Compare your loan options in Illinois

Understand how Illinois payday loans work before you consider applying for one.

Payday loans, also referred to as short term loans, cash advances or cash loans, give Illinois residents an easy way to get money in a hurry. However, taking some time to review how these loans work before applying one is important.

Check into Cash Payday Loan

Check into Cash Loans

Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.

Min. Loan Amount: $50
Loan Term: Varies by state
Turnaround Time: 1–2 business days
Total Costs: Varies depending on the amount and your state of residency.
Must be 18+
No security needed
Confidential and secure!

    Are payday loans legal in Illinois?

    Yes, payday loans are legal in Illinois. Illinois Compiled Statutes 122/1-1 et seq. governs the functioning of all payday lenders. Payday loans must have a minimum term of 13 days. This should not affect a borrower’s right to prepay the loan without incurring any additional costs or penalties.

    The maximum amount you can borrow through an Illinois cash advance limits to $1,000 or 25% of your gross monthly income, whichever is smaller. Except for installment payday loans, lenders cannot cannot offer a loan to consumers who have or have had outstanding loans for more than 45 days.

    Installment loans in Illinois also fall under the purview of Illinois payday loan laws. Installment payday loans can have loan terms of 112 to 180 days.

    Illinois enacted protections for consumers in 2011. Payday loans must now be based on how much the recipient can afford to pay and unlimited rollovers are prohibited. Note that the Illinois Attorney General advises exhausting all other options before pursuing payday loans, as their high fees can result in long-term debt.

    A selection of loans you can apply for

    Check the websites of any providers you’re interested in to confirm they operate in your state of residence.

    Rates last updated July 22nd, 2017
    Name Product Term of Loan Turnaround Time Costs
    LendUp Payday Loans
    LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.
    7–30 days
    Generally receive the money the next business day
    Depends on your state, loan product, loan amount and the term of the loan.
    Check into Cash Payday Loan
    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.
    Varies by state
    1–2 business days
    Varies depending on the amount and your state of residency.
    CashNetUSA Loan
    Apply for short term loans, installment loans or lines of credit in 30 states typically with a day’s turnaround.
    Varies by state
    1 business day
    Varies by state of residency.
    ACE Cash Express Payday Loans
    Quick short term, installment and title loans come with no prepayment penalty and a 72-hour satisfaction guarantee.
    Varies by state
    Varies by state
    Generally receive the money the next business day
    Varies depending upon the state where you reside.
    Check City Payday Loan
    Apply for a fast, secure and confidential payday loan — even with less-than-perfect credit.
    Depends on state of residency
    Varies by state
    Next day
    Depends on state of residency.

    Compare up to 4 providers

    Why should you consider taking out an Illinois payday loan?

    Here’s why you might think about looking at payday loans and cash advances when you need extra money in Illinois:

    • Multiple options. Getting in touch with an Illinois direct payday lender is one way to go, or you can seek help from a loan matching service. In both cases, you have multiple options to choose from and can apply online or in-store.
    • Quick process. If you apply in-store, you can get your hands on the money you need as soon as the lender approves your application. With online Illinois payday loans, the approved funds can be in your bank account by the next business day.
    • High maximum amount. The maximum you can borrow through payday loans is restricted to $300 in some states and to $500 in some others. In comparison to these, Illinois’ maximum payday loan of $1,000 is noticeably higher.
    • Use money for any purpose. There is no restriction on how you use money you get through a payday loan, provided you use it for legitimate purposes. You can use this money to pay bills, repair your car or go on a vacation.
    • Bad credit is okay. Getting a conventional loan can be a challenge if you have poor or bad credit history. If you find yourself in this situation you can still consider getting a payday loan.
    • Cancel without fees or interest. You can cancel a payday loan if you do it in writing by the second business day after receiving the money. Of course, you will need to pay back the amount that you borrowed, but you will avoid interest and fees. The Illinois Department of Financial and Professional Regulation provides the form you must fill out in order to cancel the payday loan.

    What fees and charges do Illinois payday loans come with?

    Illinois payday loan laws govern how much loan providers can charge as fees and other costs.

    • Finance rate and fees. Payday lenders in Illinois cannot charge more than $15.50 per $100 they lend. The finance charge for a 14 days $100 loan cannot exceed $15.50. The annual percentage rate (APR) for a 14 days $100 loan is limited to 403%.
    • Collection fees: Your lender can charge one NSF fee of $25 if a payment bounces. Payday lenders in this state have to abide by a presentment limit which means they cannot present the same check more than twice.
    • Rollover fees. Illinois payday loan laws don’t permit rollovers so there is no rollover fee to worry about. You will also not be charged additional fees or interest if you get a repayment plan for an outstanding payday loan.

    How can I apply for an Illinois payday loan?

    You can apply for an Illinois payday loan online or by visiting a store front. Before applying, establish if you meet the required eligibility criteria:

    • You should be at least 18 years of age
    • You should be an American citizen or a permanent resident of the US
    • You should have a regular source of income

    To complete your application successfully, prepare to submit some basic information:

    • Your name, date of birth, social security number and a valid form of ID such as your driver’s license or passport
    • Your residential address, email address and phone number
    • Details about your employment and income
    • If you’re applying online, details of your existing checking account

    Important information about payday loans

    While payday loans can be beneficial for some, they aren’t always the best option for everyone. Follow the link for more information on payday loan alternatives.

    8 alternatives to payday loans

    Frequently asked questions

    State laws permit you to have two outstanding payday loans at a time. However, you cannot get a payday loan if it results in you being indebted to one or more payday lenders for a period exceeding 45 consecutive days.

    Yes, the law requires a cooling off period of 7 days after 45 consecutive loan days.

    You can contact the Illinois Division of Financial Institutions at 1-888-473-4858, file a complaint online, or contact the Illinois Attorney General’s Consumer Fraud Bureau at 1-800-243-0618.

    You have up to 120 days to repay a payday loan, whereas with installment payday loans you have no less than 112 and no more than 180 days to complete repayments.

    Your can request a payment plan after 35 days of outstanding debt. Note that once you are enrolled in a repayment plan, you will cease to accrue interest and will not be charged additional fees. Repayment plans are not available for installment payday plans.

    Where else are payday loans available?

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    US Payday Loans Offers

    Learn about our information service
    Blue Trust Loans Installment Loans

    Get an installment loan you don't have to pay back in one lump sum.

    LendUp Payday Loans

    LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.

    Check into Cash Payday Loan

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

    Check City Payday Loan

    Apply for a fast, secure and confidential payday loan — even with less-than-perfect credit.