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.

    Here are the laws surrounding payday loans:

    • Minimum term. Payday loans have a minimum term of 13 days.
    • Early repayment. Borrowers have a right to prepay a loan without incurring any additional costs or penalties.
    • Maximum amount. 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.
    • Outstanding loans. 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. 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 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.

    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 September 22nd, 2017
    Name Product Max. Loan Amount Term of Loan Turnaround Time Costs
    LendUp Payday Loans
    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.
    CashNetUSA Loan
    Varies by state
    Varies by state
    1 business day
    Varies by state of residency.
    ACE Cash Express Payday Loans
    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
    Depends on state of residency
    Varies by state
    Next day
    Depends on state of residency.
    Check into Cash Payday Loan
    Varies by state
    1–2 business days
    Varies depending on the amount and your 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. You have the option of contacting a lender directly or going through a matching service. Whichever you choose, you can apply online or in-store.
    • High maximum amount. The maximum you can borrow in Illinois is either $1,000 or 25% of your monthly income.
    • Bad credit is OK. Getting a conventional loan can be a challenge if you have poor or bad credit history. This doesn’t mean you can’t borrow, but you might want to consider your options.
    • Cancel without fees or interest. You can cancel a payday loan in writing by the second business day after receiving the money. 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 a form you must fill out in order to cancel your 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.

    • Financing fees. Payday lenders in Illinois cannot charge more than $15.50 per $100 they lend. The annual percentage rate (APR) for a 14-day $100 loan is limited to 403%.
    • Collection fees. Your lender can charge one NSF fee of $25 if a payment bounces.
    • Rollover fees. Illinois payday loan laws don’t permit rollovers. You will not be charged additional fees or interest if you get a repayment plan for an outstanding payday loan.

    Important information about payday loans

    While payday loans can be beneficial for some, they aren’t always the best option. Even with Illinois law, you still may end up in a cycle of debt. Payday and installment loads have high interest and large fees so be sure to do you compare lenders before signing a contract.

    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, you must 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

    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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    Slam Dunk Loans

    Get approved for a cash loan today with this lender matching service offering short term funding. Availability depends on your state of residence.

    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

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    OppLoans Installment Loans

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