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A lot of time and thought has been put into the payday loan laws in Illinois. People from around the state have lost their jobs as a result of some of the economic problems that the “rust belt” has dealt with. There have been incredible debts racked up within the past few months and the government has kept pace with some brilliant laws. In this article, we will help you to understand the payday loan laws in the state and how they are applicable to you. It is important that you know them and use them when the time comes for you to defend yourself because you never know when you might be cheated by a company.
Online Payday Loan Laws in Illinois
Many of the laws in Illinois revolve around the online market that is somewhat different from the brick and mortar one. In order to protect customers, payday loan laws in the state of Illinois only allow a few licensed online lenders to do the work. The entire list of lenders is as follows: “Check City", “Check N Go”, “PayDay One”, and “Speedy Cash.” Now you can make sure you are not getting into debt with another company that should not even be operating in the state of Illinois. If you are, make sure that you contact the authorities in order to protect yourself as soon as you possible can.
Laws for the Payday Lending Industry
The industry as a whole has a number of laws that they must also follow. Companies who are lending money are required to do so for $1000 or 25% of the gross monthly income for a person (whichever is less). This allows for much more flexibility within the industry that has not previously existed. It is wise to keep this in mind when you are borrowing money from a lender. This way you do not find yourself taking too much money and ending up in trouble for higher debts than you should have been allowed to accrue.
Additionally, you should also learn that lenders are only allowed to charge $15.50 on each $100 that is borrowed from them. This is a rate that is more than 4 times lower than other states, such as Missouri, where there is a heavy lobby in favor of the lending industry. Learning the payday loan laws in Illinois will obviously help you to save money from payday loans and avoid any kind of debt problems that might afflict others.
Nice! Good article on how to save money from payday loans.
Thanks for the Information David, it against the law in my country to be a payday lender.
Few States actually regulate these loans and some even prohibit them but the internet lenders are the real problem. Anyone can go online from any state, prohibited or not, and apply and get these loans very easily. Once they get two or more then the real trouble begins.
Hey David I know you would like to hear that somebody like your article.. Let me therefore tell you that I am one of them. Thank you very much
Hey Geoffrey! Glad you found it informative and helpful. Have to spread the word so others who are in trouble with these get the help they need. Thanks for liking the article and sharing.
Well thank you Jerry, hopefully this information will get to the right people who are in real trouble.
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