Best Personal Loans In Illinois, Bad Credit Loans, Payday, Auto Title Laws 2019 - Elite Personal Finance
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Best Personal Loans In Illinois, Bad Credit Loans, Payday, Auto Title Laws 2019

EPF September 7, 2019
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For installment loans of $4,001 to $40,000, Illinois’ Consumer Installment Loan Act requires licensed lenders to cap APRs at 36%. Terms are capped at 181 months and loans must be fully amortizing – repayable over weekly, bi-weekly, semi-monthly or monthly installments. However, the rate-cap does not apply to car title loans or ‘small consumer loans.’

For installment loans of $1,500 or less, APRs are capped at 99%. And for installment loans of $1,501 to $4,000, licensed lenders can levy an acquisition charge of up to $100. Monthly handling charges can also reach upwards of $69 for loans of $1,500.01 to $1,600. For loans of $3,900.01 to $4,000, monthly handling charges can reach upwards of $124. Similar to above though, the total APR cannot exceed 99%.

For loans of $4,001 or more, licensed lenders can also levy a 5% delinquency charge on unpaid balances in excess of $200. For unpaid balances of $200 or less, a $10 maximum is applied. A 10-day grace period is also required before licensed lenders can administer the charge and only one fee can be issued per loan.

Loans can also be classified as ‘deferred.’ If both the lender and the borrower agree beforehand, payment dates can be postponed. However, the monthly deferment charge cannot exceed the interest rate levied during the previous months.

Best Bad Credit Loans In Illinois 

Lender:Min Credit Score:Loan Amount:APR:Licensed in Illinois:
BadCreditLoans0$500 – $5,0005.99% – 35.99%Not a direct lender
CashUSA0$500 – $5,0005.99% – 35.99%Not a direct lender
Opploans0$1,000 – $4,00099% – 199%Yes
PersonalLoans580$1,000 – $35,0005.99% – 35.99%Not a direct lender

If you’re struggling to get approved, see our complete guide on bad credit loans.

Best Personal Loans for Good Credit In Illinois 

Lender:Min Credit Score:Loan Amount:APR:Licensed in Illinois:
Payoff640$5,000 – $35,0005.99% – 24.99%Yes
Upgrade620$1,000 – $50,0007.99% – 35.97%No, but complies with law
PersonalLoans580$1,000 – $35,0005.99% – 35.99%Not a direct lender
LendingTree500$1,000 – $35,0003.99% – 35.99%Yes

For more options, see our list of recommended lenders.

We also recommend SuperMoney. It’s one of the best loan comparison sites.

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Payday Loans in Illinois

Maximum Loan Amount: The lessor of $1,000 or 25% of your gross monthly income

Minimum Loan Term: 13 days

Maximum Loan Term: 120 days

Maximum Fee: $15.50 per $100 borrowed

Maximum APR: Typically 404%

Rollovers: Prohibited

Loan Limit: You can only have two payday loans at a time

Payday loans are legal in Illinois.

However, the Payday Loan Reform Act requires licensed lenders to cap loans at the lessor of $1,000 or 25% of a borrower’s gross monthly income. Finance charges cannot exceed $15.50 per $100 borrowed and lenders cannot issue loans to borrowers who already have two outstanding payday loans. Rollovers are also prohibited.

Car Title Loans in Illinois

Car title loans are legal in Illinois and APRs can reach upwards of 300%.

However, in 2009, safeguards were put in place by the Illinois Department of Financial and Professional Regulation (IDFPR)  to protect borrowers from predatory lenders.

The revisions state:

  • Loans cannot exceed $4,000 and monthly payments cannot exceed 50% of a borrower’s gross monthly income.
  • Title loans must be repayable in equal installments.
  • All title loans must be approved by a statewide database.
  • Loans cannot be offered to borrowers who had a title loan outstanding in the preceding 15 days.
  • Before entering into an agreement, lenders must provide an IDFPR-created pamphlet – which includes an IDFPR-sponsored telephone number for questions and complaints – outlining the availability of debt management services and the borrower’s rights and responsibilities.
  • Any notice of delinquency or default must include the IDFPR hotline telephone number.
  • A title loan may be refinanced only when the principal has been reduced (by the borrower or lender or both) by at least 20% and the principal on the new loan cannot exceed the total outstanding balance of the refinanced loan.
  • If repossession occurs, the lender must allow the borrower to make the car available at a reasonably convenient place, date, and time, and allow the borrower to remove any personal belongings without additional charge.
  • Lenders cannot repossess a car and lease it back to the borrower.
  • When making a title loan, lenders cannot secure any property other than the vehicle.

