Payday Loans Chicago Illinois

Payday loans in Chicago, IL as well as in any other city of Illinois state are LEGAL according to Ill. Comp. Stat. Ann. § 122/1-11. $100 - $1,000 (but not more than 25% of gross monthly income) cash advance can be borrowed for 13-45 days. The average APR stated by the state law is 403%, which is $15.50 charged per $100 for 14 days. 

Compare Online Payday Loans in Illinois at COMPACOM. 

Is it legal to take short-term Payday loans in Chicago?

Any Chicago resident over 18 years old with a bank account may be eligible for quick and easy Payday loans. $100 - $1,000 cash advances are very popular among 2,704,958 people living there. It can be explained, first, by mild law, and, second, by a high poverty and unemployment rate. 21.7 percent of Chicagoans live in poverty. The city has an unemployment rate of 4.8 percent. The minimum wage is only $8.25 while the total debt is $20.2 billion (or $7,500 per capita). 

All the rules regulating short-term lending in Illinois can be summed up in the following table:

Loan amount

$100 - $1000 (or 25% of gross monthly income)

Loan terms

13-45 days



Finance charge


Number of simultaneous loans




Repayment plan


Cooling off period

7 days after 45 consecutive loan days

Non-sufficient fund fee


Must know!

Payday loans are legal not in all states. For other states’ regulations read “Can I take a Payday Loan if it's not legal in my State” .

To get more information or to make any complaint address Illinois Department of Financial & Professional Regulation Division of Financial Institutions, Consumer Credit Section, 100 W. Randolph, Suite 9-100, Chicago, IL,  60601 1 – 888/ 298-8089.

What are Payday loans?

CFPB defines Payday loan as a “short-term, high cost loan, generally for $500 or less, that is typically due on your next payday”. Its main characteristics include:

  • short repayment term (14-30 days), 
  • small amount (up to $1,000), 
  • availability for bad credit
  • rather high-cost (with the APR from 391% to 3,733%) [ Check out our research “How to calculate the real cost of Payday loans with high APR?" ],
  • soft, or no credit check, 
  • no guarantor or collateral need. 

All the enumerated criteria can vary according to the state an the lender, so take your time to do some research and compare all the offers. This can easily be done on comparing websites, such as Compacom for example. Besides, there you may look for a larger sum loan, for example $1,000 - $5,000 Installment or $5,000 - $25,000 Personal loan. 

Payday loans online or near me in Chicago, Illinois.

In Chicago as in the other states of America Payday cash advance can be obtained both online and in-store. Which one to choose it’s up to you. We can just focus on the peculiarities of each. 

In-store Payday loans

Online Payday loans

Personal contact and assistance

Accessibility from any gadget from any place

Someday money receive possibility

Fast and easy

More state control, safety

Possibility to compare all the offers

Longer by time, include driving, lines, paperwork

Scams danger

Less choice, limited to your location

Additional fees (easy to avoid if you check for them in the contract)


For more detailed information on Online and IN-store Payday loans difference read our research “Online vs In-store Payday Loans”

Bad credit Payday loans in Chicago. No credit check Payday loans.

In Chicago if you have a FICO score below 640 you can still qualify for a Payday loan. You just need a clean credit history; no judgments, liens and bankruptcies on your credit report; and a history of making on-time payments.

Applying doesn’t usually affect the score. Besides, soft credit check or even no credit check is sometimes carried out when it concerns Payday cash advance. It contributes to the lenders’ risk which explains rather high interest and rates. So, be careful choosing the suitable offer. Pay attention to: 

  • Type of lending company
  • Credit history and general qualifications
  • Co-signer option
  • Additional eligibility qualifications
  • Employment requirements
  • Interest rates and types
  • Loan terms
  • Fees and penalties
  • Repayment options

You may read more in  “Bad Credit Payday Loans”, “No Credit Check Payday Loans”.

Changes in Chicago Payday loans regulation.

On August 20, 2012 the Governor Pat Quinn today signed a new law to protect consumers from unlicensed lenders. House Bill 3935, The Consumer Installment Loan Act, Payday Loan Reform Act and Illinois payday loan reform act altogether ensure the borrowers to be safe and protected by law against predatory lenders. 

The new rules and regulations state that:

  1. The lenders are to check out a borrower's income, living expenses, and their major financial obligations (like a mortgage or car payment), which usually means requiring a credit report.
  2. Borrowers who take loans under $500 must pay at least one-third of their loan before they can take out another.
  3. There must be a 30-dy cooling off period if a borrower takes out three loans one after another. Also, unless they can prove an ability to pay it all back, borrowers cannot take out more than one payday loan at a time.
  4. Lenders cannot withdraw payments from a borrowers' account if there are non sufficient funds.

Easy Sameday Payday loans with 90% guaranteed approval.

90% Chicago residents get approved for Payday cash advance. To get ait you just need to meet several easy requirements:

  • Being the resident of the state 
  • Being over 18 years of age
  • Having a permanent job and stable income
  • An open and active bank account
  • A valid telephone number and e-mail

Qualifying for a Payday loan is:

  • Fast (a minute for applying, a couple of minutes to get approved, less than a day to get the money);
  • Easy (no driving, waiting in lines, doing paperwork, looking for a guarantor or collateral is required);
  • Safe (you private information is secured and all your rights are protected as we work only with legal state authorized companies). 

Fill out a free online application on our website, or take a chance to compare the best offers from direct lenders on Any way you’ll be able to solve your financial problems fast and easy.

1. Illinois General Assembly