Illinois Payday Loan Laws
 | Min/Max Term of Payday Loan: | 13-45 days | | Max Fees and Finance Charges: | $15.50 per $100 | | Maximum Loan Amount: | Lesser of $1000 or25% gross monthly income | | Number of Rollovers: | None (cannot rollover) | | Outstanding loans allowed at one time: | 2 | | Cool-off period: | 7 days after 45 consecutive loan days | | Military Protection: | Yes | | Payment Plan: | Yes | | Limits on collection and presentment: | Not specified | | Collection fees: | One $25 NSF fee; Court costs; Reasonable Attorney's Fees | | Presentment Limit: | 2 | | Penalties: | Civil Fines, Suspension or revocations of license; Cease and Desist Order | | Private right of action: | Yes |
Illinois Payday Loan Laws:
Illinois permits payday lenders to operate in Illinois. Lenders must comply with other provisions of the state’s small loan act and may not make more than one loan to a borrower at any one time. The law caps the fee that can be charged to $15.50 per each $100. This amounts to a very high effective APR. The APR for a 14-day $100 loan is 403%. Payday lenders are regulated and licensed by the Division of Financial Institutions of the Department of Financial and Professional Regulation. The Payday Loan Reform Act (H.B. 1100) provides that the terms of loans, finance charges, renewals; revocations, suspensions, must be made available to the public.
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