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payday loans
payday loan companies
debt consolidation company
loan sharks
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roll overs
paydays
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peace of mind
red flag
gross income
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Debt Consolidation Of Payday Loans In Illinois
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Debt Consolidation Of Payday Loans In Illinois

After reading the laws from this state, I can see why there are so many people looking for debt consolidation of payday loans in Illinois. The first red flag is the interest rates allowed, $15.50 per $100.00 borrowed. This can add up incredibly fast if you borrow the maximum of $1000.00 for a week and need to roll it over a few times.

Say you rolled this over to the limit of the loan duration allowed, or 45 days. That would be 5 roll overs, at $155.00 a rollover, times 6 is $930.00. ( remember the original $155.00 charge for the first week.)

See how easy it is to get caught in the payday loan trap? You would be paying the $930.00 plus the original $1000.00 loan for a whopping payback of $1930.00. Not a bad profit for 45 days. Kind of makes me sick to my stomach.

The maximum amount a lender may loan out at one time is $1000.00 or 25% of the borrowers gross income, which ever is less, and the loan duration can be up to 45 days.

Payday loan companies do have to follow the small loan laws for the state of Illinois, and that does help curb other charges like bad check fees and such, as they are not allowed to charge them.

Another example of how out of control these loans have become is if you borrow $100.00 for 14 days the APR is 403%. This is insane!

Using these loan services is never in your best interest ans should be avoided at all costs, especially in the state of Illinois. They are nothing but legal loan sharks and a person can find themselves in real serious financial trouble in a very short period of time. All of a sudden it seems there is no end in sight and you could very well end up paying an incredible amount to get back on track.

If you are in trouble with payday loan debt in Illinois or any other state I suggest you start doing some research on a good payday loan debt consolidation company. they can help turn your financial situation around quickly and return some peace of mind back into your paydays. They will help stop the calls and threats by the loan companies, and set you up on payments you can afford.

I hope the Illinois payday loan laws have informed you a bit about using these services, and the risks you take by using them. If you are in payday loan debt get on that research and find some relief from the payday loan trap today!

Please feel free to share this article and leave any comments and questions below!


Street Talk

Illinois payday loan laws seem unusual. Your comment "sick to your stomache" seems on target.

Reply
  about 7 years ago

I agree, they are a bit confusing.

Reply
  about 7 years ago
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