Online Payday Loans Illinois

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Online Payday loans offer instant cash that consumers need in times of emergency. In the past few years, Illinois has enacted stronger Payday loan regulations to protect consumers. In this guide, we’ll walk you through the available options for online Payday loans in Illinois, how to apply for Payday loans, and compare rates from leading lenders in the state.

Are payday loans still available in Illinois?

Yes, Payday loans are still available in Illinois.  Loans are governed by the state’s Payday loan reform act which was enacted to create a sense of order in the industry and protect borrowers from abusive practices. Consumers can also verify licensed lenders who offer Payday loans on the Illinois Department of Financial and Professional Regulations website.

Payday loan laws in Illinois:

• Payday installment loans cannot exceed $1,000 or 25% of the borrower’s gross monthly income.
• The minimum repayment period is 13 days, while the maximum repayment period is set at 45 days.
• The APR is capped at 36%, and an additional verification fee is set at $1.
• Payday loan rollovers are not allowed.
•  Repayment plans: If the loan is not repaid after 35 days, the borrower has a right to at least 55 days to repay the installments without additional costs.
• Loan defaults: The lender can charge you a $25 NSF fee for defaulting, but they are prohibited from filing criminal charges.
• Borrowers can take up to two Payday loans at the same time.
• There is a 7-day cooling-off period between loans. For example, if you’ve taken out a loan with a repayment term of  30 days, you’ll have to wait seven days after repayment to get a new loan.

How to get an online payday loan in Illinois

The eligibility criteria for online payday loans in Illinois vary with each lender. In most cases, the lender will require you to meet these conditions:

• Be at least 18 years old
• Be a resident of the state of Illinois
• Have a regular source of income
• Have an active checking account in your name

The lenders may also ask you to provide proof of regular income, a physical address, your social security number, and contact details at the application stage.

Payday Loan Requirements in Illinois

Payday loans in Illinois have their annual interest rate capped at 36%. The maximum amount is also set at $1,000 or 25% of your gross monthly income and a repayment period of 45 days.

To qualify for a Payday loan in Illinois, most lenders require you to be at least 18 years old, have a steady income, and be a US citizen or a permanent resident.

How quickly can you receive Payday loan funds in Illinois?

Simply put, how quickly you receive your funds depends on your eligibility, mode of cash advance application, and the lender. In most cases, as fast as next business day.

Can you get instant funding in Illinois? Yes, depending on the lender. For instance, you can get a Pheabs cash advance within one hour to one business day. Fig loans also offers instant funding within the hour. Cash-n-go also offers same-day payouts from their retail store locations. 

Before you take out a short-term loan Payday loans, installment loans and auto title loans come with high rates and fees which can trap you in a cycle of debt. Borrowers may find themselves taking out a second or third loan because they couldn’t pay back the first one on time.

A payday loan should be used in emergency cases and as a last resort.

What happens if you fail to repay a Payday Loan in Illinois?

In Illinois, the state law protects Payday loan consumers from predatory lending. Failing to repay a Payday loan is not treated as a criminal offense.

If you’re unable to repay your Payday loan on time, you’re entitled to a 35 day interest-free repayment period. If you’re still unable to pay after 35 days, you can demand a repayment plan. However, lenders are prohibited from issuing a new Payday loan if you cannot repay your loan for more than 45 consecutive days.

Leading payday loan lenders in Illinois

Check n’ Go	Fig Loans	Pheabs
Read reveiw	VISIT	VISIT
Est. APR in Illinois 36% for a 14-day loan	Est. APR in Illinois 36%	Est. APR in Illinois Varies
Est. Loan Term 14–30 days	Est. Loan Term 4–6 Months	Est. Loan Term 2-4 weeks for short-term loans, Up to 5 years for long-term loans
Loan amount $100 – $865	Loan amount $300–$400 for first-time borrowers, $300-$750 for repeat borrowers	Loan amount $100 to $35,000
Minimum Income Not set or disclosed	Minimum Income $1,400 per month	Minimum Income About $800 per month

Best Alternative to Payday Loans in Illinois: MoneyLion InstaCash

MoneyLion’s Instacash gives cash advances of up to $250 quickly with zero interest obligations. Users can access Instacash through the MoneyLion app. You can borrow a percentage of your expected income and repay within two weeks.

MoneyLion offers bank and investment accounts, but you don’t have to have an account to access the Instacash feature. If you don’t have a MoneyLion account, you may have to wait up to five days to get the Instacash advance or pay a fee.

MoneyLion’s Instacash is best for you if

• You need money quickly. Since it’s a short-term lending product, you get your money right away.
• You don’t need a high loan amount. You can only borrow up to $250, which may take up to eight weeks to qualify since it is the highest MoneyLion limit.
•  Have steady employment: You have an active checking account and regular income.
• Don’t need urgent cash: If you’re not pressed for cash fast and want to have a buffer between paydays.

Look else where if:

• Need cash fast
• Looking to borrow more than $250.
• You can’t afford to repay the loan by your next Payday.
• You are not a MoneyLion user and need a faster source of funds.

MoneyLion Instacash Details

• Eligibility – Consistent source of income and a checking account at least two months old.
• Interest – MoneyLion  loans are interest-free, but you have an option to tip. Users are asked to tip to show their appreciation for the Instacash service, but tips are not mandatory and do not impact eligibility.
• Fees – Standard regular deliveries (12 to 48 hours) do not attract any fee. For immediate delivery, users can choose MoneyLion’s “turbo delivery”option which comes with  a fee ranging from $0.99 to $7.99 if the funds are deposited into a MoneyLion RoarMoney account or your external checking account.

Withdrawals and repayments- Withdrawals and refunds are made through the MoneyLion App. Repayments can be automatically deducted from your external checking account or your MoneyLion RoarMoney account.

Wrapping up

In conclusion, while Illinois’ Payday loan reform act has led to stronger regulations in the industry, Payday loans are still available to borrowers who need instant cash. Be sure to use a trusted online payday lender in Illinois if you’re in an emergency.

For those who need an alternative to Payday loans, MoneyLion Instacash offers a quick, no-fee way to get cash advances of up to $250. Although it is ideal for those who need quick cash and have steady employment, borrowers with irregular income and those who need to borrow more than $250 may want to consider other options.

You have options if you live in Chicago and need a loan fast.