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
Last Updated on: Tue, 15 Nov 2016
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