Best Payday Loan Lenders in Illinois

When it comes to payday loans, Illinois lenders have largely stopped catering to consumers in need. Why did this happen? And given that, what are the best options among the firms that do continue to provide such loans in the state? What does it cost to take out a payday loan in Illinois? For answers to these and other critical questions, read on.

Best Payday Loans Providers in Illinois

Check'n Go Logo

Check ‘n Go

Real solutions for real people

Check ’n go opened its doors to customers in 1994. Their first storefront was in Kentucky, and they’ve since expanded their business to over 20 states. This company offers quick payday loans, with interest rates that fall well within the industry average. With 26 years of experience and 1,000 stores across the US, you can’t go wrong with Check ‘n Go.

Available in: AL, CA, DE, FL, HI, ID, IL, IN, IA, KS, KY, ME, MI, MS, MO, NE, NV, ND, OH, OK, RI, SC, TN, TX, UT, WI, WY

Loan amount: $50-$1,500 (some states might have a lower cap)

Loan term: 10-35 days

APR: Depends on the loan term (214.68-661.80%)

Min. credit score: N/A

Approval time: Almost instant

Funds available in: Same or next business day

Online application: Yes

America's Financial Choice Logo

America's Financial Choice

AT AFC, YOU HAVE A CHOICE

Headquartered in Oak Brook, America’s Financial Choice is licensed to provide payday and installment loans in Illinois and has stores spread across the state. For over two decades, the firm has been helping thousands of residents every year through different secured and unsecured loans.

Loan amount range: Up to $1,000

Loan term: Less than six months

APR: Not indicated

Min. credit score: N/A

Fees: $25 for returned payments

Approval time: Almost instant

Funds available in: Same or next business day

Number of Illinois stores: 20

Online application: Yes

24/7 open: No

CashCity Loans Logo

CashCity Loans

Fastest Cash Advance Service Online!

CashCity Loans is a Burbank-based provider of online payday loans in Illinois. The firm is known for its simple and secure application process, quick funding, and strong customer service. Over nearly 15 years, it has been assisting consumers across Illinois in times of need through different types of loans and cash advances.

Loan amount range: Up to $1,000

Loan term: 13 to 29 days

APR: Maximum of 404% for a 14-day loan

Min. credit score: N/A

Fees: Not indicated

Approval time: Almost instant

Funds available in: Same or next business day

Number of Illinois stores: Online only

Online application: Yes

24/7 open: No

Speedy Cash Logo

Speedy Cash

Reset. Refocus. Restart.

Speedy Cash (or Rapid Cash in Nevada, Oregon, and Washington) is another reputable payday loans provider. They opened their first store in California back in 1997, and have been expanding ever since. Today, the company operates around 200 stores in 14 states. Speedy Cash is a member of the Online Lenders Alliance, ensuring fair treatment and adherence to a code of conduct.

Available in: AL, AK, CA, HI, LA, NV, ND, OR, TX, WA, WI, WY

Loan amount: $100-$500 (some states might have a lower cap)

Loan term: 14-30 days

APR: Depends on the loan term (214-460%)

Min. credit score: N/A

Approval time: Almost instant

Funds available in: Same or next business day

Online application: Yes

Fig Loans Logo

Fig Loans

Make a smart financial decision today!

Fig Loans was founded in 2015 in Texas, and they brought a breath of fresh air to this relatively stale industry. All of their services can be easily obtained through a straightforward application process. Fig Loans is an obvious choice for online payday loans in the US.

Loan amount range: $50 to $400

Loan term: 13 to 180 days

APR: 36%

Min. credit score: N/A

Fees: None

Approval time: Almost instant

Funds available in: Same or next business day

Number of Illinois stores: Online only

Online application: Yes

24/7 open: Yes

Payday Loans Illinois Laws

Payday lending is legal in the state of Illinois and is governed by the Payday Loan Reform Act.  Over the years, the state government has enacted laws and amendments to bring more order into the industry and eliminate abusive practices. The most recent of these amendments were in March 2011.

Steps toward this goal have included restrictions on interest rates and other charges and prohibition on rollovers. Consumers can also check the Illinois payday loan database maintained by the Illinois Department of Financial and Professional Regulations to verify if a lender is licensed to provide payday loans to Illinois consumers.

