Cash Advance Illinois
Illinois offers one of the most complex sets of cash advance regulations in the country. But its statutes actually don’t have the tightest restrictions when compared to other states that also have complicated regulations. That means you need to be extra careful when taking out a loan in Illinois. Don’t fret – we’ll help you navigate the laws so you better understand them. If you want to get started with your loan request right now, head on over to our secure loan request form.
Illinois Cash Advance State Statutes
In Illinois, the maximum loan amount is 25-percent of your monthly income, up to a $1,000 maximum. So, you’d have to make $4,000 a month to be qualified for a $1,000 payday loan. Even if you bring home $4,000 a month, that doesn’t necessarily mean you’d be offered a $1,000 advance, since it’s up to the lender to decide how much they are going to offer you. The maximum finance rate and fees are $15.50 per $100. That means for a 14-day, $100 loan, a lender is allowed to charge you up to a $15.50 finance charge, which would be a 403-percent APR.
The loan term can be 13 to 45 days. You are not allowed to extend your loan. That means no rollovers. You can have up to two outstanding cash advances at one time, but if you add them together the sum can’t be more than 25-percent of your monthly income, up to $1,000 (if you are applying for an installment cash advance, then the max is 22.5-percent of your monthly income).
If you default on the loan, your lender is allowed to charge you a $25 NSF fee. Your lender is not allowed to pursue criminal action against you.
Illinois Payday Loan Regulations
Cash advances are sometimes referred to as payday loans. State regulators view these two financial products as one in the same. Or, there is state legislation for short-term, small dollar funding that applies to these loan products.
- How Payday Loans Work – When you need money sooner than your paycheck is set to arrive, one option might be short-term, small-dollar lending. This is where you borrow against money you are about to receive, and then pay it back as soon as you as you get paid.
- Maximum Amount – Illinois offers a higher maximum amount than many other states. The limit is set at $1,000. Although, state law dictates that you can only borrow up to 25 percent of your monthly income.
- Repayment Extensions – Rollovers are not allowed.
Illinois State Economy
A good rule of thumb is to pay off your cash advance within the first loan term. Be aware of anything that might keep you from paying off your loan, and be sure to keep up-to-date with statistics on your local economy. In May 2015, the unemployment rate in Illinois was at 6-percent. That’s less than half the all-time high, which was 13.1-percent back in February 1983. The low was 4.1-percent back in February 1999.
Before you apply for a cash advance in your area, be sure you know the latest rules and regulations.
Requesting Title Loans in Illinois
When qualifying for a payday loan is difficult or impossible, borrowers turn to title loans. Title loans are loans that require an asset to be used as collateral. Residents in Illinois who are seeking an alternative loan service may turn to title loans to pay off their debts and urgent bills they may have.
Title loans are popular among borrowers because their credit score may not be central to the application process, and loans can be approved for amounts as low as $1,000. Car title loans are the most common forms of title loans. Borrowers use their cars as collateral in order to qualify for a loan. Some lenders may offer car title loans if the borrower has equity in the vehicle. These types of loans last between 15 to 30 days and have an annual percentage rate (APR) over 100%, which is higher than most forms of credit.
Title Loans Laws in Illinois
Auto title loans in Illinois are permitted by law, and borrowers can take out loans up to $4,000, or up to 50% of their income. Loan terms are not heavily regulated; however, borrowers are only allowed one renewal, according to the law.
Title Loans Requirements:
In order to apply for a title loan, customers must provide the following information:
- Vehicle for inspection
- Lien-free title to the vehicle
- Driver’s license or state-issued I.D.
If you default on your loan, the lender has the right to repossess your vehicle and sell it to cover your debt. There may also be additional late fees charged to your account, so it is best to work out a payment plan between you and your lender in order to pay back your loans on time. Be sure to look over your loan contract and read through the fine print, as there may be extra charges and fees you are not aware of.
*OpenCashAdvance.com strives to present accurate information on each state’s regulations; however, we do not guarantee accuracy of data as presented. Please contact your state’s department of finance or visit your state’s official website for the most accurate information and inquiries. You can find your state’s site here: www.idfpr.com
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