Illinois: Compare personal loans for quick money

Whether you live in Chicago, Aurora or any other city in Illinois this information is for you. Personal money fast payday loans in Illinois have various regulations that you must know before submitting your application.

These loans are also known as short-term cash advance loans and are granted to Illinois residents with affected credit. It’s an easy way to get money in a hurry. However, they are an expensive way to get credit. Consider Illinois laws when applying for a payday loan to avoid illegal lending practices.

Are cash advance loans legal in Illinois?

Are cash advance loans legal in Illinois?

Yes, this type of financing is legal in Illinois. The gifts collected from Illinois law 815 ILCS 122 et seq. It governs the operation of all lenders cash advance, which includes both cash advance loans and installment loans. Installment loans differ from cash advance loans in that installment loans are amortized over a longer period of time at lower interest rates.

Regulating Illinois Cash Advance Loans:

Regulating Illinois Cash Advance Loans:

• Maximum loan amount: $ 1,000 or 25% of your monthly gross income, whichever is less.
• Maximum term: 120 days
• Minimum term: 13 days
• Cost for financing: $ 15.50 for every $ 100 and a verification fee of $ 1
• APR: the maximum APR for a loan of $ 100 to 14 days is 403%

Installment loan regulations in Illinois:

Installment loan regulations in Illinois:

• Maximum loan amount: $ 1,000 or 22.5% of your monthly gross income, whichever is less. /
• Maximum term: 180 days
• Minimum term: 112 days
• Cost for financing: $ 15.50 for every $ 100 and a verification fee of $ 1
• Collection rate: $ 25
• APR: the maximum APR for a loan of $ 100 to 14 days is 403%

You can have two loans at the same time as long as the total amount of your loans is less than the maximum loan amount ($ 1,000 or 25% of your gross monthly income).

If you take out a cash advance loan and a installment loan or two installment loans, the total amount of your loan must be less than 22.5% of your gross monthly income.

With respect to the reflection period, Illinois law mandates a reflection period of 7 days after 45 consecutive loan days.

Compare cash advance loans in Illinois

Compare cash advance loans in Illinois

Visit the websites of any provider that interests you to find out which one is most convenient for you.

Deanna Kear

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