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Payday Loan Laws in Illinois


Loan Term:13-45 days
Loan Amount:The lesser of $1,000 or 25% of borrower's gross monthly income, whichever is less.
Fees and Finance Charges:$15.50 per $100
Laws:It is fully legal for payday loan services to do business in Illinois, but those businesses must follow to laws established by Illinois' small loans act. Lenders are not allowed to provide borrowers with more than one loan at a time, and cannot set interest rates or fees that equal more than $15.50 per one hundred dollars borrowed. This law does not help control excessive APR rates though, since the interest rate for a 14-day hundred dollar loan equals around 403%. The Division of Financial Institutions of the Department of Financial and Professional Regulation sets up additional guidelines for payday loan lenders, and has recently passed the Payday Loan Reform Act, which requires that all loan terms be fully exposed and explained to borrowers prior to the acceptance of the loan.