A guide to Payday Loans in Illinois, USA.
What are the Citation (s) to Payday Loan or Small Loan Laws in Illinois?
A: The relevant citation regarding Payday Loans in the Illinois State Jurisdiction is 815 Ill. Comp. Stat. Ann. § 122/1-1
Q: Are Payday Loans legal in Illinois?
A: Yes Payday Loans are legal in Illinois.
Q: What is the Maximum Cash Advance Loan Amount in Illinois?
A: The maximum Cash Advance or Payday Loan amount is lesser of $1000 or 25% gross monthly income.
Q: What is the Payday Loan Term in Illinois?
A: The Payday Loan Term in Illinois is 13-45 days.
Q: What is the Maximum Rate and Fee for Cash Advance Loans in Illinois?
A: The Maximum fee for Cash Advance Loans in Illinois is $15.50 per $100
Q: What is the Finance charge for 14-day $100 payday loan in Illinois State?
A: The Finance charge for 14-day $100 payday loan in Illinois is $15.50.
Q: What is the APR for 14-day $100 payday loan in Illinois State?
A: The APR charged for 14-day $100 payday loan in Illinois is 403 percent.
Q: Is there a limit on the number of payday loans I can take at one time?
A: Yes, you can take a maximum of two payday loans at one time.
Q: How many times can the lender rollover my payday loan in Illinois?
A: The lender cannot rollover (renew, extend) the payday loan.
Q: Is there a cooling off period in Illinois?
A: Yes, there is a 7-day cooling off period after 45 consecutive loan days.
Q: Am I entitled to a repayment plan if I take a payday loan in Illinois?
A: Yes you are entitled to a repayment plan.
Q: If I cannot repay my payday loan can the lender initiate a criminal action?
A: No the lender cannot initiate a criminal action against the borrower.
Q: Can I be charged a collection fee for a payday loan?
A: Yes, One NSF fee of $25 (presentation limit = 2)
Contact the Department Of Financial Institutions
If you have questions about payday loans please contact the Illinois Department of Financial Institutions at:
Illinois Division of Financial Institutions
Address: Consumer Credit Section, 320 W. Washington Springfield, IL 62701
Phone: (888) 298-8089
Fax:
Regulatory Contact: Phil Sanson, Acting Consumer Credit Assistant Supervisor
Website: http://www.state.il.us/dfi/ccd/ccd_main.htm
Where can I find a payday loan store in Illinois?
You can find the store nearest to your location by simply clicking on this link loc: Illinois
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