Illinois Payday Loan
In Illinois, the payday lending business is no longer what it used to be. Over the past few years, there have been several new laws and regulations introduced to keep a tight leash on how the industry functions. However, the industry hasn't stopped functioning. The payday lending business has been flourishing, regardless of the rules in place. If you seek a payday loan with no hassles at all, there is just one thing you must do - fill in a loan application. Whatever you financial emergency - SameDayPayday can help, with loans ranging in amounts of $100 to $500 dollars.
SameDayPayday can help you choose from that overwhelming array of providers presented over the internet. To help you find the right loan, our site offers comprehensive lender profiles and user reviews. If you are looking for a list of local payday stores, click on your city below. Otherwise, our speedy service can connect you efficiently and confidentially to a lender. Most approvals come within minutes of receiving the completed application. Once you agree to terms and conditions, you can expect funds to be deposited within one business day.
Payday Loan Laws in Illinois
In Illinois, payday lending is legal. The maximum you can borrow is a maximum of the lesser of $1000 or 25% of your gross monthly income. The finance charge for a $100 payday loan for 14 days is $15.50. In Illinois you can have two loans out at a time, and are permitted no extensions.
Because of the proliferation of the internet, the availability of payday loans has grown in leaps and bounds. In an internet search from early 2017, “payday loans Illinois” turned up 562,000 hits! The number of licensed cash advance companies in 2001 was 564 and today the number is much higher.
Individual states are the ones primarily in charge of regulating cash advance lenders. The cash advance lending industry, however, is precariously balanced on top of very rocky legal terrain. Opponents of cash advance loans are lobbying ardently in the name of consumer protection to stop short-term loan lending. At the same time lobbyists representing the cash advance lending industry are fervently working to ensure your ability to get the quick cash that you need right now.
The state motto of Illinois is: “State sovereignty, national union.”
Illinois Payday Loan - Cities