State Law

Payday Loan Requirements in Illinois

The eligibility criteria for in-store and online payday loans in Illinois will vary based on the lender. However, in most cases, meeting the following criteria should suffice:

You will need to provide proof of regular income (e.g., pay stubs), address, work phone number, Social Security Number, and a few other details at the application stage, depending on the lender.

Bad Credit Payday Loans in Illinois

Payday loans are primarily meant for customers with poor or no credit who may find it challenging to obtain immediate funds from other sources. Thus, if you satisfy the eligibility criteria mentioned above, you should be able to get a payday loan in Illinois, irrespective of your credit standing.

Failing to Repay a Payday Loan

The laws in Illinois prohibit criminal action for non-repayment of payday loans. However, lenders may add extra fees if you fail to pay your debts and try other means for recovery, including filing a suit in civil court and hiring a collection agency.

Reviews of the Best Payday Loans in Illinois

Check N Go

With over 40 stores in Illinois, Check N Go is the largest payday loan provider in the state, in addition to being one of the top payday lenders nationwide. While the firm has a solid A+ rating from the BBB and an almost excellent Trustpilot score of 4.3, its average customer review score on BBB’s site is a poor one out of five, giving some cause for concern.

Pros

Cons

Lending Offer Overview

Check N Go is not one of the providers of online payday loans Illinois has to offer, as the firm’s services in the state are limited to its storefronts. However, with recent amendments to Illinois payday loan laws prompting many well-known lenders to close shop in the state, Check N Go has become a solid option for local consumers.

The vast network of storefronts means that state residents can benefit from a faster application and funding process. According to local regulations, apart from the standard documents, you would also need to submit your most recent pay stub to apply for the payday loans Illinois consumers can get with this firm. Once approved, the borrowed funds will reach your account the same day if you have applied on time; otherwise, it will take one business day.

One negative worth pointing out is that the maximum amount loaned to new borrowers is $865, lower than the $1,000 cap specified by state laws. Returning customers may be offered larger loans.

Interestingly, while Check N Go is usually known for high APRs in many other states, its schedule indicates a low rate for Illinois payday loans. An APR of about 36% for a 14-day loan is much lower than the cap in the state laws. Of course, the rate may vary slightly depending on the loan term and some individual factors.

Other Features

Check N Go offers installment loans, check cashing, and several additional services in other states. However, in Illinois, the only extra service provided is the sale of prepaid cards.

America’s Financial Choice

Boasting an excellent A+ rating from the BBB, America’s Financial Choice has 20 stores serving most parts of the state and offers payday loans in Illinois online, in stores, and on the phone. The company, however, doesn’t have as many customer reviews as larger lenders do.

Pros

Cons

Lending Offer Overview

America’s Financial Choice offers short-term cash advances known as payday installment loans, which differ from traditional payday loans in the amounts and terms. Because of this, most of the firm’s stores may not provide amounts under $100 and for less than a month. An advantage of these types of loans is that instead of paying the entire principal with interest on their next payday, borrowers can repay the loan in more convenient installments.

In other respects, the firm’s payday installment loans in Illinois are pretty standard. You will know within an hour if you are approved or not. Whether you are applying in-store or online, the funding can be completed the same day.

The firm does not provide clear information on the interest, but state laws cap the APR in any case. While it’s not a good idea to rely on short-term loans for long, returning customers can look forward to lower interest rates for subsequent loans.

America’s Financial Choice offers multiple means of repayment to borrowers of payday loans in Illinois. You can pay cash in one of the stores, opt for direct deduction from your payroll, or use a debit card to pay in person, by phone, or on the app. The app helps in other ways as well; however, the firm’s app is a bit glitchy and low-rated as a result (2.9 on Play Store and 3.9 on App Store).

Other Features

America’s Financial Choice offers several other loan types in Illinois, including title loans, starter loans, preferred loans, and signature loans.

CashCity Loans

Another viable option for obtaining payday loans online in Illinois is CashCity Loans. The firm also offers loans under the names of CashCity Payday Loans and Sunset Payday Loans. While the lender has been in the business for 14+ years, its ratings and reviews may not always reflect this extensive experience.

Pros

Cons

Lending Offer Overview

CashCity Loans is licensed to provide direct and online cash advances in Illinois only, while it serves customers in other states through its affiliates. Its Illinois focus means that it takes extra care to ensure all the state regulations are followed to a T.

Because of the caps on rates and fees for the in-store and online payday loans Illinois consumers can get, we aren’t too worried that the firm does not indicate these charges on its website. While the site also lacks many of the other resources you will find on other top lenders’ sites, there is sufficient information on the general loan process.

