How to Compare Loans in Illinois
Choose the amount of money you want to borrow
Filter the results based on your needs and compare loan rates
Choose the best offer from leading lenders
Click Get Started and complete your application online
As seen in
Best Rated Personal Loans
Find the best rated lenders for loans in Illinois
Three types of Loans in Illinois State
Payday loans are legal in Illinois and consumers enjoy stronger protections against dubious lenders. Learn about your funding options Illinois.
- Small consumer loans
- Payday installment loan
- Payday loan
The small consumer loan is considered the least expensive form of cash advance. The Illinois law allows a lender to charge an APR of no more than 99%. Thus, as you shop around for an Illinois payday loan feel free to ask a lender if they sell small consumer loans.
A payday lender that sells payday loans cannot be selling small consumer loans at the same time. It is against the law.
Illinois small consumer loans have lower interest rates and have longer terms. The new law prohibits lenders from rolling over a loan within the first 75 days. A small consumer’s loan cannot be more than 22.5% of your income.
The Advantages of Online Illinois Loans
Illinois installment Loan Terms
These often have longer terms, lasting up to 6 months. The Illinois law has legislated regulations to protect consumers taking installment loans against the cycle of debt. For instance, a loan term cannot exceed 6 months.
Sometimes a payday loan can carry a high APR thus increasing the likelihood of you being unable to pay. If this happens, the Illinois law permits you to negotiate an interest-free repayment plan. You must request for this plan after you have been in debt for more than 35 days.
Lenders are not allowed to issue a new Illinois cash advance if it would result in a more than 45 days debt. This provision gives you a breathing room to pay off the old loan without facing additional charges and fees.
Illinois Payday Loan Regulations
| Legal Status | Legal |
| Interest Rate (APR) | 36% |
| Max. Loan Amount | $1,000 |
| Min. Loan Term | 13 days |
| Max. Loan Term | 120 days |
| Number of Rollovers | 0 |
| Cooling-off Period | 7 days after 45 consecutive loan days |
| Installment | Yes |
Laws Surrounding Illinois Payday Loans
- Minimum loan term of 13 days
- Early repayment plan should not carry additional cost or penalties
- The maximum loan amount that can be borrowed is $1,000
- Lenders cannot offer a loan to borrowers who have other outstanding loans
- Installment loan terms range from 112 to 180 days
Get the Loan You Need
An online personal loan can help when you need cash for large purchases or unplanned expenses.
Why Compare Personal Loans at Financer.com
Compare Illinois Loans at Financer.com
Financer.com helps you compare the best personal loans in Illinois and get the best loan rates from leading lenders.
We look for lenders that offer full transparency and have a long track record of successful lending and satisfied customers. We are always improving our comparisons, but are confident in what we can bring to market, and we know you will be as well.
Use our free loan comparison tool to find the right personal loan in Illinois and take the guesswork out of doing all the legwork yourself.
What Customers Say About Us
4.51 based on 335 reviews
from Reviews.io
Marianne J
Effektivt, tyldigt, intressant, informativ
Andrei B
I believe it to be THE best financial platform in Romania, by far. Their articles are very well documented and really offer the answers to all the questions that I have on the subject.
Terese P
Ute fter nytt kreditkort? Hittade mitt första kreditkort via deras hemsida. Fördelrana? Att man kan jämföra direkt på sidan! Vill du veta om för och nackdelar med olika kort? FInns också på finnacner. Asbra faktiskt.
Alexander E
Bra information om prisläge på olika bankkort med mera.
Birgitta S
Bara bra att säga om financer. Bra info, tydligt, strukturerat, ärligt, uppdaterat! Fem stjärnor.
Illinois Loans - FAQs
Are payday loans legal in Illinois?
What is the maximum payday loan in Illinois?
The maximum payday loan amount in Illinois is $1,000 (or 25% of the gross monthly income).
How long can I take a loan fo?
The maximum loan term for payday loans in Illinois is 120 days. If you're looking for a larger loan with longer terms, consider taking out a personal loan.
Read More About Loans
DSCR Loan: 8 Must-Have Items for Fast Approval
In the ever-evolving world of real estate investment, DSCR loans have emerged as a game-changer. As of December 2024, these loans are revolutionizing how investors
December 14, 2024 30 min read
How To Sell a Car with a Loan
Selling a car can be a straightforward process, but when you still owe money on the vehicle, it becomes a bit more complex. This guide ...
September 17, 2024 16 min read
Conventional Mortgage Loans
Conventional mortgage loans are an important financial tool. They play a crucial role for people buying a home. Understanding how they work will help you ...
November 6, 2024 12 min read
