(last updated 01/02/2018)
Illinois Payday Loan Laws and Regulations in (IL)
Payday loans and cash advances are legal in Illinois. The Illinois Division of Financial Institutions has been regulating Payday Loans and Cash Advances since December 6th, 2005. As of 01/14/2015 there were 50 licensed lenders and 487 licensed locations in Illinois.
The maximum payday loan allowed in Illinois is $1000. The maximum payday loan as a percentage of income is 25% of your gross monthly income. The number of loans that can be open at one time is 2. The maximum permissible fees allowed in Illinois is $15.50 per $100 loan. The cooling off or waiting period for obtaining another loan is 7 business days after having had a loan for 45 consecutive days. The number of rollovers that are permitted is none. The minimum loan term is 13 days. The maximum loan term is 120 days.
This information is for informational purposes only. Although care has been taken to accurately describe the laws and regulations in Illinois, no guarantees are implied or expressed about its accuracy. This is not legal advice. If you need legal advice, please consult an attorney or the Illinois Division of Financial Institutions.
The following classes of lending organizations may be exempt from some, all, or none of the regulations and laws set by the state of Illinois. Federally chartered banks, state chartered banks, credit unions and some entities organized under the laws of a sovereign nation (for example) a Native American Tribe or the country of Antigua.