Illinois Payday Loans Law

Illinois Payday Loans Law

Illinois State Information

Legal Status: Legal

Loan Terms:

    - Maximum Loan Amount: lesser of $1000 or 25% gross monthly income. Payday installment loan lesser of 22.5% gross monthly income or $1,000.
    - Loan Term: 13 to 120 days. Payday installment loans 112 to 180 day terms.
    - Maximum Finance Rate and Fees: $15.50 per $100, plus a $1 verification fee
    - Finance Charge for 14-day $100 loan: $15.50
    - APR for 14-day $100 loan: 403%

Debt Limits:

    - Maximum Number of Outstanding Loans at One Time: Two
    - Rollovers Permitted: None (cannot rollover). Payday installment loan can be refinanced one time during term.
    - Cooling-off Period: 7 days after 45 consecutive loan days. Payday installment loan max 180 days in debt.
    - Repayment Plan: Yes. After 35 days, if payday loan unpaid, right to at least 55 days to repay in installments with no added cost.

Collection Limits:

    - Collection Fees: One $25 NSF fee (Presentment limit = 2)
    - Criminal Action: Prohibited

Where to Complain, Get Information:

    - Regulator: Illinois Division of Financial Institutions
    - Address: 320 West Washington, 3rd Floor, Springfield, IL 62786
    - Phone: (888) 473-4858

These Illinois payday loans law are basic information to assist your decision to borrow money. This information may be added or modified or canceled by Illinois government without prior notice.

Need to know more Illinois information Click Here --> Illinois payday loans.