Illinois Short-term Loan Terms and Rules in 2025

Common Capital is a Help Organization dedicated to providing the public with comprehensive, accurate, and accessible online information about payday loans in Illinois.

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Short-term Loans Terms in Illinois

Legal Status Legal
Maximum Loan Amount $1,000 (or 25% of the gross monthly income)
Finance Charges $1 verification fee, A fee does not exceed $25 for insufficient funds
Interest Rate (APR) 36%
Minimum Loan Term 13 days
Maximum Loan Term 120 days
Cooling-off Period 7 days after 45 consecutive loan days

Short-term Loan Calculator

$250 Your Loan + $6.73 Your Fee =
$256.73 Total Cost

This loan calculator is provided as an estimator only. The details of your loan will depend on several factors including, but not limited to: loan amount, term, annual percentage rate (APR), fees, the state you live in, and the lender’s conditions. These details vary lender to lender and are subject to change at any time. The details of your loan will be provided to you by your lender.

Illinois Lender's Statistics

Year No. of Stores No. of Clients No. of Loans Value of Fees Value of Loans
2019 - 238K 503K - $317.8M
2018 - 238K 511K - $310.4M
2017 - 248K 556K - $320.1M
2016 - 261K 596K - $329.5M
2015 - 264K 584K - $335.4M
2014 - 260K 573K - $331.2M
2013 - 251K 552K - $313.4M
2012 - 247K 551K - $303.4M
Statistics provided by Illinois Department of Financial & Professional Regulation

Top Licensed Short-term Loan Lenders in Illinois

Unveil Illinois' leading licensed payday loan providers, distinguished by their trustworthiness, straightforward terms, and dedication to responsible borrowing. Navigate your loan options with confidence.

Lender
User Ratings
Branches
Cities
Category
Sun Loan
User Raiting:
5.00
Branches: 4
Cities: 4
Category: Loan agency
Farm Credit Services of Illinois
User Raiting:
5.00
Branches: 5
Cities: 5
Category: Loan agency
Germantown Trust & Savings Bnk
User Raiting:
5.00
Branches: 2
Cities: 2
Category: Bank
Pros Payday Loans
User Raiting:
5.00
Branches: 2
Cities: 2
Category: Loan agency
Devon Financial Services
User Raiting:
4.95
Branches: 5
Cities: 3
Category: Loan agency
Heights Finance
User Raiting:
4.91
Branches: 16
Cities: 16
Category: Loan agency
Check `n Go
User Raiting:
4.91
Branches: 17
Cities: 15
Category: Loan agency
Broadway Financial Services
User Raiting:
4.90
Branches: 4
Cities: 1
Category: Loan agency
Oportun
User Raiting:
4.88
Branches: 4
Cities: 4
Category: Loan agency
Regional Finance
User Raiting:
4.88
Branches: 4
Cities: 4
Category: Loan agency
Advance America
User Raiting:
4.85
Branches: 18
Cities: 18
Category: Financial institution
12M Loans
User Raiting:
4.85
Branches: 4
Cities: 4
Category: Loan agency
PLS Loan Store
User Raiting:
4.83
Branches: 14
Cities: 12
Category: Loan agency
Check Into Cash
User Raiting:
4.81
Branches: 10
Cities: 10
Category: Financial institution
AmeriCash Loans
User Raiting:
4.80
Branches: 23
Cities: 19
Category: Loan agency
SAIL Loans
User Raiting:
4.75
Branches: 11
Cities: 8
Category: Loan agency
World Finance
User Raiting:
4.66
Branches: 66
Cities: 62
Category: Loan agency
Mariner Finance
User Raiting:
4.62
Branches: 9
Cities: 9
Category: Loan agency
Fast Payday Loans
User Raiting:
4.40
Branches: 2
Cities: 2
Category: Loan agency
America's Financial Choice
User Raiting:
4.29
Branches: 14
Cities: 12
Category: Loan agency
USA Payday Loans
User Raiting:
4.24
Branches: 5
Cities: 5
Category: Loan agency
LendNation
User Raiting:
4.20
Branches: 11
Cities: 8
Category: Loan agency
Citi
User Raiting:
4.15
Branches: 2
Cities: 2
Category: Bank
Security Finance
User Raiting:
4.12
Branches: 18
Cities: 18
Category: Loan agency
Cash Store
User Raiting:
3.91
Branches: 13
Cities: 13
Category: Loan agency
OneMain Financial
User Raiting:
3.82
Branches: 18
Cities: 16
Category: Loan agency
Cook Fast Tax Services
User Raiting:
3.70
Branches: 2
Cities: 1
Category: Financial institution
CEFCU
User Raiting:
3.70
Branches: 4
Cities: 4
Category: Credit union
Tower Loan
User Raiting:
3.59
Branches: 21
Cities: 20
Category: Loan agency
DolEx
User Raiting:
3.43
Branches: 11
Cities: 7
Category: Financial institution
Illinois Currency Exchange
User Raiting:
2.98
Branches: 51
Cities: 19
Category: Financial institution
Currency Exchange
User Raiting:
2.56
Branches: 8
Cities: 6
Category: Check cash
First Choice Payday Loan
User Raiting:
2.00
Branches: 3
Cities: 3
Category: Check cash
Farm Credit Illinois
User Raiting:
1.00
Branches: 14
Cities: 14
Category: Loan agency

Illinois Short-term Loan Regulations

The framework for payday loans in Illinois is designed to protect consumers while ensuring access to necessary short-term credit. The Illinois Payday Loan Reform Act imposes rules like limiting loan amounts and the number of loans a consumer can have concurrently. It also introduces a cooling-off period between loans and sets a maximum on finance charges.

