Cash: +1 (855) 462-5019

State Regulator

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