Laws Overview

Online Payday Loans Illinois

Increasing number of people are looking towards payday loans whenever they experience financial woes and the residents of Illinois are no exception. Illinois payday loans are getting more popular nowadays.

Illinois leads in producing soybeans, corn and hogs. Illinois also manufactures  transportation equipment, industrial machinery, chemicals and computer equipment. Illinois is the 25th state in size ranking in the United States and has the 5th most dense population of over 12,859,995 residents.

Searching for payday loans? Check out the local loan lenders.

What is a payday loan?

Payday loan or cash advance is a  short-duration loan. The borrower has to repay the full amount by their next paycheck.
Illinois payday loan laws regarding payday loans

Illinois laws regulations

Illinois payday loan laws regulations

Loan lending is legal in Illinois and the lending companies operate according to 815 Ill. Comp. Stat. Ann. 122/1-1 et seq., 2011 Public Act 97-0421. However, many measures are being taken to protect borrowers of Illinois payday loans. There are many restrictions that the borrowers along with the lending companies should comply with.

The laws for Illinois payday loan state that a borrower is limited to take out until $1,000 and an amount that is not more than 25% of the borrower’s monthly income prior to taxes. Borrowers can’t have more than 2 Illinois payday loans at any one time.

In Illinois payday loan terms are allowed for periods between 13 and 45 days. The laws also state that there should be 28 days before a lending company can sue a borrower in case of a default repayment. However, lending companies aren’t allowed to take any of the borrower’s possessions and are also forbidden to take money to cover attorney’s fees or any court fees.

Illinois Payday loan lenders

The payday loan industry is growing really fast. More and more people find the service to be very flexible and is a service that can meet their needs. In recent years, the number of companies offering payday loans has increased significantly.

One of the main reasons is the prevalence of the Internet. In Illinois, like in most states in the US, you can easily make an application for a payday loan (cash advance) by making a trip to the lender’s actual office or visiting a website online. Searches for payday loans online from residents of Illinois are one of the highest searched topics in that state.

Why borrowing a payday loan is a good idea

Payday or salary loans are one of the most popular type of short-term loans around, and there are lots of reasons contributing to that. Here are some:

  • A lot of options to choose from

Illinois payday loans - a lot of options to choose from

Illinois payday loans – a lot of options to choose from

Payday loan lenders have offices in almost every city in this state that you can go visit to apply for your loan. However, you can apply for your loan without leaving your home. You can do that just by visiting a lender’s store online and submitting your application there.

  • Law Regulations – High amount limit

In most states, payday loan borrowers are limited to $300, or $500 at best. In Illinois, however, you can take up to $1,000 which is an amount a lot higher compared to other states.

  • These loans are very fast

If you are out of cash and need to pay urgent bills, you can be sure that no other service can get you the money you need as fast as a payday loan. After you finish the application for a payday loan, there is a good chance that your money will come to you within a few hours. If you do this application process online, it may take as little as one business day to receive your cash.

  • There is no fee for canceling

In Illinois, you can end your loan by the second day after you got the money. What you will need to do is to pay back the money you got and there won’t be a penalty.

  • You may apply with bad credit too

You may apply with bad credit too

You may apply with bad credit too

Usually, having poor credit can seriously jeopardize your prospects of a loan approval. However, with Illinois payday loans, you may apply for a loan with a bad credit score as well.

That way, you will be able to pay your bills, get your finances back on track and make your life a lot easier overall. The fact that you are able to do that with poor credit score is one of the major attributes for the popularity of payday loans nowadays.

  • It is yours to spend

If you manage to take out a payday loan, then you are free to spend it on anything that is legal. Buy a car, repair what need fixing in the apartment…it is completely up to you.

Loans fees and charges in Illinois

It is important that you understand the terms, conditions, and what you are getting into before go for a loan:

  • APR



In Illinois, the yearly rate charged from lenders for $100 payday loan for 14 days cannot be more than 403%.

  • Fees/charges

In Illinois, lending companies can’t ask you for more than $15.5 for a $100 loan.

  • Collection fees

If you happen to skip or fail to make a payment, then lending companies are allowed by law to charge you NSF fee of $25.

  • Rollovers

Illinois payday loan laws say that rollovers are not allowed in the state, so there are no rollover fees for you to worry about.

  • Repay your loan sooner than scheduled

If you are able (or plan) to repay your loan sooner than scheduled, you can do it as soon as you want to without facing any penalties.

What you need for successful application for a loan

What you need for successful application

What you need for successful application

We’ve already talked about how fast and easy it is to get payday loans in Illinois. However, there are still some requirements you need to meet to be approved for your loan:

  • You should be older than 17
  • You need to be a US permanent resident or have US citizenship
  • You should have a regular salary

To successfully submit your application, you will need to have the following documents:

  • Your full name, number for the social security, and when you were born
  • Contact number, home address, and email 
  • Information about your job and salary

Cities in Illinois where payday lenders operate:

  • Arlington Heights
  • Aurora
  • Belleville
  • Berwyn
  • Bloomington
  • Bolingbrook
  • Buffalo Grove
  • Carol Stream
  • Champaign
  • Chicago
  • Cicero
  • Crystal Lake
  • Decatur
  • Des Plaines
  • Downers Grove
  • Elgin
  • Elmhurst
  • Evanston
  • Glenview
  • Hoffman Estates
  • Joliet
  • Lombard
  • Moline
  • Mount Prospect
  • Naperville
  • Normal
  • Oak Lawn
  • Oak Park
  • Orland Park
  • Palatine
  • Peoria
  • Quincy
  • Rock Island
  • Rockford
  • Schaumburg
  • Skokie
  • Springfield
  • Tinley Park
  • Waukegan
  • Wheaton


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