Illinois

State Payday Loan Law Information

Payday loans in Illinois are restricted to amounts equal to or less than $1000 or 25% of the gross monthly income. The maximum term of any loan is 13-45 days. The maximum finance rate and fees are $15.50 per $100.

The state allows two outstanding loans at one time with not rollovers permitted. The cooling off period is 7 days after 45 consecutive loan days. There are provisions for repayment plans.

Collections fees are restricted to $25 NSF charge with a limit of two times if there are two checks. Criminal action is prohibited.

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