Illinois also has a category called payday installment loans, with many of the same limits. However, the amount of such a loan cannot be more than 22.5% of the borrower’s gross monthly income and the terms can be no more than six months. Borrowers have a right to an interest-free repayment plan if their debt runs more than 35 days.
Regulating the fine line of payday lending in Illinois is the The General Assembly’s Illinois Administrative Code.
We at PayDayAllDay strongly suggest our consumers to do their research, and carefully analyze and compare the terms of services, rates, fees, and other conditions offered by several lenders before engaging in any borrowing activity.
