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.

CashUSA Installment Loans

Our top pick: CashUSA

Need a quick cash loan as high as $10,000? This loan connection service could help.

  • Min. Loan Amount: $500
  • Max. Loan Amount: $10,000
  • Loan Term: 90 days to 72 months
  • Turnaround Time: As early as 1 business day
  • Requirements: Must have a monthly income of $1,000+ after taxes and valid checking account.

    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

    Rates last updated October 20th, 2018
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Max. Loan Amount Turnaround Time Requirements
    OppLoans Installment Loans
    Installment loans with competitive rates from a top-rated direct lender.
    $5,000
    1 business day
    Must have direct deposit and meet minimum income requirements.
    CashUSA Installment Loans
    A connection service for quick cash loans up to $10,000.
    $10,000
    As early as 1 business day
    Must have a monthly income of $1,000+ after taxes and valid checking account.
    Jora Installment Loans
    Installment loans with repayment terms up to 30 months, depending on your state.
    $2,600
    1–2 days
    Must have an active checking account, regular source of income and email address.
    CashNetUSA Loan
    Apply for a short-term loan with an easy online application and dedicated customer service.
    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.
    LendYou Short-term Loans
    Apply online with this loan-connection company offering unrestricted short-term loans at high maximums — fast turnaround.
    $15,000
    1 business day
    You must be a US citizen or permanent resident, age 18+ and have a regular income.
    Blue Trust Loans Installment Loans
    Get an installment loan from an online tribal lender. Perks for returning borrowers.
    $2,000
    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.
    Slam Dunk Loans
    Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.
    $2,500
    As soon as next business day
    Must be employed, receive regular income, earn at least $800 a month, have a checking account, be 18+ yrs old and a US citizen.

    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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    US Payday Loans Offers

    Important Information*
    Slam Dunk Loans

    Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.

    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.

    OppLoans Installment Loans

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

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