There are more cash advance and payday lenders in the state of Illinois than there are McDonald’s restaurants. And it comes as no surprise, since more and more consumers across the state (and across the country) are living from paycheck to paycheck. When an unexpected financial emergency comes up, cash advances are an easy alternative to bounced checks and late fees.

Let’s say that your credit card payment is due, and it's bit higher than normal--maybe you had gotten a cash advance on your card and didn’t realize the fees were going to be that high. You don’t have all of the cash this week to make your minimum payment, but you will surely have it next week. Instead of accruing late fees and/or bounced check fees, you can opt to get a cash advance from the payday loan industry.

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Cash advances are usually a small sum (under $1,000) and are written for a short period of time (usually just until the borrower’s next paycheck arrives). Credit reports are not used to decide your loan amount, your paycheck information is used by the payday loan provider instead. Further, many payday lenders will grant you a higher sum if your paycheck is directly deposited by your employer into your checking account.

Illinois has some cash advance and payday lending industry laws in force for the protection of both consumers and lenders:

Time frame of loan must be between 13 - 45 days.
Fees cannot exceed 15.50% of loan ($15.50 per $100 borrowed).
One consumer cannot have more than two such loans out at one time.
Rollovers are not permitted (refinancing one cash advance with another).
Any returned check fee cannot exceed $25.

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* Cash-Advance-USA.org provides information and research on cash advances/payday loans. We are not a payday lender or broker, nor are we necessarily affiliated with the companies profiled on this site. Not all products and services are available in each state.