Legal Status



815 ILCS 122 et seq.

Debt Limits

Maximum Number of Outstanding Loans at One Time: No loan shall be made to a consumer who has an outstanding balance on 2 payday loans. 815 ILCS 122/2-5(e)(5?)

Rollovers Permitted: Rollover of a payday loan by any lender is prohibited. 815 ILCS 122/2-30.

Cooling-off Period: If a consumer has or has had loans outstanding for a period in excess of 45 consecutive days, no payday lender may offer or make a loan to the consumer for at least 7 calendar days after the date on which the outstanding balance of all payday loans made during the 45 consecutive day period is paid in full. 815 ILCS 122/2-5(b)

Repayment Plan: Yes. If payment is still owed on one or more payday loan after 35 days, repayment plans may be requested. The repayment plan gives 55 days minimum to repay the loan in installments with no additional finance charges, interest fees, or other charges. 815 ILCS 122 2/40

Collection Limits

Collection Fees: If there are insufficient funds to pay a check, Automatic Clearing House (ACH) debit, or any other item described in the definition of payday loan on the day of presentment and only after the lender has incurred an expense, a lender may charge a fee not to exceed $25. 815 ILCS 122/2-10(a).

Criminal Action: Prohibited.