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What Illinois law allows
| Product | Status | APR cap | Amount | Term | License | Law |
|---|---|---|---|---|---|---|
| Payday loans[1][2][3] | Allowed | 36% APR | Not set by statute | Not set by statute | Payday Loan Reform Act | 815 ILCS 123; former Payday Loan Reform Act, 815 ILCS 122 |
| Verified against the statute and regulator on September 23, 2026. Laws change; confirm with the regulator before you borrow. | ||||||
Bars place each APR cap on a 0 to 400% scale; the pin marks the cap. A striped bar means the statute sets no numeric cap.
The rules in full
Payday loans
- Rate cap
- Same 36% all-in MAPR cap under the Predatory Loan Prevention Act (815 ILCS 123) applies to payday loans as to other consumer loans; there is no separate higher payday-specific rate allowance.
- Fees
- All-in 36% MAPR including all fees and charges; a loan exceeding this is null and void with no right to collect principal, interest, fees, or charges.
- License
- Payday Loan Reform Act (PLRA) license, 815 ILCS 122, issued by IDFPR; the license category remains active, but loans must comply with the PLPA 36% all-in cap, which makes the traditional high-cost payday product commercially non-viable in Illinois.
Full detail for every loan type: Illinois lending laws.
Help in Illinois
Money snapshot for Illinois
Other options in Illinois
Worth checking whatever your credit: these can cost less than a high-rate loan.
- Emergency loans in Illinois: allowed under Illinois law; see its limits and license rules.
- Installment loans in Illinois: allowed under Illinois law; see its limits and license rules.
- Personal loans in Illinois: allowed under Illinois law; see its limits and license rules.
- Title loans in Illinois: allowed under Illinois law; see its limits and license rules.
- Credit union payday alternative loans (PALs). Federal credit unions may offer small loans of up to $2,000 with terms of up to 12 months and an APR no higher than 28%, under NCUA rules (12 CFR 701.21). You usually need to be a member.
- Nonprofit credit counseling. A counselor accredited by the National Foundation for Credit Counseling can help you build a budget or a debt management plan.
- Ask your creditor for a payment plan. Utilities, hospitals and many lenders offer hardship or extended payment plans if you ask before you miss a payment.
- Local assistance. Call 211, or visit 211.org, for emergency help with rent, utilities and food in Illinois.
Payday loans in nearby states
Sources
- woodstockinst.org/wp-content/uploads/2021/01/05_PLPA-fact-sheet-4.28.21-with-citation-1.pdf. Retrieved September 23, 2026.
- ilga.gov. 815 ILCS 123. Retrieved September 23, 2026.
- idfpr.illinois.gov. Illinois Department of Financial and Professional Regulation (IDFPR), Division of Financial Institutions. Retrieved September 23, 2026.
- National Low Income Housing Coalition. Out of Reach 2026: Illinois. Retrieved September 23, 2026.
- U.S. Census Bureau, Population Division. Vintage 2024 National and State Population Estimates. Retrieved September 23, 2026.
- U.S. Bureau of Labor Statistics. Local Area Unemployment Statistics (LAUS), All States, Seasonally Adjusted. Retrieved September 23, 2026.
Important disclosures
APRs vary by lender and state in Illinois. Each lender sets its own rates and terms and must show you the APR before you sign.
Representative example
- Amount borrowed
- $1,000
- Annual percentage rate (APR)
- 36%
- Repayment
- 12 monthly payments
- Payment
- $100.46
- Finance charge
- $205.52
- Total of payments
- $1,205.52
Example: a $1,000 payday loan at 36% APR repaid in 12 monthly payments of $100.46 costs $1,205.52 in total, including a finance charge of $205.52. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
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- Questions about a lender licensed in Illinois? Contact the Illinois Department of Financial and Professional Regulation (IDFPR), Division of Financial Institutions or file a state complaint.
- You can submit a complaint about any lender to the Consumer Financial Protection Bureau at consumerfinance.gov/complaint.