Personal loans in Illinois
Consumer lending in Illinois is regulated by the Illinois Department of Financial & Professional Regulation. Below are the sourced rules that affect what a lender can charge you, followed by the cities we cover.
Lending rules in Illinois
| Payday lending | Permitted and regulated — maximum loan amount: (e) No lender may make a payday loan to a consumer if the total of all payday loan payments coming due within the first calendar month of the loan, when combined with the payment amount of all of the consumer’s other outstanding payday loans coming due within the same month, exceeds the lesser of: (1) $1,000; or (2) in the case of one or more payday loans, 25% of the consumer’s gross monthly income. No loan shall be made to a consumer who has an outstanding balance on two payday loans, except that, for a period of 12 months after March 21, 2011 (the effective date of Public Act 96-936), consumers with an existing CILA loan may be issued an installment loan issued under this Act from the company from which their CILA loan was issued; maximum loan term: (a) Without affecting the right of a consumer to prepay at any time without cost or penalty, no payday loan may have a minimum term of less than 13 days. (b) No payday loan may be made to a consumer if the loan would result in the consumer being indebted to one or more payday lenders for a period in excess of 45 consecutive days. Except as provided under subsection (c) of this Section and Section 2-40 [815 ILCS 122/2-40], if a consumer has or has had loans outstanding for a period in excess of 45 consecutive days, no payday lender may offer or make a loan to the consumer for at least seven calendar days after the date on which the outstanding balance of all payday loans made during the 45 consecutive day period is paid in full. For purposes of this subsection, the term “consecutive days” means a series of continuous calendar days in which the consumer has an outstanding balance on one or more payday loans; however, if a payday loan is made to a consumer within six days or less after the outstanding balance of all loans is paid in full, those days are counted as “consecutive days” for purposes of this subsection. Finance charges: (e-5) A lender shall not contract for or receive a charge exceeding a 36% annual percentage rate on the unpaid balance of the amount financed for a payday loan. For purposes of this Section, the annual percentage rate shall be calculated as such rate is calculated using the system for calculating a military annual percentage rate under 32 CFR 232.4 as in effect on the effective date of this amendatory Act of the 101st General Assembly. When any loan contract is paid in full, the licensee shall refund any unearned finance charge. The unearned finance charge that is refunded shall be calculated based on a method that is at least as favorable to the consumer as the actuarial method, as defined by the federal Truth in Lending Act [ 15 U.S.C. §1601 et seq.]. The sum of the digits or rule of 78ths method of calculating prepaid interest refunds is prohibited. 815 ILCS 122/2-10 (a) If there are insufficient funds to pay a check, Automatic Clearing House (ACH) debit, or any other item described in the definition of payday loan under Section 1-10 [815 ILCS 122/1-10] on the day of presentment and only after the lender has incurred an expense, a lender may charge a fee not to exceed $25. Only one such fee may be collected by the lender with respect to a particular check, ACH debit, or item even if it has been deposited and returned more than once. A lender shall present the check, ACH debit, or other item described in the definition of payday loan under Section 1-10 for payment not more than twice. A fee charged under this subsection (a) is a lender’s exclusive charge for late payment. (a-5) A lender may charge a borrower a fee not to exceed $1 for the verification required under Section 2-15 of this Act [815 ILCS 122/2-15] in connection with a payday loan. In no event may a fee be greater than the amount charged by the certified consumer reporting service. Only one such fee may be collected by the lender with respect to a particular loan. (b) Except for the finance charges described in Section 2-5 [815 ILCS 122/2-5] and as specifically allowed by this Section, a lender may not impose on a consumer any additional finance charges, interest, fees, or charges of any sort for any purposeSource: National Conference of State Legislatures · as of 2023 |
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| Small-loan / installment licensing | Consumer lenders must obtain a state license (Yes). Statutory basis: 815 Ill. Comp. Stat. 205/4.2; 205 Ill. Comp. Stat. Ann. 670/1 et seq. Licensing administered through NMLS: Yes.Source: Conference of State Bank Supervisors · as of 2026 |
| Interest rate cap (usury limit) | Usury limit: 5% for agreements without written contracts (815 ILCS 205/2) and 9% for written contracts (815 ILCS 205/4). Finance rates and fees for licensed lenders: 36% per year (loans not exceeding $4,000 at a rate exceeding 36% are considering small consumer loans and are subject to Sections 17.1-17.5 of this Act). CSBS 50-state survey of consumer finance laws; state-verified usury catalog.Source: Conference of State Bank Supervisors · as of 2026 |
