Illinois does not have any laws regulating cash advance practices. Payday loan companies are allowed to operate in the state. Borrowers are allowed to have two outstanding loans at a time. There is a 7-day cooling-off period following 45 loan days before a customer can request a new loan. Illinois allows check cash advance stores with a private right of action; however, lenders are prohibited from bringing a criminal action for collection purposes.
Borrowers can request a loan for up to $1,000 or 25 percent of his/her gross monthly income, whichever is lower.
The loan term for a payday loan is 13 to 45 days.
Borrowers cannot rollover or extend their cash advance loans.
A payday loan business can charge a finance charge of $15.50 for a two-week loan in the amount of $100.
The APR for a two-week loan valued at $100 loan is 403%.