Payday loan laws in Illinois

  • Status: Legal (815 ILCS 122/1-1 et seq. 2011 Public Act 97-0421)
For Lenders

Lending specifications:

  • Maximum loan amount: $1,000 or 25% of the consumer's gross monthly income, whichever is less
  • Loan tenure: 13-45 days
  • Fees and finance charges: $15.50 per $100
  • Finance charge on a 14-day $100 loan: $15.5
  • APR on 14-day $100 loan: 403%

Collection restrictions:

  • Collection fees: One $25 NSF fee
  • Criminal procedures: Prohibited
For Borrowers

Debt limits:

  • Maximum no. of outstanding loans at a time: Two
  • Rollovers allowed: None
  • Cooling-off phase: 7 days after 45 consecutive loan days
  • Repayment plan: Available

Complaint cell:

  • Regulator: Illinois Division of Financial Institutions
  • Address: Consumer Credit Section, 320 W. Washington Springfield IL 62701
  • Phone: (888) 298-8089
  • Regulatory contact: Phil Sanson,, Acting Consumer Credit Assistant Supervisor
  • Website: http://www.idfpr.com/
  • File complaint: https://www.idfpr.com/admin/complaints.asp



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