As a large Midwestern state, Illinois has had particular interest in the payday loan industry. Many of the people in this region have lost their jobs as a result of the economic decline in the region. The “rust belt” as it is now called has played a large role in shaping the Illinois payday loan laws that exist today. Many of these laws are groundbreaking for their scope and ability to accommodate both the lending companies and the protection that people need. In this article, we will offer you a bit of information about the industry in the state of Illinois and how you might be able to avoid paying high rates for nothing.
Learning Illinois Payday Loan Laws
Like a few other progressive states, Illinois has set the amount of money borrowed at a threshold amicable to both lenders and the general public. The lenders are not allowed to offer more than $1000 or 25% of the borrower’s gross monthly income. This means that people who are wealthy, but just need some quick cash to tide them over, can now do that. At the same time, poorer people who might borrow too much and enter the payday loan trap are unable to do so.
This is a key benefit of Illinois payday loan laws that actually protect everyone involved. While it could be argued that it is not a free allowance, this is still a great idea in most people’s eyes. In addition, the maximum fee that can be charged as interest in the state of Illinois is only $15.50 per $100, which is far below many other states. Missouri, for example, allows lenders to charge $75 for the same amount borrowed. This is a huge protection for people that have debts and cannot afford to pay them quickly.
Online Lenders in Illinois
Many of the online lenders in the state of Illinois are well known in other states as well. Some of these websites online include “CheckCity.com”, “ChecknGo.com”, “PayDayOne.com”, and “SpeedyCash.com.” All of these companies have been accredited and allowed to operate in the state of Illinois. Thankfully, this should allow you an amount of competitiveness that will encourage companies to actually lower the interest rates.
Nonetheless, whether it is an online company or a nearby store, you need to make sure you know Illinois payday loan laws so that you can protect yourself from lenders that might take advantage of you. If you have payday loans either from online lenders or storefront loans and need help getting out of the payday loan trap please let us know so we can give you a quote.
