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Consumer Installment Loan Act of Illinois explained

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Find out what’s involved with CILA installment loans in Illinois, and where you can get one.

The Consumer Installment Loan Act (CILA) governs the operations of all short-term, small-dollar lenders in the state of Illinois. This act came into effect in September of 1963.

Types of CILA loans

Under CILA regulations, a lender can provide an installment loan of up to $40,000. The maximum loan term is 181 months.

These broad criteria allow for many different types of loans, which include:

How does a CILA loan work?

CILA loans fall into five basic categories and vary in the amount you can borrow:

  1. Small consumer loans. Borrow up to $4,000 without requiring any form of security.
  2. Personal lines of credit. Borrow up to $25,000 without requiring any form of security.
  3. Check-solicited lines of credit. Borrow between $2,000 and $7,500 without requiring any form of security.
  4. Used car loans. Borrow up to $40,000, but the vehicle you purchase will act as collateral.
  5. Retail installment loans. Borrow between $500 and $8,000 without requiring any form of security.

The law has different limits in place depending on the amount advanced.

OppLoans Installment Loans

OppLoans Installment Loans
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OppLoans Installment Loans

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

  • Minimum loan amount: $500
  • Maximum loan amount: $5,000
  • Turnaround time: 1 business day
  • Loan term: 9 to 36 months
  • Must have direct deposit and meet minimum income requirements
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Compare legit installment loan providers in Illinois

Rates last updated December 18th, 2018
Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
Name Product Product Description Max. Loan Amount Turnaround Time Requirements
OppLoans Installment Loans
Installment loans with competitive rates from a top-rated direct lender.
$5,000
1 business day
Must have direct deposit and meet minimum income requirements
Jora Installment Loans
Installment loans with repayment terms up to 30 months, depending on your state.
$2,600
1–2 days
Must have an active checking account, regular source of income and email address.
CashUSA Installment Loans
A connection service for quick cash loans up to $10,000.
$10,000
As early as 1 business day
Must have a monthly income of $1,000+ after taxes and valid checking account.
Blue Trust Loans Installment Loans
Get an installment loan from an online tribal lender. Perks for returning borrowers.
$2,000
As soon as next business day
Must be at least 18 years old and have a verifiable source of income with direct deposit into your checking account.
LendYou Short-term Loans
Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.
$15,000
1 business day
You must be a US citizen or permanent resident, age 18+ and have a regular income.
CashNetUSA Loan
Apply for a short-term loan with an easy online application and dedicated customer service.
Varies by state
1 business day
You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
Slam Dunk Loans
Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.
$2,500
As soon as next business day
Must be employed, receive regular income, earn at least $800 a month, have a checking account, be 18+ yrs old and a US citizen.

Compare up to 4 providers

How to compare CILA loans to other options

When you’re comparing different CILA installment loans, pay attention to these factors:

  • Interest and fees. How much you end up paying in interest and fees depends on the amount you borrow, as well as the lender you choose. If you get a small consumer loan of no more than $1,500, the maximum APR your lender can charge is 99%. You may also have to pay an acquisition charge of up to 10% of the amount advanced. Other loan types for higher amounts have different fees.
  • Payment flexibility. You should be able to make payments towards a typical CILA loan weekly, biweekly or monthly. Some lenders let you make payments through different methods such as direct debits, credit cards, debit cards and checks.
  • Secured or unsecured. Most CILA installment loans are unsecured. However, for a a used car loan, the vehicle you purchase acts as collateral. In this case, non-payment of the loan can lead to the lender taking possession of your vehicle.

Benefits and drawbacks

  • The loans are legal. When you approach a lender that abides by CILA, you know you’re getting a legal loan and can turn to state regulators if issues arise.
  • Find out the cost of the loan in advance. CILA requires that lenders let borrowers know about all applicable fees and charges when applying.
  • Higher cost. While CILA places caps on the APR and fees in some scenarios, loans which comply with CILA can turn out to be rather expensive. Always take a good look at how much the loan will end up costing before accepting the contract.

Things to avoid when considering CILA loans

If you think you might have trouble repaying a CILA loan, don’t take it out in the first place. Not making timely repayments or defaulting on your loan will have an adverse effect on your credit score, thus affecting your ability to get credit in the future. Applying for multiple loans around the same time can also negatively impact your credit score.

Go through the loan contract in detail before accepting it. This will give you a clear indication of the interest you’ll have to pay as well as all applicable fees and charges.

Frequently asked questions

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