What a loan can cost in Illinois
Examples at an illustrative rate, never above Illinois's cap for the amount. They are not quotes.
Representative example
- Amount borrowed
- $500
- Annual percentage rate (APR)
- 29.99%
- Repayment
- 12 monthly payments
- Payment
- $48.74
- Finance charge
- $84.88
- Total of payments
- $584.88
Example: a $500 installment loan at 29.99% APR repaid in 12 monthly payments of $48.74 costs $584.88 in total, including a finance charge of $84.88. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
Representative example
- Amount borrowed
- $1,000
- Annual percentage rate (APR)
- 29.99%
- Repayment
- 12 monthly payments
- Payment
- $97.48
- Finance charge
- $169.76
- Total of payments
- $1,169.76
Example: a $1,000 installment loan at 29.99% APR repaid in 12 monthly payments of $97.48 costs $1,169.76 in total, including a finance charge of $169.76. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
Representative example
- Amount borrowed
- $3,000
- Annual percentage rate (APR)
- 29.99%
- Repayment
- 12 monthly payments
- Payment
- $292.45
- Finance charge
- $509.40
- Total of payments
- $3,509.40
Example: a $3,000 installment loan at 29.99% APR repaid in 12 monthly payments of $292.45 costs $3,509.40 in total, including a finance charge of $509.40. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
Resources in Illinois
Free and low-cost help in Illinois, each with its official link and the date we checked it.
Lending regulator and complaints
Illinois Department of Financial and Professional Regulation (IDFPR) licenses lenders in Illinois.
Check a lender's license File a complaint
idfpr.illinois.gov Checked September 23, 2026
Attorney general consumer protection
Takes complaints about scams and unfair debt collection.
illinoisattorneygeneral.gov Checked September 23, 2026
211
Help with rent, utilities, food and other urgent bills.
unitedwayillinois.org Checked September 23, 2026
Legal aid
Free civil legal help if your income is low; income limits vary.
lincolnlegal.org Checked September 23, 2026
Nonprofit credit counseling
Help with a budget or a debt management plan.
nfcc.org Checked September 23, 2026
Benefits portal
Check whether you qualify for food, cash or other benefits in Illinois.
abe.illinois.gov Checked September 23, 2026
Federal complaints
Complaints about any lender, to the Consumer Financial Protection Bureau.
Submit a complaint to the CFPB
consumerfinance.gov Checked September 23, 2026 Available in Spanish
Cheaper options to try first
Worth checking whatever your credit: these can cost less than a high-rate loan.
- 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.
- 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.
- Credit-builder loans: a small loan held in savings while you pay it off, which can help build a payment history.
- Secured credit cards: a card backed by a deposit you make, which can help build credit when you pay on time.
The rules lenders follow in Illinois
Each rule links to its source. How we research state rules.
Allowed in Illinois: installment and personal loans, title loans and payday loans.
| Product | Status | APR cap | Amount | Term | License | Law |
|---|---|---|---|---|---|---|
| Installment and personal loans[1][2][3] | Allowed | 36% APR | Not set by statute | Not set by statute | Consumer Installment Loan Act License | 815 ILCS 123; 205 ILCS 670; 38 Ill. Admin. Code pt. 110 |
| Title loans[2][3] | AllowedHigh-cost loan | 36% APR | Not set by statute | Not set by statute | Title-secured loans made under the Consumer Installment Loan Act require the CILA license from IDFPR | 815 ILCS 123; 205 ILCS 670; former Illinois Title Loan Act largely superseded |
| Payday loans[4][3][2] | AllowedHigh-cost loan | 36% APR | Not set by statute | Not set by statute | Payday Loan Reform Act license | 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.
Rate, fee and license rules in Illinois
Installment and personal loans
- Rate cap
- The Predatory Loan Prevention Act (PLPA), 815 ILCS 123, imposes an all-in 36% Military APR (MAPR) cap on consumer loans of $40,000 or less, covering closed-end and open-end credit and in addition to the Consumer Installment Loan Act (205 ILCS 670, CILA). The PLPA repealed CILA's prior 'Small Loan Exemption' that had allowed APRs above 36% on loans of $4,000 or less, and eliminated the $25 CILA document-preparation fee.
- Fees
- All-in MAPR calculation includes interest, fees, and charges; a loan structured to exceed 36% APR is null and void with no right to collect any principal, interest, fees, or charges. Banks and credit unions are exempt from the PLPA cap.
- License
- Consumer Installment Loan Act (CILA) License under 205 ILCS 670, issued by the Illinois Department of Financial and Professional Regulation (IDFPR), Division of Financial Institutions.
Title loans
- Rate cap
- Same 36% all-in MAPR cap under the Predatory Loan Prevention Act (815 ILCS 123) applies to title-secured consumer loans; the prior Illinois Title Loan Act's higher rate allowances no longer apply above this ceiling.
- Fees
- All-in 36% MAPR including interest, fees, and charges; a loan exceeding this is null and void with no right to collect principal, interest, fees, or charges.
- License
- Title-secured loans made under the Consumer Installment Loan Act (205 ILCS 670) require the CILA license from IDFPR; CILA licensees must report title-secured loans to the state loan database under PLPA implementation.
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.
Rent and jobs in Illinois
Typical rent and the jobless rate, to weigh before a loan payment.
Guides for Illinois borrowers
By credit score
- Credit score 300 to 499
- Credit score 500 to 529
- Credit score 530 to 559
- Credit score 560 to 579
- Credit score 580 to 669
- Credit score 670 to 739
By amount
Articles about Illinois
Check your options in Illinois
Illinois questions
Does Illinois law allow payday loans?
Illinois law allows payday loans. The cost limit is 36% APR. Source: 815 ILCS 123; former Payday Loan Reform Act, 815 ILCS 122.
What is the most a lender can charge in Illinois?
By loan type in Illinois: Installment and personal loans: 36% APR. Title loans: 36% APR. Payday loans: 36% APR.
Where can I file a complaint about a lender in Illinois?
You can file a complaint with Illinois Department of Financial and Professional Regulation (IDFPR), and you can also submit one to the Consumer Financial Protection Bureau. Both links are under Resources in Illinois on this page.
How do I check a lender's license in Illinois?
Illinois Department of Financial and Professional Regulation (IDFPR) licenses lenders in Illinois. Use the license link under Resources in Illinois on this page to check a lender before you share your information.
Is there free help paying bills in Illinois?
Yes. Resources in Illinois on this page lists free help, including 211, legal aid, nonprofit credit counseling and benefits portal.
Nearby states
Sources
- mayerbrown.com/en/insights/publications/2021/04/illinois-imposes-strict-36-usury-cap-for-a-range-of-consumer-finance-products-and-providers. Retrieved September 23, 2026.
- idfpr.illinois.gov. Illinois Department of Financial and Professional Regulation (IDFPR), Division of Financial Institutions. Retrieved September 23, 2026.
- ilga.gov. 815 ILCS 123. Retrieved September 23, 2026.
- woodstockinst.org/wp-content/uploads/2021/01/05_PLPA-fact-sheet-4.28.21-with-citation-1.pdf. Retrieved September 23, 2026.
- National Low Income Housing Coalition. Out of Reach 2026: Illinois. 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.
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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.