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Compare short-term loans in Illinois

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

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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%

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

Data indicated here is updated regularly
Name Product Filter Values Max. Loan Amount Turnaround time Requirements
Check Into Cash Payday Loan
$1,000
1 to 2 business days
Bank account, email address, phone number, US citizen or permanent resident, ages 21+
Plus, get access to check cashing, cell phone top ups, bill pay and more at one of its many storefronts.
LendYou Short-term Loans
$15,000
Same business day to 1 business days
$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.
Fast5kLoans Short-term Loans Connection Service
$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.
OppLoans Installment Loans
$5,000
1 business day
Direct deposit, meet minimum income requirements, live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
Possible Finance Mobile Installment Loans
$500
As fast as 1 business day
Checking account with 3+ months of banking history, $750+ monthly income, live in eligible state, ages 18+
Borrow up to $500 with just a few swipes — but only for residents of 5 states.
Slam Dunk Loans
$50,000
Same business day to 1 business days
Employed, $800+ regular monthly income, checking account, ages 18+, US citizen
Fill out a simple online form to compare offers from several lenders that may be able to help.
CashUSA Installment Loans
$10,000
As fast as same business day
Regular source of income, bank account, US citizen or permanent resident, age of majority in your state
Explore its online education center to get tips on budgeting, how to prioritize your bills and more.
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Compare up to 4 providers

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.

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