It is worth noting that the firm has a couple of eligibility criteria most other lenders don’t. Applicants need to have been employed in the same place for at least three months and have a gross weekly income of at least $375. Even so, CashCity Loans remains a particularly desirable option for customers looking for online payday loans in Illinois with no credit check.

The application takes a few minutes for approval; however, you will have to wait at least one business day to get the funds in your account in the absence of physical stores. You can opt for ACH or the Fedwire system to receive them. An advantage for customers without internet access is that the firm also allows phone applications.

Other Features

Unlike many other lenders, CashCity Loans is focused on short-term loans only. Apart from the payday loans Illinois consumers can get with this lender, the company also provides installment loans, which have more significant amounts and better rates and terms.

Speedy Cash

Speedy Cash is another lender with a comprehensive national presence that offers its services to payday loan customers in Illinois. The firm’s customer reviews at the BBB site are not great, but its A+ BBB rating, excellent Trustpilot score, and OLA membership mean that it must be doing something right.

Pros

Cons

Lending Offer Overview

Like America’s Financial Choice, Speedy Cash offers only payday installment loans in Illinois. These are slightly longer-term than the classic payday loans, with lower APRs. Customers looking for loans less than $400, therefore, would have to look elsewhere.

Speedy Cash does not have stores in the state, even though its website mentions different rates for an in-store and an online payday loan in Illinois. However, the firm is known for its smooth online process, so the only drawback here would be that funding would take a bit longer than in-store applications. Borrowers in Illinois should also check when applying if they qualify for instant financing, a facility that Speedy Cash offers in several other states.

The indicated interest rate of 359% for six months is standard for the online payday loans Illinois consumers can get in general. The APR could be higher for shorter terms. The schedule does not mention any late payment or origination fees, but borrowers should check regardless.

Speedy Cash has a 24/7 online application facility for payday loans in the state. Customers also get access to the highly-rated mobile app, handy for due payments notifications, checking accounts, and communicating with the firm.

Other Features

Speedy Cash offers other services in many states, such as title loans, money orders, wire transfers, and prepaid debit cards. It is unclear, however, whether those are available to Illinois consumers as well.

Fig Loans

Fig Loans doesn’t have a BBB rating, but its Trustpilot score of 4.9/5 from over 1,600 reviews is truly impressive. The company is a relatively new industry player, and it offers payday loans in Illinois online only.

Pros

Cons

Lending Offer Overview

Fig Loans is a new venture set up to help consumers with poor credit by providing loans that are not as exorbitantly priced as your traditional payday loans. Its short-term unsecured loans also have high interest rates, but these are comparatively cheap for the industry.

The indicated APR in Illinois is 36%, significantly lower than what you would pay with other lenders. The firm does state that this is the exemplary APR, and actual rates could vary depending on the applicant.

One possible issue is that Fig Loans limits loan amounts to $300–$400 for new borrowers of Illinois payday loans. Higher loans are available for old customers who have established their repayment credentials with the firm. The repayment schedule is more relaxed than usual, and there are no hidden fees.

Some borrowers may also be concerned with the slightly stricter eligibility criteria. You need to have a bank account with at least three months of transactions, income deposits of at least $1,400 per month, and a positive account balance to qualify for the loans. However, there’s no credit check, making it ideal if you want online payday loans in Illinois with bad credit.

Other Features

The other type of loan offered by Fig Loans is a reverse loan to build your credit. You make regular monthly payments to the firm and receive the entire principal back at the end of the term. This helps build your credit to ensure you can get cheaper loans in the future.

FAQ

Are payday loans legal in Illinois?

Yes, payday loans are legal in Illinois.

How many payday loans can you have in Illinois?

An individual can have two outstanding payday loans in the state at any time. Rollover of an existing loan is not allowed.

The Bottom Line

Despite the limited options for payday loans Illinois residents can apply for, consumers still have several trustworthy choices. The ones listed here are all licensed, minimizing the likelihood of being taken for a ride. That said, we strongly recommend doing your own research and familiarizing yourself with the laws to ensure the most benefit from these short-term loans.

Always remember to borrow responsibly and never take out more cash than you can reasonably repay.

Your BalancingEverything Team

References:

MoneyLion

UStatesLoans.org

Consumer Federation of America

Check N Go

America’s Financial Choice

CashCity Loans

Speedy Cash

Fig Loans