Illinois Cash Advance Law and Legislation

Illinois Cash Advance Law and Legislation

When you look at the state of Illinois, payday lending is regarded as appropriate.

Illinois includes a restriction regarding the number of a classical cash advance: $1,000 or 25percent for the gross month-to-month earnings, whichever is less. Loans may be obtained from 13 times as much as 120 times. Finance costs must not surpass 15.5percent per $100 lent. Nonetheless, real APR into the state nears 404%*. Criminal actions are prohibited.

Their state of Illinois provides 3 cash advance products at as soon as: a little customer loan with APR no more than 99%, payday installment loans that final as much as a few months and possess an APR as much as 400%, and payday advances (based on the internet site of Illinois Attorney General). Read more