ABCPaydayLoan - Illinois

Hi Jenner,

As per the Illinois pdl laws, payday lending is legal in your state. However, this does not mean that all the payday lenders are licensed to operate in your state. As the official website of ABC loans state that they cannot lend in Illinois, there are high chances that they are illegal in your state. Why don???t you contact the Illinois Division of Financial Institutions in order to find out whether or not your payday lenders are licensed there? They will be the best to help you in this matter. If you???re lucky enough, then they may not be licensed in your state and in such a situation, you???ll simply have to pay them the principal balance!

Take care.

Yep???.I agree with Savion. If you find that the lenders are licensed to operate in your state, then you are required to pay the principal amount along with interest and other charges. Licensed lenders can file a lawsuit against you if you don???t repay your debt. So it is better to repay the debt asap. The contact detail of Illinois Division of Financial Institutions is as follows:
* Address - Consumer Credit Section, 320 W. Washington Springfield IL 62701
* Phone - 888- 298- 8089

Thank you for replying to my post. I really appreciate it.

Per your advice I intended to contact the Division of Financial Institutions. I didn't even have to call. I went on the website and under "Borrower's Beware" payday-loan-yes.com is listed as an out of state lender with this above it:
The following companies and websites have offered or are offering loans to Illinois residents. We strongly advise you not to obtain a loan from any of these companies. Unlicensed internet lenders frequently charge interest and fees above what is allowed under Illinois law. Also, if you are defrauded by an internet lender, it may be extremely difficult and time consuming, and perhaps impossible, for you to recover your losses. This is particularly true if the company is based outside the United States.

That right there confirms for me that they are indeed unlicensed. I will be contacting them via email after this regarding my willingness to set up a payment plan (repayment I should be granted by law here in Illinois) to pay back the $400 I did borrow, but nothing more.

If they are no licensed can they garnish my wages though? Especially for such a small amount?


Thank you.

No they can???t. Unlicensed payday lenders won???t be able to take any legal action against you.

i sent a wage assignment revoking email (which was basically thrown back in my face), but i have also been informed that for a wage assignment to be legit it must have an actual signature. all i've ever done was 'e-sign' or 'give payment authorization via email'.