Short-term loans in Chicago

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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OppLoans Installment Loans

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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			$500 to $5,000	1 business day	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.	Go to site More Info		loading Fetching your data...
Stilt			$1,000 to $25,000	2 to 3 business days	Be employed, have a US bank account, live in a state where Stilt operates, hold one of the following visas: F-1 and OPT, H-1B, H4, O-1, L-1, TN, J-1, DACA or be a US citizen.	No green card? You could still qualify for a personal loan.	Go to site More Info		loading Fetching your data...
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.	Go to site More Info		loading Fetching your data...
LendYou Short-term Loans			$100 to $15,000	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.	Go to site More Info		loading Fetching your data...
Monevo Installment Loans			$500 to $100,000	Varies by lender	Credit score of 500+, legal US resident, ages 18+	Quickly compare multiple online lenders with competitive rates depending on your credit.	Go to site More Info		loading Fetching your data...

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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

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

• How many cash advances can I take at the same time in Chicago?

  You cannot hold more than two payday loans in Chicago at the same time.

• Is there a cooling-off period in between loans?

  Illinois payday regulations require there to be a seven-day cooling-off period after 45 consecutive cash advance loans.

• Who should I contact if I wish to file a complaint about a payday lender in Chicago?

  You can get in touch with the Illinois Division of Financial Institutions.