Illinois Payday Loans

The payday lending business has changed over the years in Illinois. New laws and regulations are now in place in the payday lending industry; however, the industry is still thriving, in fact, it has been flourishing. If you are looking for a hassle-free way to quickly and conveniently borrow money, just fill out a loan application online.

Illinois Payday Loan Laws

Illinois payday loans are legal; however there are certain rules and laws that payday lenders must follow. In December 2005, Illinois governor Rod Blagojevich declared his support for the new Illinois payday loan laws. Even though new laws were enacted, the payday lending industry was not adversely affected. Consumers can rest assured, though, that the laws are in place to protect them.

For example, lenders can only charge a maximum of $15.50 in interest for every $100 loaned. To further protect consumers, borrowers are only allowed to take out one payday loan at a time. In addition, borrowers must repay Illinois payday loans within 45 days and cannot apply for a new payday loan for a period of seven days after the initial payday loan is repaid.

Because some lenders employed tactics to woo military personnel to take out payday loans, military personnel are now afforded special protection under Illinois payday loan laws. For example, the wages of military personnel may not be garnished to repay the loan and deployed military personnel will receive an extended period in which to repay their Illinois payday loans. In addition, payday lenders may not contact the commanding officer of the borrower.

Growth of the Illinois payday loan industry can expect to slow down to a more reasonable rate of growth now that there are laws in place regarding the maximum amount of interest payday lenders can charge. Prior to the enacting of these laws, the Illinois payday loan industry was growing by leaps and bounds.

We offer a financial solution to Illinoisans who may be having a difficult time getting by. When you take out an Illinois payday loan, you can pay your bills now and avoid late charges and dings on your credit report. Instead of worrying and waiting, you can take advantage now of the financial solution that we can offer you. In fact, you can apply for an Illinois payday loan from the comfort of your own home without having to fight traffic and wait in long lines.

Instead of having to wait for your next paycheck, you can get an Illinois payday loan now to take care of whatever it is that is pressing you. In fact, you don't even have to live in the state of Illinois to reap the rewards of an Illinois payday loan; we offer all United States residents the opportunity to quickly and conveniently solve their financial problems. If you earn a regular paycheck, an Illinois payday loan can keep you from struggling.

Illinois residents and those outside the state of Illinois can now get their finances back under control. Save money on late fees and pay your bills now with an Illinois payday loan and you can avoid the hassles and financial hardship that comes about when you are behind on your bills.

Apply now for your Illinois payday loan by going to LoansPayday.info. We provide fast and efficient service and we also offer online instant approval so you can take care of business quickly. What's more, not only will you enjoy speedy service, but secure service as well. Your privacy is always protected and we maintain strict confidentiality. Your Illinois payday loan can provide the financial solutions you need now so don't hesitate; go to LoansPayday.info now and you will see how easy it is to get a payday loan against your next paycheck now.

Some of the introduced laws pertaining to Illinois payday loans were never passed. For example, two new laws were introduced in 1999 that would limit the number of rollovers Illinois payday loan companies could allow on one transaction. The bill that Senator Patrick O'Malley proposed, SB 1275, required payday loan companies to disclose the loan rates to customers and it would also allow Illinois payday loan borrowers to pay off their loan in installments. This bill also proposed to restrict the areas in which Illinois payday loan companies could operate; they would not be allowed to operate near racetracks, casinos, or college campuses.

The Illinois payday loan industry lobbied and the bill was never passed.

In most states, there are regulations in place that limit the amount of interest payday loan lenders can charge for loans; however, in Illinois, there are no such regulations. Thirty-eight other states and two territories have such regulations and in eleven states, lenders are prohibited from rolling over payday loans past the due date.

Illinois payday loan companies currently charge an annual percentage rate (APR) of 521%. While only a few states allow this, Illinois is one of the states that allow borrowers to rollover or refinance their payday loans as often as they desire. In addition, there are no limits on the number of extensions lenders can grant to borrowers.

Illinois Unemployment Statistics

While the highest unemployment rate in the state of Illinois in the last 10 years was 7%, as of January 2005, the rate was 6.4 percent and January 2006 saw an unemployment rate of only 5.8%. That translates into a total of 371,593 people being unemployed in the Prairie State in January 2006.