Payday loans in Illinois | finder.com

Compare your loan options in Illinois

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Payday loans in Illinois have multiple regulations you should know about before you apply.

Payday loans, also referred to as short-term loans, give Illinois residents with less-than-perfect credit an easy way to get money in a hurry, but they are an expensive form of credit. Keep Illinois law in mind when getting a payday loan to avoid illegal lending practices.

Our top pick: OppLoans Installment Loans

  • Min. Loan Amount: $500
  • Max. Loan Amount: $5,000
  • Turnaround Time: 1 business day
  • Loan Term: 9 to 36 months
  • Requirements: Must have direct deposit and meet minimum income requirements
  • Easy online application
  • Quick approval
  • Fast funding
  • Long repayment terms

Our top pick: OppLoans Installment Loans

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

  • Min. Loan Amount: $500
  • Max. Loan Amount: $5,000
  • Turnaround Time: 1 business day
  • Loan Term: 9 to 36 months
  • Requirements: Must have direct deposit and meet minimum income requirements
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Are payday loans legal in Illinois?

Yes, payday loans are legal in Illinois. Illinois Compiled Statutes 815 ILCS 122 et seq. governs the functioning of all payday lenders, which includes both payday loans and installment loans. Installment loans differ from payday loans in that installment loans are repaid over a longer period of time at lower interest rates.

Payday loan regulations:

  • Maximum loan amount: $1,000 or 25% of your gross monthly income, whichever is less
  • Maximum term: 120 days
  • Minimum term: 13 days
  • Finance charge: $15.50 per $100 and a $1 verification fee
  • APR: The max APR for a 14-day $100 loan is 403%

Installment loan regulations:

  • Maximum loan amount: $1,000 or 22.5% of your gross monthly income, whichever is less
  • Maximum term: 180 days
  • Minimum term: 112 days
  • Finance charge: $15.50 per $100 and a $1 verification fee
  • Collection fee: $25
  • APR: The max APR for a 14-day $100 loan is 403%

You may have two loans at once provided the total amount of your loans is less than the maximum loan amount ($1,000 or 25% of your gross monthly income). If you take out both a payday and installment loan or two installment loans, your total loan amount must be less than 22.5% of your gross monthly income.

For a cooling off period, Illinois law requires a cooling off period of 7 days after 45 consecutive loan days.

Compare your loan options in Illinois

Updated April 22nd, 2019
Name Product Filter Values Max. Loan Amount Turnaround Time Requirements
$5,000
1 business day
Must have direct deposit and meet minimum income requirements
Installment loans with competitive rates from a top-rated direct lender.
$2,600
1 to 2 business days
Must have an active checking account, regular source of income and email address.
Installment loans with repayment terms up to 30 months, depending on your state.
$2,500
1 business day
Must be employed and receive regular income, earn at least $800 a month, have a checking account and be an 18+ years old legal US citizen.
Get a flexible installment loan with fast funding through one easy online application form.
$2,500
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.
Get an installment loan from an online tribal lender. Perks for returning borrowers.
$15,000
1 business day
You must be a US citizen or permanent resident, age 18+ and have a regular income.
Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.
$10,000
As early as 1 business day
Must have a monthly income of $1,000+ after taxes and valid checking account.
An online connection service for quick cash loans.
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.
Apply for a short-term loan with an easy online application and dedicated customer service.

Compare up to 4 providers

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

What should you consider before applying?

Payday loans and installment payday loans can be a good way of making it through a rough financial time. As long as you budget for the high cost caused by the interest, you should be able to handle a loan. Fortunately, Illinois law bans rollovers/refinancing, so you won’t have to worry about being charged extra interest should you default on your loan.

It’s important to remember that these are high-cost loans for short-term problems. If you’re having trouble managing your money, you should seek financial counseling. In addition, the Illinois Home Weatherization Assistance Program (IHWAP) and DHS Temporary Assistance for Needy Families can help you make your bills more affordable while you’re trying to pay for an unexpected expense or balancing your budget.

Alternative ways to get funds

What do you need to apply?

You can apply online or in-store. You’ll need to provide some basic information about yourself and your finances. Lenders require that you be at least 18 years old, be a US citizen or permanent resident and have a regular source of income.

In addition, you’ll have to provide personal details, including your Social Security number and a valid form of ID. Online lenders often require that you provide access to your checking account where your loan will be deposited and your payment debited.

Frequently asked questions

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