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Short-term loans in Chicago

Learn how payday loans work in the windy city.

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.

Can I get a payday loan in Chicago?

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:

  • Maximum amount: $1,000 or 25% of your monthly income, whichever is less.
  • Maximum finance charge: $15.50 per $100
  • Loan term: 2 to 4 weeks

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.

Other short-term loans in Chicago

  • Installment payday loans. Borrow up to 22.5% of your monthly pre-tax income and pay it back over 112 to 180 days with a maximum finance charge of $15.50 per $100 borrowed.
  • Small consumer loans. Illinois law also allows for something called a “small consumer loan.” These have longer terms than installment loans — usually up to a year — and come with APRs capped at 99%. Monthly repayments can’t be more 22.5% of your monthly pre-tax income.

Compare short-term loans available in Chicago

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Name Product Filter Values Loan amount Turnaround time Requirements
OppLoans Installment Loans
Finder Rating: 4.7 / 5: ★★★★★
OppLoans Installment Loans
$500 to $4,000
As soon as the same business day.
+18 years old, Receive paychecks through direct deposit, Meet minimum income requirements, Live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
LendYou Short-term Loans
Finder Rating: 2.5 / 5: ★★★★★
LendYou Short-term Loans
$100 to $1,000
Same business day to 1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
Fast5kLoans Short-term Loans Connection Service
Finder Rating: 3.5 / 5: ★★★★★
Fast5kLoans Short-term Loans Connection Service
$100 to $35,000
As soon as the next business day
Regular source of income, Verifiable bank account, US citizen, Ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
Fig Loans Installment Loans
$200 to $800, varies by state
As soon as the same business day
3 months of direct deposits, $1400 per month income, positive bank account balance
Get an affordable installment loan that comes with no fees, flexible terms and predictable monthly repayments.

What do I need to apply?

Whether you apply online or by visiting a storefront, you typically have to meet the following eligibility criteria:

  • You are at least 18 years old
  • You have a regular source of income
  • You are an American citizen or a permanent resident of the U.S.
  • You have documentary evidence to prove you are a resident of Illinois

In order to complete the application successfully, you will need to supply the following information:

  • Your name, date of birth and Social Security number
  • Details from an acceptable form of ID such as your passport or driver’s license
  • Your employment details
  • Details about your income and expenses

Where to find short-term loans in Chicago

Where to find short-term loan locations in Chicago

  • Cash Advance Chicago. 807 Scammer St, Chicago, IL 60607
  • CashAdvance. 65-99 S Morgan St, Chicago, IL 60607
  • Check Into Cash. 3023 N Pulaski Rd, Chicago, IL 60641
  • Lawsuit Cash Advance. 300 E Ohio St, Chicago, IL 60611
  • 1st Loans Financial. 1113 W Chicago Ave, Chicago, IL 60642
  • CASHCITY LOANS AND INSTALLMENT LOANS. 5603 W 79th St, Burbank, IL 60459
  • Illinois Cash Advance. 10838 S Cicero Ave, Oak Lawn, IL 60453
  • Speedy Cash. 8701 S Cottage Grove Ave, Chicago, IL 60619
  • Advance America. 3100 Kirchoff Rd, Rolling Meadows, IL 60008
  • LendNation. 1916 E 95th St, Chicago, IL 60617
  • Fast Cash Advance. 2011 W 75th St, Woodridge, IL 60517
  • Cash To Go Payday Advance. 10302 S Halsted St, Chicago, IL 60628

Be cautious of longer loan terms

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 loanSmall consumer loan
Monthly cost$462$53.77
Total cost$462$645.21

While your monthly cost might be more affordable, the small consumer loan actually costs nearly $200 more.

What fees can I be charged with a cash advance in Chicago?

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:

  • Finance rate and fees. Payday lenders can’t charge more than $15.50 per $100 borrowed.
  • Nonsufficient funds(NSF) fees. If your payment bounces, your lender can charge up to $25 in NSF. The lender cannot process a check or debit more than twice, and cannot charge this fee more than once.
  • Rollover fee. Illinois state laws don’t allow payday loans to be rolled over.

Frequently asked questions

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2 Responses

    Default Gravatar
    HerbertMarch 16, 2017

    Can cash advance approve a 15000 loan for 45 months at 10,% interest. Is it even legal i reside in Lewiston,Maine thank you

      HaroldJuly 18, 2017Finder

      Hi Herbert,

      Thank you for your inquiry.

      We do have a list of payday loans in Maine. Please don’t hesitate to use our comparison table to help you find the right lender for you.

      I hope this information has helped.


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