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Illinois loans : Aware of the Act for Consumer Installment loans

Illinois which is the state of the US, located in the central-western part of the country with 1.2 crores of residents. The economy of this state totally depends upon few major sectors like Manufacturing of products, agriculture, education services, taxes and also this state is a great source of energy like Coal, Petroleum, Biofuels, Nuclear energy, and Wind energy too.

Before thinking about the loans, if you are a resident of Illinois, you must be aware of the state laws regarding loans.

Illinois Payday Installment Loans

Illinois Payday Installment Loans


There are several loans available here such as installment loans, short-term loans and business loans etc.

If we talk about the Consumer loan then you should be aware of the Act for Consumer Installment loans. Under this act, the highest amount you can borrow is $40,000 and from authorized and licensed lenders only. This is not the compulsion but it is legal to borrow money from licensed lenders so that if in future you’ll face any issue regarding your lender then you can complain.

Various loans come under this category (ICILA) but the major ones are:

  • Personal loan: The money you want for your private use like holidays, marriage, debt consolidate or to purchase something then this is a kind of loan which you can opt to. This can be an unsecured loan. The maximum limit of personal loans in Illinois is $25,000.
  • Automobile loan: To buy or repair a car or any vehicle, you can choose this loan. But this loan is usually secured loan where you need to put your vehicle on collateral. The loan limit totally depends upon the value of your vehicle. If you are not able to pay your debt with a rate of interest then your vehicle will be acquired by your lenders and they can get their money by selling it.

 

Illinois Payday Loans: According to state law, there are three types of payday loans:

  • Small Consumer loans:

The annual percentage rate for small consumer ones is up to 99%. Of course, it’s not at a low price but less costly than other payday loans. So, you can ask your loan provider if they offer small consumer loans. Its term is also more as compared to traditional payday loans had. The lending amount can be a maximum of 22.5% of your monthly salary.

 

The repayment duration of this loan is also higher than prior payday loans (maximum 6 months). It charges a maximum of 400% of APR which is absolutely costlier than small consumer loans. The maximum limit of money which you can borrow is up to $1000 or a quarter of your gross salary (a lesser one). The term for these loans is 13-120 days and the fees of finance would be no more than 15.5% on every $100.

 

  • Online Payday loans:

This is a kind of short duration loan for 14 to 31 days with higher APR of 400% and this is the blend of high rate and less term, a situation which is difficult to get away. But according to Illinois’s state law, if you get unsuccessful to refund debt even after 35 days of debt then there is a refunding plan with no interest cost.

 

Note: That is also possible to take 2 different payday loans but if the total of both the loans doesn’t exceed from the maximum limit i.e. $1000. And if you are borrowing a payday installment loan then also you can borrow up to 22.5% of your gross salary.

 

Other types of loans in Illinois:

  • Lines of Credit: It’s a type of credit card in which you can get a monthly fixed maximum amount to use but the rate would be paid only for that cash which you’ll use. In other words, pay only for that, which you use. Also, if you don’t have sufficient money to pay at once then you can refund at least a minimum amount every month. But you must try to be clear from your side so that you don’t feel the burden of debt.

 

  • Home equity loans: The money borrow through this loan can be used for any purpose, for instance; reconstruction of your house or for study fees. It’s also divided into two categories: HELOC (Home equity line of credit) and Fixed rate home equity loan.
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