Paydayloan-help for Illinois people
(815 ILCS 122/3-3) Sec. 3-3. Licensure requirement: "Except as provided in subsection (b), on and after the effective date of this Act, a person or entity acting as a payday lender must be licensed by the Department as provided in this Article."
Top Queries
- How do I know if a lender is licensed in Illinois?
- How much amount can be loaned in Illinois, what are the legitimate fees?
- What if consumers' check bounces?
- Where to file complaints or inquire more about the payday lenders?
How do I know if a lender is licensed in Illinois?
Check the license info of Illinois Division of Banking.
How much amount can be loaned in Illinois, what are the legitimate fees?
Amount loaned to a person should not exceed $1,000 (from all the sources) or 25% of his/her gross monthly income, whichever is less. Lenders cannot charge more than $15.50 per $100.00 loaned. Loan term limit lies between 13 – 45 days, however, the lower limit does not restrict consumers to prepay the loan without any cost.
What if consumers' check bounces?
If a check/ACH debit returns due to insufficient funds, lender can only charge a fee of maximum $25.00 only if the return causes some expenses for the lender. Moreover, lenders cannot charge fees more than once for the same check/ACH debit.
Where to file complaints or inquire more about the payday lenders?
All queries and complaints should be sent to the Illinois Department of Banking.
