Pay day loan regulations in Illinois aren’t extremely strict and help borrowers understand the exact amount they are eligible to borrow. The maximum you can borrow in Illinois is $1000 or 15% of your gross monthly income. If you make $1000 per month, for example, you can borrow up to $150 in a single loan. That might not seem like a large amount but Illinois doesn’t want borrowers to become trapped in a cycle of borrowing that ends up costing a lot of money. The maximum finance rate you’ll be charged is $15.50 for every $100 borrowed and you’ll have up to 45 days to pay it back at the maximum.
Illinois Pay Day Loan Laws
Maximum Loan Amount: $1000 or 15% of your gross monthly income.
Maximum Finance Rate: $15.50 for every $100 borrowed.
Annual Percentage Rate For 14 Day $100 Loan: 403%
Minimum Payoff Time: 13-45 days.
Extensions Allowed: None. If you default on the loan you can use a repayment plan.
Top 5 Illinois Payday Loan Companies
cashstore.com
281 East US Route 6, Unit 110
Morris, Illinois 60450
Cash Store was founded in 1996 and currently has over 270 stores operating across 7 states. In Illinois there are more than 50 stores located in 45 cities making Cash Store a very visible payday loan company. You can take advantage of a few different types of loan with this company from traditional payday loans to larger installment and title loans.
1620 Avenue of the Cities
Moline, IL
(309) 762-2469
mistermoney.com
Mister Money is a fairly new payday loan company based in Illinois. This company functions as a pawn, shop check-cashing service and traditional payday loan company. To qualify for a payday loan here you’ll need a valid drivers license and checking account. The official website is customer friendly and they realize in today’s tough economic times we could have a lot of reasons to need a little extra money until payday. In addition to payday loans Mr. Money allows you to acquire small loans on household merchandise such as electronics to jewelry if you choose to use the pawn shop area.
cashnetusa.com
Headquarters
Cash America Net of Illinois, LLC
200 West Jackson
24th Floor
Chicago, Illinois 60606
Cash Net USA is a Chicago based payday loan company that has been operating since 2004. This company has provided payday loans to over a million customers as of October 2011. The company website is extremely detailed and has a lot of Illinois specific information about various types of loan and how they work. They also provide live chat support during business hours if you would like more information about payday loans or this company.
paydayloansofillinois.com
Illinois Title Loans, Inc.
1920 North Milwaukee
Chicago, IL 60647
773-394-0559
Payday Loans of Illinois offers you quick and easy payday loans all across the state. You can fill out an online application and be matched with a vendor that meets your needs or you can use their store locator to find a physical office near you. This company has been in business since 2007 and the official website has numerous testimonials available from previous customers. To qualify for a loan you need recent paycheck stubs, valid ID, proof of residency and some personal references.
illinoispaydayloans.com
Online Company
Illinois Payday Loans is a relatively small payday loan website that has been helping Illinois customers since 2004. This site is headquartered in Florida and uses a database of payday lenders to make sure you are matched with the best possible match given your individual needs and circumstances. The home page has information about Illinois payday loan regulations and gives you a few examples of when you might need a payday loan.