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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.
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:
CILA loans fall into five basic categories and vary in the amount you can borrow:
The law has different limits in place depending on the amount advanced.
When you’re comparing different CILA installment loans, pay attention to these factors:
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.
CILA states that small consumer loans can’t have a loan term of less than 180 days.
The acquisition charge on CILA installment loans over $1,500 is limited to $100.
The Rule of 78ths is an outdated method of calculating interest that favors lenders and not borrowers. Some lenders in Illinois still use this method, but the act prohibits its use with loans that carry terms of 61 months or more.
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