Illinois Installment Loan Laws

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Installment Loan Regulations & Laws - Illinois

We all run into financial emergencies. For people with bad credit, getting help during these times can be next to impossible. That's why certain companies aim to help those who can't get loans anywhere else. Of course, these loans are quite high risk for the company. For that reason, the interest can be quite high. To ensure that both the lender and the consumer are both protected, there are a number of laws and regulations in place. These laws vary from state to state. Here, we will go over all of the details for the state of Illinois.

The Basics

Small consumer loans, payday loans, and installment loans are legal in Illinois. The highest possible payday loan product is $1,000 (or 25% of gross verifiable income). This is to prevent someone from taking out more money than they cab pay back. The loan must be paid back in between 13 - 180 days. Installment loans are paid back between 112 days and 180 days. The finance charge is $15.50 every $100 borrowed. Interest rates cannot exceed 400%. You will go over an installment loan estimate with a sales representative to go over the repayment schedule and how much you will end up paying back in total. You cannot have more than two loans out at one time.

Types of Personal Loans

There are 3 types of installment loans:

  • Payday Loans: Payday loans are small loans that you pay back on your next payday. These are paid off in one payment.
  • Installment Loans: Installment loans in Illinois are usually higher in amount than payday loans. You pay them back in regular installments between 112 to 180 days.
  • Small Consumer Loans: Small consumer loans are larger loans with longer terms. Interest is as low as 99%.

Customer Requirements

To get Illinois installment loans, you must be over 18, have a steady source of income, and a valid bank account. Social Security, child support, disability, and settlement payments all count as a steady source of income. Unemployment does not qualify. You cannot use a prepaid card as a bank account.

A customer must provide certain information to get an online loan. You will have to present a valid drivers license or state ID as well as your most recent pay stub. If you get a new loan down the road, you will have to once again provide pay stubs to verify your income.

You must wait at least 7 days after taking out a 45-day or longer loan before you take out another one. This prevents you from being in a perpetual cycle of using these high interest loans.

Consumer Protection

To prevent installment loan companies from completely ruining a person financially, there are some restrictions. Most of these laws come from the Payday Loan Reform Act in 2005. Before that, many payday loan policies were not regulated.

One law prohibits any monthly payment from being more than 22.5% of your monthly income (gross). This keeps the payments at a somewhat reasonable level so you can continue to handle your other financial obligations. Another law does not let a lender roll over a loan if it will put the consumer in debt for longer than six months. They want to limit the amount of time someone can be stuck with a debt at such high interest rates. If the loans were much longer, the interest would accumulate rapidly, increasing the debt to the point of becoming impossible.

There are special rules to protect those in the army from taking out unnecessarily high loans. Essentially, a member of the army cannot take out a loan with interest higher than 33%. This disqualifies them from most products.

Online Personal Loan

You always have the option to go to a physical store and take an installment loan out there. However, you also have the option to get an online installment loan. For an installment loan online, you will need to be able to send in your documents via fax or high-quality picture. Any pictures that are unclear will not be accepted.


We all have emergencies and need money sometimes. The beauty of installment loans Illinois is that it gives people an option in their most financially unstable moments. However, it's important to remember that you will likely pay double or triple the cost of the loan. If you have other options to explore, it's a good idea to explore them.

Illinois installment loans are available for those people who are going through a financial hardship and could use the extra money. They're easy enough to get as long as you have a bank account and a source of income. You can even get the funds as quick as the next day in most cases. If you pay everything back, it can be a good resource. Just be sure to pay it back!

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This is a solicitation for a loan. This is not a guaranteed offer and requires a complete and approved application. Personal loan amounts are subject to consumer report data evaluation. Results and actual amounts may vary. Certain limitations may apply.

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