Chicago payday loans: What you need to know | finder.com
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Short-term loans in Chicago

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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.

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With straightforward, simple qualifications, these loans offer easy approval for people with poor credit..

  • Min. Loan Amount: $500
  • Loan Term: 3 to 36 months
  • Turnaround Time: Varies
  • Total Costs:
  • Must be 18+
  • Have a checking account in your name.

    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.

    A selection of payday loans you can apply for

    Rates last updated December 16th, 2018
    Name Product Max. Loan Amount Term of Loan Turnaround Time Costs
    CashUSA Installment Loans
    $10,000
    90 days to 72 months
    As early as 1 business day
    Jora Installment Loans
    $2,600
    4–30 months, varies by state
    1–2 days
    OppLoans Installment Loans
    $5,000
    9 to 36 months
    1 business day
    99%–199%, varies by state
    CashNetUSA Loan
    Varies by state
    Varies by state
    1 business day
    Varies by state of residency.
    LendYou Short-term Loans
    $15,000
    Varies
    1 business day
    Depends on your credit score and state of residency
    Check into Cash Payday Loan
    $1,000
    Varies by state
    1–2 business days
    Varies depending on the amount and your state of residency.
    ACE Cash Express Short-term Loans
    Varies by state
    Varies by state
    Generally receive the money the next business day
    Varies depending upon the state where you reside.

    Compare up to 4 providers

    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

    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
    APR161.64%99%
    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

    Are payday loans available in my state?

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    2 Responses

    1. 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

      • finder Customer Care
        HaroldJuly 18, 2017Staff

        Hi Herbert,

        Thank you for your inquiry.

        Should you need a loan options in Maine you may be interested with the list of lenders here.

        I hope this information has helped.

        Cheers,
        Harold

    US Payday Loans Offers

    Important Information*
    CashNetUSA Loan

    Apply for a short-term loan with an easy online application and dedicated customer service.

    Check into Cash Payday Loan

    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

    OppLoans Installment Loans

    Installment loans with competitive rates from a top-rated direct lender.

    LendYou Short-term Loans

    Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.

    Go to site