Picture of license on website yet state of Il says differently
Date: Tue, 12/21/2010 - 23:12
Speedy cash??? They have a picture of an Illinois license on their website yet a hard search of Illinois licenses shows nothing in the state??? Puzzled , I borrowed $500 and I'm sure I've more than paid that.
Payday loans are legal in Illinois. But, I'm not sure whether or
Payday loans are legal in Illinois. But, I'm not sure whether or not it is legal in Illinois. You can contact the Regulator of Financial Institutions in Illinois and try to get information about them:
Regulator - Illinois Division of Financial Institutions
Consumer Credit Section, 320 W. Washington Springfield IL 62701
You may check the validity of your lender's license over here-
You may check the validity of your lender's license over here-
http://www.idfpr.com/dfi/LicenseeSearch/frmSearchLicensees.asp
Illinois Payday Loan Laws State Legal Status Lending of payday
Illinois Payday Loan Laws
State Legal Status
Lending of payday loan is considered legal in the State of Illinois.
Loan Specifications
- Maximun Amount of Loan - Less than $1000 or 25% monthly gross income
- Term of Loan - 13-45 days
- Maximum Rate of Finance and Fees- $15.50 per $100
- Finance Charge on $100 loan for a 14 day period - $15.50
- APR for $100 loan for a 14 day period - 403%
Debt Limits
- Maximum Number of outstanding loans permitted at a time - 2
- Permissible number of Rollovers - None (Rollover cannot be done)
- Cooling-off Period - 7 days after a period of 45 consecutive loan days
- Repayment Plan - Yes
Limits of Collection
- Collection Fees Amount - One NSF fee of $25 (Presentment limit is equal to 2)
- Criminal Action - Prohibited
