Payday Loans or “Quick Cash” loans come in real handy when you are short on cash. Today you can go to brick and mortar business for a payday loan or cash advance loan and you can even get online payday loans. The interest rates are a little healthy, but the speed and convenience of getting the cash quick to cover an unexpected expense overrides the costs.
These are the rules, laws and regulations of payday loans in Illinois.
Illinois Payday Loan Laws
Payday Legislation State Information
Payday Loan Legal Status: Legal
Citation:
Ill. Comp. Stat. Ann. § 122/1-1
Payday Loan Terms:
Maximum Loan Amount: lesser of $1000 or 25% gross monthly income
Loan Term: 13-45 days
Maximum Finance Rate and Fees: $15.50 per $100 payday loan
Finance Charge for 14-day $100 payday loan: $15.50
APR for 14-day $100 loan: 403%
Payday Loan Debt Limits:
Maximum Number of Outstanding Payday Loans at One Time: Two
Rollovers Permitted: None – cannot rollover
Cooling-off Period: 7 days after 45 consecutive loan days
Repayment Plan: Yes
Payday Loan Collection Limits:
Collection Fees: One $25 NSF fee
Presentment limit = 2
Criminal Action: Prohibited
Get Information:
Regulator: Illinois Division of Financial Institutions
Address: Consumer Credit Section, 320 W. Washington Springfield IL 62701
Phone: (888) 298-8089
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