Loan Options in Illinois

Illinois capped consumer loans at 36% APR when the Predatory Loan Prevention Act took effect in March 2022. That cap includes interest, fees, and every other charge. Any loan above 36% is void and legally uncollectible, which ended traditional payday lending in the state.

Installment loans are still available from licensed lenders who follow the cap. If you're weighing an installment offer, the Illinois installment loans page explains how these work under current rules. The rates and fees page breaks down typical costs.

Illinois has some of the strongest lending protections in the country. Here's what shields you:

• 36% all-in rate cap - Every charge on your loan counts toward the 36% limit. Lenders can't layer on fees to get around it, and any loan that breaks the cap is void.
• State licensing requirement - Every lender operating in Illinois must hold a license from the IDFPR. If a company isn't licensed, they're breaking the law and you can report them.
• Complaint rights - You can file a complaint through the IDFPR complaint portal if a lender charges over the cap, misleads you, or harasses you during collection. The department investigates and can take action.
• Written terms before you sign - Licensed lenders must give you clear documentation showing total repayment amount, APR, and payment schedule. This lets you compare offers and spot hidden costs before you commit.

Before you share personal details with any lender, check the LendUp scams and safety guide and verify the lender's Illinois license through IDFPR.