Payday Loans in Ohio, Illinois

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No payday loan companies in Ohio, IL. Consider companies in other cities:

Company nameAddressZip codePhone number
Fiat Financial Money Center 3641 N Main St, Rockford, IL 61103 +1 (815) 654 - 6101
Arlington Jewelry & Loan 901 W Rand Rd, Arlington Heights, IL 60004 +1 (847) 577 - 3700
Check Into Cash 104 Barrington Rd, Streamwood, IL 60107 +1 (630) 540 - 1734
Security Finance 822 S Morrison Ave, Collinsville, IL 62234 +1 (618) 346 - 9107
Cash Store 1701 N Larkin Ave Ste 901, Crest Hill, IL 60403 +1 (815) 744 - 9321
Kunes GMC of Belvidere - Formerly Jack Wolf 1855 N State St, Belvidere, IL 61008 +1 (815) 248 - 5314
Raymond James 101 Devonshire Dr, Champaign, IL 61820 +1 (217) 351 - 4815
World Finance 1021 Century Dr, Edwardsville, IL 62025 +1 (618) 800 - 1255
Top Payday Loans Rockford 3621 Samuelson Rd, Rockford, IL 61109
Loan Machine 1567 Sibley Blvd, Calumet City, IL 60409 +1 (708) 730 - 1100

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Ohio, IL, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Elk Grove Village, IL, Payday Loan for Elmhurst, IL, Payday Loan for Evanston, IL, Payday Loans in Galesburg, IL, 24-Hour Loan in Glendale Heights, IL, Online Loans in Glenview, IL, Payday Loans in Gurnee, IL and Payday Loan Without a Credit Check in Hanover Park, IL. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Ohio, IL.

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Payday Loans Available in Ohio, IL By The Following ZIP Codes:

61349

Are Payday Loans Legal In Ohio, Illinois?

Loan Rates and Fees, Laws and Regulations in Illinois.

Illinois Loan Regulations

Legal StatusLegal
Interest Rate (APR, %)404
Maximum Loan Amount$1,000 (or 25% of the gross monthly income)
Minimum Loan Term13 days
Maximum Loan Term120 days
Number of Rollovers Allowed0
Finance Charges15.5% per $100

Ohio, IL payday loan calculator

Advise to read before applying

Everything You Need to Know about Payday Loans in Ohio and Illinois

In a financial bind and need to access quick cash? Payday loans are a popular option across the country, including in Ohio and Illinois. These short-term loans are designed to help you cover unexpected expenses until your next paycheck, but they come with high interest rates and fees. Here’s what you need to know before you consider taking out a payday loan in Ohio or Illinois.

Overview of Payday Loans in Ohio

In Ohio, payday loans are legal, but there are restrictions on the amount of money you can borrow and the length of time you have to pay it back.

  • Maximum loan amount: $1,000
  • Maximum loan term: 6 months
  • Interest rate cap: 28% APR
  • Maximum finance charge: 10% of loan amount
  • Cooling-off period: 45 days between loans

It’s important to note that payday lenders in Ohio are not allowed to rollover or extend loans, and they are required to provide borrowers with a written agreement that spells out the terms and conditions of the loan. Borrowers can cancel a loan within one day of taking it out without penalty, and lenders are prohibited from charging prepayment penalties.

Overview of Payday Loans in Illinois

In Illinois, payday loans are legal and there are few restrictions on loan amounts or loan terms. However, the state has implemented regulations to protect borrowers from predatory lending practices.

  • Maximum loan amount: $1,000 or 25% of monthly gross income
  • Maximum loan term: 120 days
  • Interest rate cap: No cap
  • Finance charge: $15.50 per $100 borrowed

Payday lenders in Illinois are also required to provide borrowers with a written agreement that spells out the terms and conditions of the loan, including the APR and finance charges. The state also prohibits lenders from rolling over or extending loans more than twice, and borrowers can cancel a loan within two business days without penalty.

Interesting Facts and Statistics about Payday Loans in Ohio and Illinois

  • The average payday loan borrower takes out eight loans per year in Ohio.
  • Ohioans pay the highest payday loan interest rates in the country, with an average APR of 677%.
  • In Illinois, the average payday loan is $354 and is paid back over the course of five months.
  • Payday loans in Illinois cost borrowers $229 million in fees and interest in 2020.

If you’re considering a payday loan in Ohio or Illinois, it’s important to carefully read and understand the terms and conditions of the loan before signing on the dotted line. As with all financial decisions, make sure you can afford to repay the loan on time and in full to avoid costly fees and penalties.

Apply Now

Ready to apply for a payday loan in Ohio or Illinois? TheGuaranteedLoans can help connect you with potential lenders who may be able to offer you a loan. Remember, we are a connector service, not a direct lender, and we will facilitate your connection with potential lenders. Fill out our online application today and get started on the path to financial relief.

F.A.Q.

What happens if I am unable to repay my payday loan in Ohio, Illinois?

If you are unable to repay your payday loan in Ohio, Illinois, the lender may take legal action against you to recover the outstanding amount. The lender may also charge late fees and additional interest. It is important to communicate with your lender and try to come to a mutually agreed upon repayment plan if you are unable to repay the loan on time.

Can I renew or rollover my payday loan in Ohio, Illinois?

No, Illinois law does not allow for the renewal or rollover of payday loans.

Look for Short-Term Loans in Other Cities:

Addison Algonquin Arlington Heights Aurora Bartlett Belleville Berwyn Bloomington Bolingbrook Buffalo Grove Calumet City Carol Stream Carpentersville Champaign Chicago Chicago Heights Crystal Lake Danville Decatur Des Plaines Downers Grove Dundee Elgin Elk Grove Village Elmhurst Evanston Galesburg Glendale Heights Glenview Granite City Gurnee Hanover Park Hoffman Estates Joliet Lombard Moline Mount Prospect Mundelein Naperville North Chicago Northbrook Oak Lawn Oak Park Orland Park Oswego Palatine Park Ridge Pekin Peoria Plainfield Quincy Rock Island Rockford Romeoville Schaumburg Skokie Springfield Streamwood Tinley Park Urbana Waukegan Wheaton Wheeling Woodridge
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Customer Notice: Cash advance loans should be used for short-term personal requirements primarily, not as long-term budgetary remedies. Clients together with credit score issues ought to look for credit advice. Subject to state regulations, qualification, credit check, underwriting and approval. Rates, terms and conditions apply

Client Guidance: Payday loans are generally designed as a temporary financial bridge that allows individuals to borrow a modest amount of money until their next paycheck arrives. This type of loan is often used as an immediate financial remedy for unforeseen expenses, especially for those lacking a financial cushion or significant savings. If you find yourself struggling to manage your finances and considering a payday loan, it's crucial to consult with a qualified financial advisor. It's also important to familiarize yourself with the specific payday loan laws in your jurisdiction.

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