Payday Loan in Illinois
Date: Wed, 10/04/2006 - 10:33
I was in a desperate financial situation and made the mistake of getting loans from internet payday loan companies. I've got 5 outstanding and now they are threatening to come to my place of business. Can anyone tell me how to check if these companies are legal in Illinois and what else I can do to get out of this situation?
This is the payday loan laws in IL Quote: Legal Status: Legal
This is the payday loan laws in IL
Quote:
Legal Status: Legal Citation: 815 Ill. Comp. Stat. Ann. ???? 122/1-1 Loan Terms: Maximum Loan Amount: lesser of $1000 or 25% gross monthly income Loan Term: 13-45 days Maximum Finance Rate and Fees: $15.50 per $100 Finance Charge for 14-day $100 loan: $15.50 apr for 14-day $100 loan: 403% Debt Limits: Maximum Number of Outstanding Loans at One Time: Two Rollovers Permitted: None (cannot rollover) Cooling-off Period: 7 days after 45 consecutive loan days Repayment Plan: Yes Collection Limits: Collection Fees: One $25 NSF fee (Presentment limit = 2) Criminal Action: Prohibited Where to Complain, Get Information: Regulator: Illinois Division of Financial Institutions Address: Consumer Credit Section, 320 W. Washington Springfield, IL 62701 Phone: (888) 298-8089 Fax: Regulatory Contact: Phil Sanson,, Acting Consumer Credit Assistant Supervisor |
This is the link http://www.state.il.us/dfi/ccd/ccd_licensees.htm in which you can check the internet lenders licensed in your state.
Finally, Illinois Division of Financial Institutions is the place where you can put all complaints regarding lenders doing unfair business with you.
http://www.state.il.us/dfi/ccd/ccd_main.htm
