Yes, you can get a payday loan in Chicago. However, Illinois has some laws that restrict how much you can borrow, loan terms and more:
Maximum amount: $1,000 or 25% of your monthly income, http://www.cashadvance-loans.net/illinois/cash-advance-chicago-il/ whichever is less.
Maximum finance charge: $15.50 per $100
Loan term: 2 to 4 weeks
According to Illinois law, you can have two payday loans out at the same time, as long as the total balance doesn’t exceed the maximum amount. You can learn more about Illinois payday loan regulations by visiting our state guide.
Other short-term loans in Chicago
Installment payday loans. Borrow up to 22.5% of your monthly pre-tax income and pay it back over 112 to 180 days with a maximum finance charge of $15.50 per $100 borrowed.
Small consumer loans. Illinois law also allows for something called a “small consumer loan.” These have longer terms than installment loans — usually up to a year — and come with APRs capped at 99%. Monthly repayments can’t be more 22.5% of your monthly pre-tax income.
