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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
Updated October 23rd, 2019
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
FIRST AMERICAN CASH ADVANCE AND INSTALLMENT LOANS. 10503 S Western Ave, Chicago, IL 60643
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%.
Small consumer loan
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
You cannot hold more than two payday loans in Chicago at the same time.
Illinois payday regulations require there to be a seven-day cooling-off period after 45 consecutive cash advance loans.
You can get in touch with the Illinois Division of Financial Institutions.
Matt Corke is the head of publishing in Australia for Finder. He previously worked as the publisher for credit cards, home loans, personal loans and credit scores. Matt built his first website in 1999 and has been building computers since he was in his early teens. In that time he has survived the dot-com crash and countless Google algorithm updates.
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