Illinois at a glance
- Personal loansAllowed 36% APR
- Installment loansAllowed 36% APR
- Emergency loansAllowed 36% APR
- Payday loansAllowed 36% APR
- Title loansAllowed 36% APR
Loan options in Illinois
Every loan type we cover is listed, including the ones Illinois law does not allow, so you can see why and what else can work.
- Personal loansAllowedA lump sum you repay in fixed monthly payments. See what your state allows and what a loan can cost.
- Installment loansAllowedFixed payments over months, not weeks. See your state's rate limits and a worked cost example.
- Emergency loansAllowedMoney for an urgent bill, usually a smaller installment loan. Check your state's limits before you borrow.
- Payday loansAllowedA short loan usually due in one payment on your next payday. Allowed in fewer states, so read the fee limits first.
- Title loansAllowedA loan secured by your car title. Allowed in fewer states, and your car is at risk if you cannot repay.
Other ways to borrow
- Credit union payday alternative loans: small loans from federal credit unions with an APR capped at 28% under NCUA rules. (12 CFR 701.21)
- 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.
- Payment plans: many utilities, hospitals and lenders offer hardship plans if you ask before you miss a payment.
What a loan can cost in Illinois
Worked examples at an illustrative rate, never above Illinois's rate cap for that loan amount where the law sets one. They are examples, 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 places to turn in Illinois, each linked to its official source and dated when we last checked it.
Lending regulator and complaints
Illinois Department of Financial and Professional Regulation (IDFPR) licenses lenders in Illinois. Check a lender's license here, and file a complaint if something goes wrong.
Check a lender's license File a complaint
idfpr.illinois.gov Checked September 23, 2026
Attorney general consumer protection
The attorney general's consumer protection office takes complaints about scams, unfair debt collection and other business practices.
illinoisattorneygeneral.gov Checked September 23, 2026
211
Call 211 or visit your local 211 site to reach help with rent, utilities, food and other urgent bills.
unitedwayillinois.org Checked September 23, 2026
Legal aid
Free civil legal help for people with low incomes, including debt collection, repossession and eviction problems. Income limits vary.
lincolnlegal.org Checked September 23, 2026
Nonprofit credit counseling
Nonprofit counselors can help you build a budget or set up a debt management plan. Look for an NFCC or FCAA member agency.
nfcc.org Checked September 23, 2026
Benefits portal
The official site for checking whether you qualify for food, cash or other benefits in Illinois, and for signing up.
abe.illinois.gov Checked September 23, 2026
Federal complaints
Submit a complaint 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.
- 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.
The rules lenders follow in Illinois
These rules protect you as a borrower and explain the labels above. Each one links to the source we took it from. 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 | 815 ILCS 123; 205 ILCS 670; 38 Ill. Admin. Code pt. 110 |
| Title loans[2][3] | Allowed | 36% APR | Not set by statute | Not set by statute | Title-secured loans made under the Consumer Installment Loan Act | 815 ILCS 123; 205 ILCS 670; former Illinois Title Loan Act largely superseded |
| Payday loans[4][3][2] | 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.
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.
Money snapshot for Illinois
Guides for Illinois borrowers
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.
Can I get a loan in Illinois with a 500 credit score?
Lenders look at more than your score, such as income and existing debts, and each sets its own rules. BadCreditMD cannot tell you whether a lender will approve you.
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. 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
Illustrative range for installment loans in Illinois: APRs from 5.99% to 35.99%, where the state APR cap is 36%. This range is not a quote; each lender sets its own rates. Your APR depends on your credit, income, state and the lender.
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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.