| Consumer lending regulator | Consumer lenders in Illinois are licensed and supervised by the Illinois Department of Financial & Professional Regulation.Source: Conference of State Bank Supervisors · as of 2026 |
| Debt collection rules | Third-party debt collectors must comply with the federal Fair Debt Collection Practices Act (FDCPA), 15 U.S.C. § 1692 et seq.; state consumer-protection and debt-collection enforcement is handled by the Illinois Office of the Attorney General. The FDCPA expressly authorizes state attorneys general to enforce it (15 U.S.C. § 1692l). Some states also require collection agencies to be licensed.Source: Illinois Office of the Attorney General · as of 2026 |
| Military lending protections | The federal Military Lending Act (MLA) caps the Military Annual Percentage Rate (MAPR) at 36% for consumer credit extended to active-duty service members, their spouses and certain dependents, and bars mandatory arbitration and prepayment penalties on covered loans. Federal protection that applies nationwide, including in this state.Source: Consumer Financial Protection Bureau · as of 2024 |
| Complaint / licensing lookup | Check whether a lender holds a state license through NMLS Consumer Access (nmlsconsumeraccess.org) or the Illinois Department of Financial & Professional Regulation; consumers can file complaints with the Illinois Department of Financial & Professional Regulation or the CFPB at consumerfinance.gov/complaint.Source: Nationwide Multistate Licensing System (NMLS) Consumer Access · as of 2026 |
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Cities in Illinois
ChicagoRockfordRound Lake BeachPeoriaAuroraSpringfieldChampaignJolietNapervilleBloomingtonElginWaukeganDecaturCiceroAltonKankakeeEvanstonSchaumburgArlington HeightsBolingbrookPalatineSkokieDeKalbCarbondaleDes PlainesOrland ParkOak LawnBerwynMount ProspectTinley ParkOak ParkWheatonNormalHoffman EstatesDowners GroveGlenviewElmhurstLombardPlainfieldBuffalo GroveMolineBellevilleBartlettRomeovilleCrystal LakeCarol StreamStreamwoodQuincyPark RidgeUrbanaWheelingCarpentersvilleHanover ParkRock IslandCalumet CityAddisonNorthbrookOswegoWoodridgeGlendale HeightsSt. CharlesElk Grove VillagePekinO'FallonMundeleinNilesGurneeNorth ChicagoGalesburgHighland ParkAlgonquinDanvilleBurbankLake in the HillsLansingGlen EllynWilmetteChicago HeightsOak ForestGranite CityHuntleyMcHenryNew LenoxVernon HillsBataviaLockportWest ChicagoWoodstockMelrose ParkEdwardsvilleBelvidereMorton GroveHomer GlenZionWestmontCollinsvilleElmwood ParkRolling MeadowsFreeportLisleSouth ElginMaywoodLoves ParkRoselleBlue IslandMachesney ParkVilla ParkEast PeoriaBloomingdaleDarienDoltonSouth HollandGenevaPark ForestEast MolineGrayslakeHarveyLibertyvilleYorkvilleCrest HillMontgomeryFrankfortMokenaEvergreen ParkLake ZurichHomewoodBrookfieldLake ForestEast St. LouisDeerfieldMattesonAlsipBourbonnaisBensenvilleBellwoodRound LakeOttawaFranklin ParkPalos HillsSycamoreCharlestonJacksonvilleShorewoodCaryNorth AuroraGodfreyLemontHinsdaleMattoonMarionBridgeviewWestchesterCountry Club HillsFairview HeightsMortonLa GrangeProspect HeightsWashingtonDixonMacombNorridgeBradleySwanseaSterlingAntiochMount VernonMorrisHickory HillsLindenhurstChicago RidgeMidlothianForest ParkChathamWaucondaWood DaleWarrenvilleHazel CrestCantonChannahonShilohBeach ParkWestern SpringsGlen CarbonLa Grange ParkLincolnwoodLincolnRichton ParkNorthlakeRantoulWinnetkaJusticeKewaneeCahokiaMinookaHerrinEffinghamStreatorPalos HeightsCentraliaPontiacRiver ForestMarkhamSchiller ParkBarringtonBurr RidgeTaylorvilleSummitRoscoeColumbiaFox LakeRiverdaleWorthCrestwoodWaterlooPlanoTroyLyonsRiver GroveCampton HillsGages LakeWood RiverHighlandSauk VillageFlossmoorPeruWinfieldPingree GroveBoulder HillItascaLaSalleStegerHarvardBethaltoRochelleManhattanRiversideMahometSugar GroveFrankfort SquareWillowbrookLynwoodOlneyHarwood HeightsHawthorn WoodsMantenoGlencoeMonmouthRock FallsMascoutahSavoyLake VillaClarendon HillsGlenwoodParisCreteHarrisburgHillsideLong GroveGilbertsOak BrookMaryvilleIsland LakeRocktonHampshireBroadviewSouth BeloitSilvisLincolnshirePark CityWest DundeeChesterPrincetonInvernessJerseyvilleRound Lake ParkMarengoNorth RiversideWest FrankfortMurphysboroSalemRobinsonUniversity ParkSandwichCalumet ParkBentonStickneyClintonMendotaLitchfieldMount CarmelOrland HillsGeneseoWinthrop HarborGreenvilleHillsboroVandaliaJohnsburgCountrysideBraidwoodChillicotheMonticelloPontoon BeachMount ZionMetropolisBartonvilleElburnPeoria HeightsVoloEast AltonLake BluffWillow SpringsNorthfieldDu QuoinCartervilleBeardstownLakemoorPosenCarlinvilleSpring GroveLake HolidayEurekaLake BarringtonSpring ValleyGrandwood ParkWilmingtonColonaBerkeleyPanaPinckneyvilleCoal CityHoopestonHighwoodCandlewick LakeGenoaMoneeMilanCarmiSouth BarringtonFairfieldOlympia FieldsCreve CoeurPalos ParkRobbinsFloraTuscolaLebanonFox River GroveStauntonWatsekaStone ParkBeecherAuburnSullivanPoplar GroveLakewoodCortlandMarseillesCentrevilleHometownLawrencevilleWest PeoriaBreesePaxtonAnnaBarrington HillsScott AFBFreeburgSmithtonCaseyvillePeotonePittsfieldKildeerBurnhamMillstadtGreen OaksShermanRosewood HeightsIndian Head ParkShelbyvilleWonder LakeMetamoraRosemontSouth Chicago HeightsSpartaDupoRochesterOregonMorrisonSt. JosephMarshallAledoDwightEldoradoCoal ValleyRiverwoodsByronRed BudForsythFairburyDeer Park
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