#payday loans chicago
Illinois Payday Loans
Payday loans are legal in Illinois. The state of Illinois does not have strict laws governing the payday loan industry. Payday loan companies are allowed to operate with a physical presence (storefront) in the state. Lenders, such as lenders in Chicago. are not able to bring any criminal charges against borrowers for non payment of a loan. Borrowers are able to request loans in the amount of up to $1000 or 25% of their monthly income. The terms for a payday loan are variable lenders can allow between 13 and 45 days for a borrower to repay the payday loan. While most states regulate that borrowers can only have one payday loan outstanding at a time, Illinois allows for two outstanding loans per person. Illinois does also require a “cooling off” period of 7 days between paying off one loan and taking out another.
Maximum Charge Per $100
The maximum interest charge per $100 lent in the state of Idaho is $15.50.
Rollovers and Repayment
Payday loan borrowers in Illinois are not permitted to rollover, or renew, their loans. Payday loan companies are required to offer repayment plans to their customers.
The Illinois Division of Financial Institutions, Consumer Credit Section is the body that is in charge of regulating Illinois payday loans. They are located in Springfield, IL.