Best Personal Loans in Illinois, Bad Credit Loans, Payday, Auto Title Laws of October 2024
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. Like the above, the total APR cannot exceed 99%.
For loans of over $4,000, licensed lenders can also levy a 5% delinquency charge on unpaid balances over $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 of October 2024
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