Chicago Payday Loans | Best Chicago Payday Loan Lender

Payday loans are legal in Illinois.  Before you apply for a Chicago payday loan online, you should know the facts about payday lending in your state.  Fortunately, the laws in Illinois are easy to comply with, and easy to understand.

Illinois State Payday Loan Law Overview

A payday loan cannot be more than 25% of the borrower’s gross monthly income.  However, the loan cannot exceed $1000.  You can request a payday loan for no more than the lesser of these two amounts.

Borrowers in Illinois will find the terms for payday loans to be quite reasonable.  A standard payday loan can be held between thirteen and forty-five days.  You can have up to two payday loans at one time.  Lenders are prohibited from initiating criminal action when a loan is not repaid on time.  If you wish to prepay your loan, you can do so at any time during the loan period without any penalty or additional cost.

A second option for borrowers in Illinois is an installment payday loan.  An installment loan can be held between 112 days and 180 days.

While rollovers and extensions are not allowed by Illinois law, lenders must offer a repayment plan if you cannot pay your loan when it is due.  Interest cannot be charged on the payment plan.

A $100. loan held for fourteen days can carry a finance charge of $15.50.  The APR for this loan is 403%.  Your lender can also charge a verification fee of not more than one dollar.  If you have insufficient funds to cover your loan repayment, the lender can charge a non-sufficient funds fee of not more than $25.  The most recent Illinois payday loan reform act limits lenders to charging this fee only once per loan.  Previously, lenders were allowed to resubmit a request for repayment, and charge this fee a second time if the full amount of the loan was not covered.

When you need short-term cash, a Chicago payday loan online is a good solution.  If you are planning to apply for a loan, you can be confident in knowing these regulations are in place to protect you.  The state of Illinois wants payday lending to be a positive experience for both borrowers and lenders.  If you only borrow as much as you can reasonably afford to repay, and repay your loan on time, it can be a positive solution to your short-term cash needs.

Best Chicago Payday Loan

This is the list of top Chicago payday lenders. You can apply them online and get cash in less than 24hr.

No
Provider
Review
APR
Visit Site
1
AmeriAdvance
Varied
Go to AmeriAdvance
2
Paydaymax
431.79%-616.85%
Paydaymax
3
Plain Green Loans
59.84% �?378.95%
Go to Plain Green Loans
4
MyCashNow
401.13%-573.05%
MyCashNow
5
Discount Advances
401.13%-573.05%
Discount Advances
6
100 Day Loans
36%�?51.79%
100 Day Loans
7
Check City
Varied
Check City
8
Cash Central
Varied
Cash Central
9
CashAdvance
Varied
Go to CashAdvance.com
10
Great Plains Lending
199.44% �?448.76%
Great Plains Lending
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