Find Payday Loans in Illinois
Illinois does not have any laws regulating cash advance practices. Payday loan companies are allowed to operate in the state. Borrowers are allowed to have two outstanding loans at a time. There is a 7-day cooling-off period following 45 loan days before a customer can request a new loan. Illinois allows check cash advance stores with a private right of action; however, lenders are prohibited from bringing a criminal action for collection purposes.
Borrowers can request a loan for up to $1,000 or 25 percent of his/her gross monthly income, whichever is lower.
The loan term for a payday loan is 13 to 45 days.
Borrowers cannot rollover or extend their cash advance loans.
A payday loan business can charge a finance charge of $15.50 for a two-week loan in the amount of $100.
The APR for a two-week loan valued at $100 loan is 403%.