Installment Loans Rates and Terms

Illinois State License

The loan agreement is governed by the applicable laws of the state of Illinois.

CONSUMER RESPONSIBILITIES:

  • PAY BACK YOUR LOAN! Know when each payment is due and be sure to repay the loan on time and in full.
  • Borrow only as much money as you can afford to fully repay on the repayment date.
  • Read the contract thoroughly and be sure that you understand all the terms and conditions of the loan.
  • If you do not understand any of the terms or conditions, ask the lender to explain them.
  • Be sure that you have money in your checking account on the due date of the loan so that your check does not bounce when it is deposited.

CONSUMER RIGHTS AND PROTECTIONS:

  • You have the right to full disclosure in your contract of all fees and the annual percentage rate (APR).
  • You can cancel a wage assignment at any time by contacting the lender.
  • A lender cannot threaten to use the criminal process to collect on the loan.

INTEREST-FREE REPAYMENT PLAN: If you still owe on one or more payday loans, other than an installment payday loan, after 35 days, you are entitled to enter into a repayment plan. The repayment plan will give you at least 55 days to repay your loan in installments with no additional finance charges, interest, fees, or other charges of any kind.

For more information, you may download the Borrower's Guide to Small Consumer Loans and the Illinois Guide to Payday Loans from the Illinois Department of Financial and Professional Regulation.

Para más información, usted puede bajar la Guía para Prestamos Pequeños de Consumo y la Guía de Préstamos Contra Día de Pago Para el Estado de Illinois del Departamento de Finanzas y Regulación Profesional de Illinois.

BEWARE of Other Loans You May See

You may see other types of loans being offered in a loan store. Be very careful before borrowing money using these types of loans. Title Loans, Signature Loans and other loans can have high interest rates, excessive and hidden fees and few if any consumer protections. Be sure to carefully read the contract and understand what you are agreeing to.

Consumer Counseling and Debt Management Services:

If you are having financial difficulty or a serious financial setback, help is available from a consumer credit counselor or a debt management company. To obtain a list of licensed debt management companies, contact the Division of Financial Institutions at 1-888-298-8089.

Illinois Department of Financial & Professional Regulation
Division of Financial Institutions
Consumer Credit Section
100 W. Randolph, Suite 9-100
Chicago, IL 60601
1-888-298-8089
www.idfpr.com

Maximum Loan Amount

Residents may receive up to $ 500.00 in the state of Illinois

Rate and Term Charts

Below is an EXAMPLE loan term with bi-weekly installment payments. APR and Payment Total Amount will vary depending on individual loan length.

EXAMPLE LOAN - $500

Annual Percentage
Rate* 		Finance Charge Amount Financed Total of payments
The cost of your credit as a yearly rate The dollar amount the credit will cost you The amount of credit provided to you on your behalf The amount you will have paid after you have made all payments as scheduled
359.0032% $542.02 $500.00 $1,042.02

*ANNUAL PERCENTAGE RATE: The APR is the cost of your loan expressed as a yearly rate. The above APR is based on example loan terms of twelve installments due over six months. The APR will increase if the actual loan term is shorter than these examples, and will decrease if your loan term is longer.

EXAMPLE $500 LOAN PAYMENT SCHEDULE

Example Loan Amount: $500.00 Example Loan Start Date: 9/1/2011

Number of Payments Finance Charge Amount Financed
1 $86.83 9/14/11
2 $86.83 9/28/11
3 $86.83 10/12/11
4 $86.83 10/26/11
5 $86.83 11/9/11
6 $86.83 11/23/11
7 $86.83 12/7/11
8 $86.83 12/21/11
9 $86.83 1/4/12
10 $86.83 1/18/12
11 $86.83 2/1/12
12 $86.89 2/15/12

Below is an EXAMPLE loan term with bi-weekly installment payments. APR and Payment Total Amount will vary depending on individual loan length.

EXAMPLE LOAN - $400

Annual Percentage
Rate*		 Finance Charge Amount Financed Total of payments
The cost of your credit as a yearly rate The dollar amount the credit will cost you The amount of credit provided to you on your behalf The amount you will have paid after you have made all payments as scheduled
359.005% $440.93 $400.00 $840.93

*ANNUAL PERCENTAGE RATE: The APR is the cost of your loan expressed as a yearly rate. The above APR is based on example loan terms of twelve installments due over six months. The APR will increase if the actual loan term is shorter than these examples, and will decrease if your loan term is longer.

WARNING: This loan is not intended to meet long-term financial needs. This loan should be used only to meet short-term cash needs. The cost of your loan may be higher than loans offered by other lending institutions. This loan is regulated by the Department of Financial and Professional Regulation.