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Payday loan laws
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Illinois
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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Last Updated on: Tue, 15 Nov 2016
Based on 82 reviews
Years in Business:12 Years