Payday Loans in Illinois (IL)

Have you been short of money these days? We have listed all lenders that offer you qucik cash in Illinois for you to choose from. Just run over the whole list and pick out the one that solves your financial problems.

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    15 Best Payday Loans & Cash Advance in Illinois (IL)

    We present you with a list of all lenders who can offer a loan for you in Illinois. To save you from hassle, please reviwe the whole list on these pages and see whether the details regarding lenders are useful or not.

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    Illinois Payday Loans Regulations

    • Loan Amount (max)

      $1000 or 25% of gross income

    • Loan Term (max)

      Up to 120 days

    • Finance Charges

      $1 verification fee A fee does not exceed $25 for insufficient funds

    • APR
      404%

    Industry regarding payday loans in Illinois is Legal. There is a $1000 or 25% of gross income amount limit offered by the lenders. Customer here can keep a payday loan for a period of not longer than Up to 120 days. The maximum finance charge is $1 verification fee A fee does not exceed $25 for insufficient funds, and the APR is 404%.0 (for installment payday loans is just one time) rollovers are permitted for each loan.There are 2 cooling-off periods between two consecutive loans. The quantity of unpaid loans shoud be less than 2.

    What’s the Loan Amount You Can Get in Illinois?

    According to 815 ILCS 122/1-1 et seq., borrowers may not be eligible for a payday loan if the total of all payday loan repayments due in the first calendar month exceeds $1000, or 25% of the borrower's gross monthly income if multiple loans are taken out.

    This also applies when the total payment amount, including any other outstanding debts coming due, exceeds $1000, or 25% of the borrower's gross monthly income. It is also not allowed to take out more than two loans at the same time.

    Loan Term in Illinois

    In Illinois, a payday loan can be taken for a period of 13 to 120 days. Rollovers are not permitted, particularly if borrowers are intended to extend the payback time of another payday loan.

    An installment payday loan should be available for at least 112 days and no more than 180 days.

    After 45 days of having a loan, you must wait for a cooling-off period of 7 days (except for installment payday loans) until you get your next loan.

    Illinois Payday Loan Rates, Fees, & Other Charges

    In Illinois, a 36% rate cap on payday loan interest rates and fees is imposed based on 815 ILCS 122/1-1 et seq. and lenders are not allowed to make a contract for a charge more than that. A finance charge of $1 will be required for verification under §2-15.

    How Much Does a $200 Payday Loan Cost in Illinois?

    With a 14 days term:

    APR: 36%

    Loan cost: $200*36%*(14/365) = $2.76

    To return: Principal + Loan cost = $200+$2.76 = $202.76

    Consumer Information

    • A lender may charge a fee of up to $25 if a check is to be paid in the case of NSF.
    • Payday lenders are not allowed to take an interest in the borrower's personal assets for securing purposes.
    • In the state of Illinois, criminal charges against borrowers are not allowed.

    The payday lending sector in Illinois is regulated by the Illinois Department of Financial and Professional Regulations (IDFPR).

    Search for Payday Loans in Illinois by Key Cities

    To locate an online payday loan in Illinois, the most convenient way is working with WeLoans. Just click on your target city below. Our large dadabase will enable you to pick out the best lender!

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    Calculator for Illinois Payday Loans Estimate

    Utilize the calculator below to keep yourself informed about the estimated total costs of a payday loan in Illinois.

    Estimated Payment

    $ null

    • Total Principal Paid:$ 1,000.00
    • Finance charge:$ 255.62
    • APR: 311.00 %

    Payment Breakdown

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