Illinois Payday Loans (IL)


Our site offers you comprehensive information on cash loans within the state of Illinois. The state understands the occasional need for additional funds, which is why they have legalized payday loans. To protect consumers however, guidelines are set up to ensure that lenders do not take advantage of their borrowers. Here, we provide updated information on Illinois payday loan in order to arm yourself before pursuing this financial aid.

 Payday Loan Process in Illinois

Payday loan borrowers must first meet standards set by the authorities and adapted by lenders before completing a transaction. Following are the requirements typically asked for each loan:

  • The borrower must be of legal age
  • Proof of employment must be provided
  • Borrower should meet minimum income guidelines
  • There should be a savings or checking’s account under the borrower’s name

Once all these needs are met, it’s a simple process of filling in the form and providing the lender with your bank details. Most lenders accommodate bad credit borrowers. Payment methods vary with most lenders seeking automatic payment to prevent delays and help borrowers avoid large rates.

Illinois Payday Loan Laws and Regulations

All Illinois lenders are required to abide by the following laws and regulations:

  • Maximum Loan Amount: 25% of gross monthly income or $1000, whichever is lesser
  • Loan Term: 13 to 45 days
  • Finance Charge for a $100 loan in 14 days: $15.50
  • APR for a $100 loan in 14 days: 403%
  • Maximum fees and finance rate: $15.50 per $100
  • Rollovers: Not allowed
  • Maximum outstanding loans at a time: Two
  • Collection fees: NSF fee of $25

After 45 consecutive loan days, borrowers are required to have a cooling off period of one week or 7 days. With the rates fairly higher than most states, the Illinois authorities ensured that a repayment plan is in effect, allowing borrowers to recover from the short-term loan. Any criminal action pertaining to payday loans is prohibited.

Illinois Consumer Protection

If you wish to complain, ask questions or verify the validity of your lender, an Illinois sector is assigned with the task of dealing with payday loan related problems. Simply contact the Illinois Division of Financial Institution by dropping by their office or sending them a message through different media:

Address: Consumer Credit Section, 320 W. Washington Springfield IL62701

Phone: (888) 298-8089

Fax: (217) 785-6157

Look for: Phil Sanson, Acting Consumer Credit Assistant Supervisor

This sector is set up to help protect consumers considering or have already availed payday loans from different lenders.

Illinois Payday Loan Alternatives

Finding payday loan alternatives in Illinois is not that hard. Several ideal recommendations include pawnshops or selling personal items that are no longer in use. You also have the option of borrowing directly from your employer with the agreement of subtracting it from the next paycheck. If the amount is not substantial, friends and family might be more than willing to cover the costs, thereby eliminating interest rate problems. Credit cards and bank loans are also viable sources of funds as you wait for the month’s salary.

Payday Loans cities in Illinois:
Abingdon Addison Aledo
Algonquin Alton Antioch
Apple River Aurora Barrington
Belleville Belvidere Bensenville
Bloomington Bolingbrook Bourbonnais
Bradley Bridgeview Calumet City
Calumet Park Canton Carbondale
Carol Stream Carpentersville Cary
Centralia Champaign Charleston
Chicago Chicago Heights Cicero
Collinsville Crest Hill Crestwood
Crystal Lake Danville Decatur
Dekalb Des Plaines Dixon
Dolton Downers Grove East Alton
East Dundee East Moline East Peoria
East Saint Louis Edwardsville Effingham
Elburn Elgin Elk Grove Village
Elmhurst Eureka Evanston
Evergreen Park Fairview Heights Forest Park
Fox Lake Franklin Franklin Park
Freeport Fulton Galesburg
Glen Carbon Granite City Grayslake
Hanover Park Harrisburg Harwood Heights
Hazel Crest Henry Highland Park
Hoffman Estates Hometown Homewood
Jacksonville Jerseyville Joliet
Kankakee Kewanee La Grange
Lake Zurich Lansing Libertyville
Lincoln Litchfield Lockport
Lombard Loves Park Macomb
Marion Mason City Matteson
Mattoon Maywood Mchenry
Melrose Park Mendota Metropolis
Midlothian Milan Millstadt
Moline Montgomery Mount Carmel
Mount Prospect Mount Vernon Mundelein
Naperville Niles Normal
North Aurora North Chicago Northbrook
Oak Lawn Oak Park Oakbrook Terrace
Olney Orland Park Ottawa
Palatine Pekin Peoria
Peru Plainfield Pontiac
Poplar Grove Princeton Quincy
Rantoul River Grove Riverside
Rock Island Rockford Rolling Mdws
Rolling Meadows Roselle Round Lake Beach
Saint Charles Schaumburg Sherrard
Skokie South Chicago Heights South Elgin
South Holland Springfield Sterling
Streator Sugar Grove Sycamore
Tinley Park Toulon Troy
Urbana Vandalia Villa Park
Waukegan West Chicago West Dundee
West Frankfort Wheaton Wood River
Woodridge Woodstock Wyoming

Get Started Right Now!

ZIP Code:
First Name:
Last Name:
By submitting your information you understand and agree to our Privacy Policy and Terms of Use.

Find Payday Loans by State

Loans by state