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Compare short-term loans in Illinois

Learn more about your payday loan options and state regulations you should know about.

When you have unplanned expenses and are on a tight budget, a payday loan could be helpful. Payday loans, a type of short-term loan, give you quick access to money when you need it. Read on to find out about the laws in Illinois and everything else you should know about how payday advances work.

Name Product Filter Values Loan amount Turnaround time Requirements
Brigit
Up to $250
1 to 3 days or same-day in some circumstances
Bank account must have at least 60 days of activity, Balance must be above $0 and have an average minimum balance on pay day
Have up to $250 automatically deposited into your account — for a $9.99 membership fee.
LendYou Short-term Loans
$100 to $2,500
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.
MoneyLion Instacash advances
$250, $300 with RoarMoney account
3 to 5 business days to external checking account, 12 to 48 hours to RoarMoney account
Bank account must have at least 60 days of activity, show recurring deposits and must have a positive balance
Fee-free, interest-free cash advances up to $250.
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.
CashNetUSA Loan
CashNetUSA Loan
Varies by state
As fast as same business day
Regular source of income, bank account, US citizen or permanent resident, age of majority in your state
Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.
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.
Brigit
Up to $250
1 to 3 days or same-day in some circumstances
Bank account must have at least 60 days of activity, Balance must be above $0 and have an average minimum balance on pay day
Have up to $250 automatically deposited into your account — for a $9.99 membership fee.
LendYou Short-term Loans
$100 to $2,500
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.
MoneyLion Instacash advances
$250, $300 with RoarMoney account
3 to 5 business days to external checking account, 12 to 48 hours to RoarMoney account
Bank account must have at least 60 days of activity, show recurring deposits and must have a positive balance
Fee-free, interest-free cash advances up to $250.
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.
CashNetUSA Loan
CashNetUSA Loan
Varies by state
As fast as same business day
Regular source of income, bank account, US citizen or permanent resident, age of majority in your state
Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.
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.
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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.

Can I get a payday loan 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%
  • Nonsufficient funds (NSF) fees: Up to $25 for a bounced payment, no more than twice

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 seven days after 45 consecutive loan days.

Must read: Payday Loan Reform Act (PLRA)

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

How 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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