Alternative Payday Loans In Illinois 

As a ‘small consumer loan’ provider that’s licensed in Illinois, Opploans complies with regulations by capping loans at $4,000 and APRs at 99%. You can borrow as little as $500 and terms range from 9 to 18 months.

If you’re denied a personal loan, Opploans is a great fallback option.

Credit Unions In Illinois 

Alliant Credit Union6.49% – 10.49%$1,000 – $50,000
Citizens Equity First Credit Union (CEFCU)9.24%+$1,000+

Alliant Credit Union

At Alliant Credit Union, whether it’s debt consolidation, home expenses or unexpected emergencies, loans can be used for nearly any reason. No collateral is required and funds are typically deposited the same day.

Loans range from $1,000 to $50,000 with terms of 1 to 5 years. APRs vary by term, but will be 0.4% higher if you don’t sign up for automatic payments. However, Alliant charges zero loan origination fees and there are no prepayment penalties.

Typical APRs are structured like this:

  • 12 Months: 6.49%
  • 24 Months: 7.49%
  • 48 Months: 9.49%
  • 60 Months: 10.49%

To learn more, you can contact Alliant by telephone or email. You can also visit its headquarters in Chicago.

Citizens Equity First Credit Union (CEFCU)

At Citizens Equity First Credit Union (CEFCU), loans start at $1,000 and you have four options to choose from:

  • Single-Payment Notes are balloon-payment loans, with 1 payment made at the end of the term. Unsecured loans have APRs of 12.75%, secured loans have APRs of 10.25% and loans secured with a CEFCU savings account have APRs of 3.50%. You can also opt for 3, 6 or 12 month terms.
  • Personal Unsecured Loans have APRs of 9.24%, but can vary based on amount and credit quality. Terms extend up to 48 months.
  • Personal Share Secured Loans have APRs of 3.50% for terms of 36 months or less and 3.75% for terms of 37 to 48 months. A CEFCU savings account is required as collateral.
  • Personal Secured Loans require a different asset as collateral, however, APRs are not directly listed. Terms extend up to 60 months.

CEFCU operates 22 member centers across Illinois, with locations in Peoria, Bloomington, Springfield, Lincoln as well as many others.

Student Loans In Illinois 

Monetary Award Program (MAP)

The Monetary Award Program (MAP) is a needs-based grant that offers funding to students who attend approved Illinois colleges and universities. You don’t need to submit your high school test scores when applying and awards are available to adults and non-traditional students. As well, amounts are determined by its MAP formula and the neediest students usually receive the most funding.

To qualify:

  • You must be a U.S. citizen or eligible non-citizen and be an Illinois resident or dependent of an Illinois resident
  • You must be enrolled for at least 3 credit hours per term at an approved institution
  • You must not already have a bachelor’s degree
  • You must not be in default of a previous student loan or owe a refund on a state or federal grant
  • You must not have used the equivalent of 135 MAP Paid Credit Hours or more

Federal Housing Administration (FHA) Loans In Illinois

Across Illinois, there are 102 counties where you can apply for an FHA loan. The lowest loan amount of $314,827 is available in 91 counties, while the highest loan amount of $707,700 is available in 9 counties.