At the federal level, the Truth in Lending Act (TILA) mandates that lenders disclose all terms of a loan, including the annual percentage rate (APR) and finance charges. Additionally, the Fair Debt Collection Practices Act regulates how debt is collected, protecting consumers from abusive collection practices. Together, these state and federal laws ensure a fair, transparent, and responsible payday lending environment in Illinois.

What Are the Alternatives for Short-term Loans in Illinois?

Explore alternatives to payday loans in Illinois, including title loans, installment loans, and personal loans, offering varied terms and conditions to suit different financial needs and situations.

Guaranteed Installment Loans

Offering a structured repayment plan, guaranteed installment loans differ from Illinois payday loans' single lump-sum repayment. These loans require proof of income and a bank account, providing a predictable repayment schedule for easier budgeting in Illinois.

Fast Title Loans

Utilizing your vehicle as collateral, fast title loans in Illinois require a clear vehicle title and proof of insurance. They differ from payday loans by potentially offering larger loan amounts based on vehicle value, presenting a quick, asset-based borrowing option.

Emergency Loan without a Bank Account

Tailored for individuals in Illinois without traditional banking facilities, emergency loans without a bank account differ from payday loans by possibly requiring alternative forms of financial history proof and offering more flexible repayment structures.

Debt Consolidation Loan

In Illinois, debt consolidation loans allow borrowers to combine multiple debts into one, typically with a lower interest rate compared to payday loans. These loans, ideal for managing various debts, require a good credit score and income stability.

Instant Personal Loans

Similar to payday loans in providing quick funds, instant personal loans in Illinois usually come with a longer repayment period and a credit check requirement. They offer Illinois residents flexibility in loan amounts and terms for various personal expenses.

Cash Loans with no Credit

For those in Illinois with no or low credit scores, cash loans with no credit are an alternative to payday loans. These loans may require alternative proof of financial stability and offer more varied repayment terms, catering to a broader range of borrowers.

Bad Credit Loans

Catering to individuals with poor credit history in Illinois, bad credit loans offer an alternative to traditional payday loans. These loans might have higher interest rates but provide a crucial credit opportunity for those who might not qualify for other types of loans.

Quick P2P Loans

Quick P2P (Peer-to-Peer) loans represent a modern, digital approach to borrowing in Illinois, connecting borrowers with individual lenders through online platforms. They offer an alternative to payday loans with potentially lower interest rates and varied terms.

How to Get a Short-term Loan with Bad Credit?

Easy Steps to Get Payday Loans With Bad Credit

Securing a payday loan with bad credit is a straightforward process in Illinois. Despite unexpected financial challenges, you can access the funds you need by following these essential steps. Begin by researching reputable lenders with transparent terms. Next, gather proof of a stable income source, such as employment or government benefits, and ensure you have an active checking account. Finally, meet the basic eligibility criteria, including being at least 18 years old and a resident of Illinois.

Requirements to Get Paycheck Loans With Low Credit Score

To qualify for paycheck loans with a low credit score in Illinois, you typically don't need to undergo a credit check. Lenders primarily consider your income and ability to repay the loan. So, if you have a steady income and meet the residency and age requirements, you can apply with confidence. Rest assured, our organisationis committed to helping you navigate the payday loan process and access the financial support you need, regardless of your credit history.

Basic Information about Illinois State

Metrics
Value
State Capital
Springfield
Population
Approximately 12.8 million
Location
Located in the Midwestern region of the United States, bordered by Indiana, Kentucky, Missouri, and Iowa.
Largest City by Population
Chicago
Biggest National Parks
Shawnee National Forest, Lincoln Home National Historic Site

Submit a Complaint Against a Lender in Illinois

If you need to submit a complaint against an Illinois lender, the regulatory authority overseeing payday loans is the Illinois Department of Financial and Professional Regulation (IDFPR). They ensure compliance with state laws and can be reached at:

  • 320 W. Washington St., Springfield, IL 62786
  • 1-888-473-4858
Submit a Complaint

FAQ

Are Payday Loans Legal in Illinois?

Yes, payday loans are legal in Illinois. However, they are subject to strict regulations and restrictions imposed by the state government to protect consumers from predatory lending practices.

Can Payday Loan Debt Be Forgiven?

Payday loan debt can be forgiven in certain circumstances, such as through debt settlement negotiations with the lender or by filing for bankruptcy. Bankruptcy can provide relief by discharging or restructuring your payday loan debts, but it should be considered as a last resort due to its impact on credit.

Can You Get a Payday Loan Without a Bank Account?

Typically, obtaining a payday loan requires having an active checking account. Illinois Lenders often use the account for fund disbursement and repayment, making it a common requirement. However, some alternatives, like prepaid debit cards, may be accepted by certain lenders.

Are Payday Loans Fixed or Variable?

Payday loans usually involve fixed fees rather than variable interest rates. However, it's essential to carefully read the Illinois terms and conditions provided by the lender, as fees and terms may vary among different payday loan providers.

Is a Payday Loan Secured or Unsecured?

Payday loans are considered unsecured loans. Unlike secured loans that require collateral, payday loans do not involve pledging assets. Instead, they rely on the borrower's income and ability to repay the loan from their next paycheck.

How Long Do Payday Loans Stay in the System?

Payday loan information in Illinois can remain on your credit report for up to seven years, depending on the credit reporting agency. It's essential to manage payday loan debt responsibly to avoid negative impacts on your credit history and scores over an extended period.

Illinois Short-term Loans Near Me

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