Illinois Payday Loan Laws and Regulations

The following laws are applicable in the state of Illinois:

- Maximum loan amount: 25% of gross income (monthly) or $1000, whichever is lesser.
- Loan tenure: 13 to 45 days
- Finance charge per $100 in 14 days: $15.5
- APR per $100 (14 days): 403%
- Maximum fees: $15.5 per $100
- No rollovers
- Two simultaneously outstanding loans maximum
- $25 NSF collection fee

A cooling off period of 7 days is given to borrowers after 45 continuous loan days. A repayment plan is also in effect in Illinois, allowing borrowers to recover from their short loan. Criminal action is prohibited.

Illinois Consumer Protection

The Illinois Division of Financial Institution deals with all issues pertaining to payday loans. You can visit their offices, or send them a message via several ways:

Consumer Credit Section, 320 W. Washington
Springfield, IL 62701
Phone: (888) 298-8089
Fax: (217) 785-6157

Interesting Facts About Illinois

Illinois is the 21st state of the America. The name of the state literally means “tribe of superior men”. It is the sixth most heavily populated state of the country. The state animal is the white tailed deer. The state has the unique privilege of building the world’s first skyscraper in Chicago. It was built in 1885. Since then the State has been growing exponentially in terms of economy and sociopolitical stature.
Illinois is home of the Chicago Bears Football Team, Chicago Cubs and Chicago White Sox baseball teams. There is also Chicago Fire soccer team. The people here take their sports seriously. You wouldn’t want to get caught in the age old rivalry between the Yankees and the White Sox fans.
There is more to this state and you should read on to get to know more about this awesome part of the country.

  1. Illinois is known as “The Land of Lincoln” as Abraham Lincoln spent a major part of his life in this state. Many historic monuments have also been erected all over the state to commemorate this supreme leader of the country.
  2. The tallest building in the whole of North America is known as the Sears Tower. It is located in Chicago and remained the world’s tallest building till 1996. The building spans more than two city blocks and is the only building with floor occupied at the astounding height of 1431 feet.
  3. All you superman fans out there, the Metropolis where Clark works is actually a real place in Illinois- pretty cool, right? This means you have to visit and see what superman does in everyday life.
  4. The state has her share of strange laws. For instance, it is legal for a person who is below twenty two years of age to drink provided that he or she is enrolled in a culinary program. Similarly, sex offenders are prohibited from being a part of national holidays and festivals as retribution for the wrong they committed.
  5. Illinois makes most of her economic revenue from agriculture. The state produces corn, soya, jute and grains. Inventors John Deere and Cyrus Mc Cormic made a fortune by improving farming machinery. Their ideas increased productivity manifold.
  6. The state produces the best pumpkins in the entire America. They are the largest producers of this fruit. In 1998, BagelFest was arranged in which a world record was set for creating the largest blueberry bagel weighing more than 700 pounds.
  7. The state was home to the tallest man in the whole world. He was born in the city of Alton in 1918 and weighed around 490 pounds. He was about 8 feet, 11 inches tall. His shoes were the size 37. Talk about being Big and Tall. 
  8. Chicago is perhaps the greenest city of America. The state simply loves plants. The official state plant is also a live oak tree. The state flower is the native violet.
  9. If you happen to own a sweet tooth then you should be happy to learn that the world’s largest ice-cream cone factory, Keebler is also located here. Even more interesting is the fact that here, ice-cream was given the much loved name “Sundae”. Legend has it that the general good will and positivity of the town was threatened by reduced effect of the soda fountain on Sunday. The fathers of the Church passed a decree according to which no one was to have an ice-cream soda on Sunday. The clever folk found a way around that too. They used to serve ice-cream with the syrup. There was no soda added in it. Eventually, the ice-cream began to be known as Ice-cream.
  10. Illinois has a wide variety of weather bouts. The state is popular for the severe conditions it faces. Intense heat, tornadoes, winter storms and cold waves are a common occurrence in this area.
  11. There must be an air of thrill and action around Chicago because most of the blockbusters have been filmed here. For example, Ocean’s 11, Ocean’s 12, Home Alone 1,2 and 3 and Bad boys.

The state of Illinois is home to hard working and some of the most famous personalities in mainland US. There are so many wonderful places still left to be explored. So, the next time you plan a vacation, make sure to leave plenty of room to visit this great state.

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