Illinois Payday Loans

In the state of Illinois payday loans are legal. The laws relating to payday loans are comprehensive in Illinois. You generally get loans from institutions dealing in finance and financial products. Mostly these institutions are Illinois payday loans companies. The law specifies an amount less than $1000 or 25% of your monthly income that you may take as payday loan from any company. You are suggested to be cautious if any of the financial company offers a loan amount more than the legally specified limit.

The rate of interest these lenders can charge from you is $15.50 per $100. The loan may be taken for a minimum term of 13 days and the maximum is for 120 days. This is a legally specified limit. If you take a loan of $100 for 14 days the fee on this will be $15.50. The APR on this will be 403%.

Illinois Payday Loans: Laws & Regulations

Rollovers are prohibited. Rolling over means the renewal of the Illinois payday loans process, you have to pay fees again every time you renew your loan and the principal amount stands due as such. As a matter of fact, not allowing rollover seems to be the state’s act in the favor of its borrowers as rollover are lucrative for the lender. You might end up paying more than your loan amount as an interest rate on it without paying a single penny towards your Illinois payday loans.

illinois payday loans

You are allowed to have two outstanding loans at one time. You will have to observe a 7 day cooling off period following 45 loan days before you can ask for a new loan. The state law prohibits criminal action by the lender against you. Your lender cannot drag you to litigation in regards to payday loan matters. But the Illinois payday loans lenders are allowed to charge a $25 as fees in the event non payment of the loan on the due date. The payday loans companies are allowed to have private right of action against you if your checking account was closed and the loan amount stood unpaid.

PLS Loan Store

This Illinois payday loans company offers a wide arrangement of services such as vehicle registration, check cashing, money orders, and utility bill payment services; tax services, and cash advance loans or payday loans and auto title loans. This lender claims to provide 100% confidential and fast services. They just require you to bring a check which they will keep with them till your next pay date. They were recently named as the largest privately held Illinois payday loans companies by Crain’s Chicago Business. You are required to apply for payday loans by personally visiting their one of their local branches. Give them a call at 312-377-2930 or visit their website at www.plsfinancial.com.

Devone Financial

This Illinois payday loans lender provides a wide arrangement of financial products and services. They offer a variety of loans such as short term installment loans, payday loans, auto title loans. They also provide prepaid Mastercard debit cards. They claim their requirements to be straightforward, their approval procedure immediate and procedures as very simple. All you have to do is provide them with some basic information about yourself. If interested in making use of their services visit their local branch personally. They do not provide an online application form. Give them a call at 312-341-0264 or visit their website at www.districtfinancial.net.

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If you’ve had a good or a bad experience with a specific Illinois payday loans company, please share it with the rest of us so we can all benefit from the information. Also, if you have any questions about Illinois payday loans, you can ask them here, and either one of our staff or another visitor will answer it the same day. You can also feel free to sound off on the cash advance industry itself, and say whether you feel payday loans are inherently good or evil. This will help provide a well-balanced discussion on Illinois payday loans.

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