County:Lowest FHA Loan Amount:Highest FHA Loan Amount:
Adams County$314,827$605,525
Alexander County$314,827$605,525
Bond County$314,827$605,525
Brown County$314,827$605,525
Bureau County$314,827$605,525
Calhoun County$314,827$605,525
Carroll County$314,827$605,525
Cass County$314,827$605,525
Champaign County$314,827$605,525
Christian County$314,827$605,525
Clark County$314,827$605,525
Clay County$314,827$605,525
Clinton County$314,827$605,525
Coles County$314,827$605,525
Crawford County$314,827$605,525
Cumberland County$314,827$605,525
De Witt County$314,827$605,525
Douglas County$314,827$605,525
Edgar County$314,827$605,525
Edwards County$314,827$605,525
Effingham County$314,827$605,525
Fayette County$314,827$605,525
Ford County$314,827$605,525
Franklin County$314,827$605,525
Fulton County$314,827$605,525
Gallatin County$314,827$605,525
Greene County$314,827$605,525
Hamilton County$314,827$605,525
Hancock County$314,827$605,525
Hardin County$314,827$605,525
Henderson County$314,827$605,525
Henry County$314,827$605,525
Iroquois County$314,827$605,525
Jackson County$314,827$605,525
Jasper County$314,827$605,525
Jefferson County$314,827$605,525
Jersey County$314,827$605,525
Jo Daviess County$314,827$605,525
Johnson County$314,827$605,525
Kankakee County$314,827$605,525
Knox County$314,827$605,525
Lasalle County$314,827$605,525
Lawrence County$314,827$605,525
Lee County$314,827$605,525
Livingston County$314,827$605,525
Logan County$314,827$605,525
Macon County$314,827$605,525
Macoupin County$314,827$605,525
Madison County$314,827$605,525
Marion County$314,827$605,525
Marshall County$314,827$605,525
Mason County$314,827$605,525
Massac County$314,827$605,525
Mcdonough County$314,827$605,525
Mclean County$314,827$605,525
Menard County$314,827$605,525
Mercer County$314,827$605,525
Monroe County$314,827$605,525
Montgomery County$314,827$605,525
Morgan County$314,827$605,525
Moultrie County$314,827$605,525
Ogle County$314,827$605,525
Peoria County$314,827$605,525
Perry County$314,827$605,525
Piatt County$314,827$605,525
Pike County$314,827$605,525
Pope County$314,827$605,525
Pulaski County$314,827$605,525
Putnam County$314,827$605,525
Randolph County$314,827$605,525
Richland County$314,827$605,525
Rock Island County$314,827$605,525
Saline County$314,827$605,525
Sangamon County$314,827$605,525
Schuyler County$314,827$605,525
Scott County$314,827$605,525
Shelby County$314,827$605,525
St. Clair County$314,827$605,525
Stark County$314,827$605,525
Stephenson County$314,827$605,525
Tazewell County$314,827$605,525
Union County$314,827$605,525
Vermilion County$314,827$605,525
Wabash County$314,827$605,525
Warren County$314,827$605,525
Washington County$314,827$605,525
Wayne County$314,827$605,525
White County$314,827$605,525
Whiteside County$314,827$605,525
Williamson County$314,827$605,525
Woodford County$314,827$605,525
Boone County$339,250$652,400
Winnebago County$339,250$652,400
Cook County$368,000$707,700
Dekalb County$368,000$707,700
Dupage County$368,000$707,700
Grundy County$368,000$707,700
Kane County$368,000$707,700
Kendall County$368,000$707,700
Lake County$368,000$707,700
Mchenry County$368,000$707,700
Will County$368,000$707,700

Business Loans in Illinois 

If you’re looking to expand your business, the online lenders below offer reliable service and competitive rates:

Lender:Min Credit Score:Loan Amount:APR:Licensed in Illinois:
LendingTree500Varies5.99% – 35.99%Yes
Kabbage0Up to $250,00024% – 99%Not a direct lender

However, for a local alternative in Illinois, consider:

Accion Chicago

Accion Chicago is a non-profit lender that offers customized capital solutions and business training to entrepreneurs in Illinois. You can borrow up to $100,000 with repayment terms up to 10 years. APRs are fixed and eligible businesses include service, retail, wholesale and manufacturing. However, non-profit organizations and businesses involved in real estate development, exporting, multi-level marketing, adult entertainment and lending are not eligible.

You can visit Accion’s Chicago office at: 1436 W. Randolph St. Suite 300 Chicago, IL 60607. You can also call them at (312) 275-3000 or email them at


For installment loans in Illinois, the state adopts a tiered interest rate structure. For loans of $4,000 or less, APRs are capped at 99%. For loans of $4,001 to $40,000, APRs are capped at 36%. However, the APR caps exclude car title loans and payday loans – which can have APRs of 300% and 404% respectively. With regard to amounts, payday loans are capped at the lessor of $1,000 or 25% of your gross monthly income. For car title loans, amounts are capped at $4,000, as long as monthly payments do not exceed 50% of your gross monthly income. Rollovers are prohibited for payday loans, while refinancing for car title loans is only allowed after the principal has been reduced by at least 20%. Moreover, the amount of the new loan cannot exceed the total outstanding balance of the original loan.

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