Drowning in PDLs MT

Illinois Payday Loan Laws - State Legal Status
Lending of payday loan is considered legal in the State of Illinois. However, Online lenders must be licensed in 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

File your Complaint and get Information
Regulator - Illinois Division of Financial Institutions - Here - is where you check to see if they are licensed - http://www.idfpr.com/dfidefault.asp
Address - Consumer Credit Section, 320 W. Washington Springfield IL 62701

Check n go - More than likely licensed to lend in IL

Green trust cash - Tribal - Illegal - Unlicensed

Great Eagle Lending - Tribal - Illegal - Unlicensed

American Web Loan - Tribal - Illegal - Unlicensed

Spotloan - Tribal - Illegal - Unlicensed

Ispeedy loan - More than likely licensed to lend in IL, since that is were the corp office is.

On the two that are legal - you can call their corp offices and see if you can work out an extended payment plan, some times you have to let go to collections to do so. I would still revoke their ACH authorizations, after bank account is secure.

On the three that are tribal - follow the link below in my signature on how to deal - with all steps in order.. if you have questions ask. On these three how much originally borrowed and how much repaid to date? You are only morally obligated to repay principal borrowed on these three minus anything already paid.