Payday Loans in Illinois
Unexpected expenses need urgent cash. If you live in Chicago, Springfield, Peoria, Rockford, or elsewhere in Illinois, you don't have to wait until your next payday to sort out a financial crisis. Apply for payday loans in Illinois now, and get up to $1,000 cash wired to your account the next day via direct deposit.
Why Choose MoneyZap for an Illinois Payday Loan
- Fast Approval Process. Apply online today and get the cash deposited into your account tomorrow.
- Best Rates & Terms. Get loans at competitive interest rates and flexible repayment terms to save money.
- Trusted Lender Network. Access our vast networks of top-rated, state-licensed Illinois payday lenders.
- Bad Credit Accepted. Get a no credit check loan even with a bad credit history.
How To Apply Online for Payday Loans in Illinois
- Loan Inquiry Complete the secure online form with the requested information, such as your name, phone number, employment status, income source, income frequency, and the loan amount you’re applying for.
- Lender Matching. Give us a few hours to verify your application and link you to an Illinois lender offering the best interest rates and loan terms for your individual financial needs.
- Loan Approval. Sign and submit a digital loan agreement consenting to the terms of the cash advance and receive the funds you need by the next business day.
Is Payday Lending Legal in Illinois?
Yes. Payday lending in Illinois is governed by the Payday Loan Reform Act, which went into effect in 2005. The Illinois Department of Financial and Professional Regulations (IDFPR) maintains an online database of all payday loan transactions. All payday lenders within the state must consult this database before approving any new short-term loan to a customer.
The IDFPR not only protects consumers by eliminating predatory lending practices but also makes it easier for regulators to keep track of the number of active payday loans in the state. It prevents borrowers from biting off more than they can chew.
Is MoneyZap State-Licensed?
MoneyZap is a licensed lender matching service that operates within federal and state statutes in jurisdictions where payday lending is legal. We are regulated by the US Department of Financial Protection and Innovation.
Is MoneyZap a Direct Lender?
Our role as a matching service is to connect potential borrowers looking for a short-term personal loan, paycheck advances, installment loans, title loans, and other forms of short-term credit with trusted lenders in Illinois. We are not a lending company. We are brokers that act as intermediaries between consumers and lending institutions.
Where Can I Get Online Payday Loans?
If you’re an American citizen residing in Chicago, Springfield, Peoria, Rockford, or anywhere else in Illinois, MoneyZap will match you to a lender within your jurisdiction. Our vast network of service providers spans across Illinois and the United States at large. Apply for a payday loan today and get connected with top lenders near you.
How Much Can I Borrow Through MoneyZap?
Illinois state law caps the maximum amount you can borrow in payday loans at $1,000 or 25% of your monthly income before-tax—whichever is less. The amount must be repaid in a single payment or as an installment loan. It all depends on the conditions set forth by the lender.
What Is the Maximum Repayment Period for Payday Loans in Illinois?
The maximum loan term for Illinois payday loans is 120 days, while the minimum repayment duration is 13 days. If you’re unable to repay the outstanding amount by the time the due date rolls around, state law allows for one rollover.; however, this provision is only applicable to installment payments. Rollovers are not allowed for single payment cash advances.
Can I Apply for More Than One Payday Advance?
The law allows Illinois residents to apply for up to two cash advances simultaneously. Note that the cumulative balance on both loans should not be more than $1,000 or more than 25% of your monthly income before tax. You cannot apply for additional payday loans until you have fully settled one of the two outstanding amounts.
Keep in mind that there is a mandatory seven-day cooling-off period if your previous short-term loan payments were outstanding for more than 45 consecutive days. This cooling-off period does not apply to installment loans.
What Are the Charges for Using MoneyZap?
Our platform is 100% free to use. You will not incur any charges for using our matching service. Our role as a broker is to connect you with trusted lenders in the state, offering the most competitive interest rates and flexible repayment terms. Once your application is approved and you receive the loan, we receive a small commission to help keep our services running.
What Are the Finance Charges for a Paycheck Advance in Illinois?
According to the State lending statutes, the cost of a payday advance on all open balances should not exceed an annual percentage rate (APR) of 36%. Before this new legislation was passed in March 2021, the APR was 99% for small personal loans, 400% for payday installment loans, and 400% for payday loans. The rates for all three loan types have since been standardized at 36%.
In addition to the APR, there’s also a mandatory $1 verification fee charged over and above the 36% interest rate. The total cost of taking out a $100 payday advance in Illinois for a 14-day repayment term would be:
36% 365 days = 0.9863 14 days = $1.38 + $1 verification fee = $2.38
The total amount you would be obligated to pay back is $102.28.
Can I Repay My Payday Advance Early?
The lenders on our panel of service providers do not penalize individuals borrowing money for paying off their loans early. You can pay off your loan at any time before the due date without incurring any punitive charges or hidden fees.
Can I Get a No Credit Check Payday Loan in Illinois?
You don’t need a sterling credit history to apply for a payday advance through MoneyZap. Our partner lenders prioritize your ability to pay off the loan when the due date rolls around rather than your existing credit score.
Provided you’re at least 18 years old with a stable income of $1,500 after-tax and are an Illinois state resident, you qualify for a no credit check payday loan. A lender may run a soft credit check on you if need be, but this has no impact on your credit score.
How do I Apply for a Payday Advance in Illinois?
To apply for a cash advance on your paycheck with MoneyZap, simply fill in the secure online form with the requested information. We ask for basic personal information, such as your name, address, phone number, employment situation, employment duration, income source, income frequency, and the loan amount you want.
Once we have this information, we’ll take a few hours to review your online form and match you to an Illinois lender that can fulfill your financial needs.
How Fast Can I Get the Cash?
After the lender we matched you with approves your loan request, you’ll first need to sign a digital loan agreement. Then, they will deposit the cash into your checking account by the next business day.
Is Loan Approval Guaranteed?
If you meet the criteria outlined below, your loan application is pretty much a slam dunk.
- You're an American citizen;
- You're 18 years old or older;
- You've not filed for bankruptcy;
- You have a regular income or paycheck amounting to at least $1,500 monthly after-tax;
- You have valid contact information, including an active phone number and email address.
What Happens If I Fail to Back a Payday Advance?
There are two scenarios we could be looking at. The first is late payment, whereby a borrower fails to pay back the short-term loan on the agreed-upon due date. It could be for any number of reasons, including non-sufficient funds.
The second is when a borrower defaults on the loan, meaning they do not repay at all.
In the case of non-sufficient funds, a penalty not exceeding $25 will be levied on the outstanding balance. This amount can only be charged once.
In the case of non-payment where a borrower completely defaults on the loan, lenders in Illinois are prohibited by law from taking criminal action against the borrower. They can, however, pursue the matter in civil court. Currently, the statute of limitations stands at ten years from the last payment date.
Is a Payday Advance Right for Me?
It depends on what you intend to use the short-term loan for. Payday loans are designed to bail you out of a financial emergency where you need urgent cash and can’t wait until you get your next paycheck.
An emergency could be anything from paying medical bills to fixing your broken-down car. Payday advances should not be used on recurrent expenses, such as rent and utility bills. If that’s the case, you should seek long-term loan alternatives such as a personal loan until you get back on your feet.