Editor's choice: OppLoans Installment Loans
- Easy online application
- Quick approval
- Long repayment terms
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Chicago has several options when it comes to quick financing for all credit types. But even with state regulations, they can be expensive — even the affordable options.
Yes, you can get a payday loan in Chicago. However, Illinois has some laws that restrict how much you can borrow, loan terms and more:
According to Illinois law, you can have two payday loans out at the same time, as long as the total balance doesn’t exceed the maximum amount. You can learn more about Illinois payday loan regulations by visiting our state guide.
Whether you apply online or by visiting a storefront, you typically have to meet the following eligibility criteria:
In order to complete the application successfully, you will need to supply the following information:
Even though small consumer loans might have lower APRs than a payday or installment loan. That’s because these come with interest rather than a fixed fee, which has a chance to add up over time.
Let’s take a look at the difference between the cost of a $400 payday loan with the maximum fee charge of $62 versus a $400 small consumer loan with the maximum term of one year and APR of 99%.
|Payday loan||Small consumer loan|
While your monthly cost might be more affordable, the small consumer loan actually costs nearly $200 more.
Getting a cash advance in Chicago is more expensive than getting a traditional loan. These are the general rates and fees that apply to cash advances:
A business line of credit is a useful tool. But as a startup, you may not qualify for the best interest rates with most lenders. Explore your options — and alternatives — for flexible funding as a new business.
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