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Online Payday Loans in Illinois (IL)

Payday loans, as almost any other form of loan, come with good sides as well as with bad sides. The good ones are, obviously, that they help you get through a hard time, like an emergency or unexpected expense.

Then, there are also the bad sides that such a loan comes with. If you are not paying attention or fail to inform yourself properly, you could end up in debt or a loan loop, which are two things everyone wants to avoid entirely.

As with most of the American states, Illinois payday loans come with some personal features that you should take into account before applying for one. So, read on to find out more.

The Numbers - short term loans Illinois

First of all, we will take a look at the maximum amount you can borrow under the form of payday loans in Illinois. You can borrow $1,000 or 25% of your gross monthly income. Remember that the smaller amount will be chosen.

Then, we’ll talk about the terms you have to respect when paying off your payday loan. The maximum term is of 120 days and the minimum term is of 13 days.

Moving to an important part, we will take a look at the finance charges. There’s a mere amount of only $1 that represents the verification fee, and a fee of $15.50 for each $100 borrowed. The annual percentage rate (APR) is of 403% for a 14-day loan of $100.

As a restriction, the Illinois law allows you have two loans at once, but the total amount of these two loans must be less than $1,000 or 25% of your gross monthly income – which is the maximum loan amount allowed in Illinois.

In case you have a payday loan and an installment loan – the other form of loan allowed in Illinois – then the maximum loan amount must be less than 22.5% of your gross monthly income.

The Illinois law gets back into action by allowing you only 45 consecutive loan days, after which a break of 7 days must be taken before applying for a new loan. Our Installment Payday Loans are fully compliant with Illinois law. You can request a loan here.

Another important thing to remember before getting bad credit personal loans in illinois is the fact that these types of loans are high-cost. They have a high interest rate and are ideal for emergencies and short-term problems. Therefore, you must be sure that you are able to pay off your payday loan within the set period of time before getting one.

Final Thoughts

If getting a payday loan is a result of you having a hard time managing your income and expenses, then you should seek financial counseling. Organizations such as the DHS Temporary Assistance for Needy Families and IHWAP (Illinois Home Weatherization Assistance Program) will be able to help in case of emergencies or unexpected expenses, by making your bills more affordable while dealing with the mentioned problems.

In the end, not only that you have to inform yourself properly before applying for a loan, but you also have to research information about the current state of payday loans in Illinois. This way, you will avoid any unwanted situations and keep yourself debt-free.

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Short-term loans are emergency credit products of relatively small amounts designed for short-term financial issues only and can become an expensive product if used for long-term purposes.


The owner and operator of PaydayClick.com is not a lender and is not involved into making credit decisions associated with lending or making loan offers. Instead, the website is designedonly for amatching service, which enables the users contact with the lenders and third parties. The website does not charge any fees for its service, nor does it oblige any user to initiate contact with any of the lenders or third parties or accept any loan product or service offered by the lenders. All the data concerning short-term loan products and the industry is presentedon the website for information purposes only. PaydayClick.com does not endorse any particular lender, nor does it represent or is responsible for the actions or inactions of the lenders. PaydayClick.com does not collect, store or has access to the information regarding the fees and charges associated with the contacting lenders and/or any loan products. Short-term loans are not available in all the states. Not all the lenders in the network can provide the loans up to $1,000. PaydayClick.com cannot guarantee that the user of the website will be approved by any lender or for any loan product, will be matched with a lender, or if matched, will receive a short-term loan offer on the terms requested in the online form. The lenders may need to perform credit check via one or more credit bureaus, including but not limited to major credit bureaus in order to determine credit reliability and the scopes of credit products to offer. The lenders in the network may need to perform additional verifications, including but not limited to social security number, driver license number, national ID or other identification documents. The terms and scopes of loan products vary from lender to lender and can depend on numerous factors, including but not limited to the state of residence and credit standing of the applicant, as well as the terms determined by each lender individually.


APR Representative
APR (Annual Percentage Rate) is the loan rate calculated for the annual term. Since PaydayClick.com is not a lender and has no information regarding the terms and other details of short-term loan products offered by lenders individually, PaydayClick.com cannot provide the exact APR charged for any loan product offered by the lenders. The APRs greatly vary from lender to lender, state to state and depend on numerous factors, including but not limited to the credit standing of an applicant.

Additional charges associated with the loan offer, including but not limited to origination fees, late payment, non-payment charges and penalties, as well as non-financial actions, such as late payment reporting and debt collection actions, may be applied by the lenders. These financial and non-financial actions have nothing to do with PaydayClick.com and PaydayClick.com has no information regaining whatsoever actions may be taken by the lenders. All the financial and non-financial charges and actions are to be disclosed in any particular loan agreement in a clear and transparent manner. The APR is calculated as the annual charge and is not a financial charge for a short-term product.


Late Payment Implications
It is highly recommended to contact the lender if late payment is expected or considered possible. In this case, late payment fees and charges may be implied. Federal and state regulations are determined for the cases of late payment and may vary from case to case. All the details concerning the procedures and costs associated with late payment are disclosed in loan agreement and should be reviewed prior to signing any related document.

Non-payment Implications
Financial and non-financial penalties may be implied in cases of non-payment or missed payment. Fees and other financial charges for late payment are to be disclosed in loan agreement. Additional actions related to non-payment, such as renewals, may be implied upon given consent. The terms of renewal are to be disclosed in each loan agreement individually. Additional charges and fees associated with renewal may be applied.

Debt collection practices and other related procedures may be performed. All the actions related to these practices are adjusted to Fair Debt Collection Practices Act regulations and other applicable federal and state laws in order to protect consumers from unfair lending and negative borrowing experience. The majority of lenders do not refer to outside collection agencies and attempt to collect the debt via in-house means.

Non-payment and late payment may have negative impact on the borrowers’ credit standing and downgrade their credit scores, as the lenders may report delinquency to credit bureaus, including but not limited to Equifax, Transunion, and Experian. In this case the results of non-payment and late payment may be recorded and remain in credit reports for the determined amount of time.