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Illinois Payday Loans and Lenders (IL)

The Payday lending business is undergoing a great deal of change in Illinois at the moment. New laws and closed loopholes are changing the way the industry works, but are not, by any means, closing the industry. Payday lending is still alive and thriving in the state. If you’re interested in quick, hassle-free loans to help you make it to your next pay check, then start filling out an application now.

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Alternatives to Illinois Payday Lending

If you need a long term solution to your financial troubles, we suggest looking into one of our payday loan alternatives. Many customers have found our credit cards, personal loans, debt consolidation ,and credit counseling programs to be helpful solutions to their financial problems.

Illinois Payday Lending Laws

Payday Lending is legal in Illinois. In December 2005, Gov. Rod Blagojevich declared his unwavering support for the new law that would protect consumers from predatory payday lending, but would still keep the business in the state. Some of the more prominent parts of the new laws are as follows:

  • Lenders may only charge $15.50 interest for every $100 loaned.
  • Borrowers may not have more than one payday loan at a time.
  • Borrowers may not have a loan for more than forty-five days at a time. After the forty-five days, they must have a rest period of one week in which they cannot extract any loans.
  • Members of the military receive special protection, including a ban on garnishing wages, a deferral of collections for deployed personnel, and a prohibition on contacting the borrower’s commanding officer. This portion of the new law is undoubtedly responding to the nationwide criticism of Payday lenders targeting military populations.

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Number of Payday Lenders in Illinois

The Payday lending business was growing exponentially in Illinois when there were no laws regulating interest rates a lender may charge. Now that the new law restricts payday lenders in such regards, we may see the industry growth taper slightly in the state.

Illinois Unemployment Statistics

According to the United States Department of Labor:
The unemployment rate in Illinois as of January 2006 was 5.8. This was a 0.6 decrease from January of the previous year. The highest unemployment rate Illinois has seen in the past ten years is 7.0.

In January 2006 there were 371,593 unemployed people in Illinois.

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* Payday Today is not a payday lender or broker. We provide research and information about payday lenders and products, and are not necessarily affiliated with the companies featured on this site. Availability of products and services varies by state. Not all independent lenders will approve you for a loan or can provide you with up to $1,000 on your first loan.


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