Rates & Fees
Transparency is important to us. Below you'll find detailed information about our rates and fee structure.
In 2021, Illinois passed the Predatory Loan Prevention Act (PLPA), which prohibits any lender from charging more than a 36% Annual Percentage Rate (APR) on consumer loans. Because of this, traditional triple-digit APR payday loans are no longer available in Chicago or anywhere in the state. Chicago Loan Connect only partners with lenders who are licensed by the Illinois Department of Financial and Professional Regulation (IDFPR) and who strictly adhere to this 36% rate cap. When you are connected with a lender through our service, they are legally required to present you with a clearly written Truth in Lending Act (TILA) disclosure. This document will break down the exact interest rate, any applicable finance charges, the total amount you will pay over the life of the loan, and your exact payment schedule. You are never under any obligation to accept a loan offer if the terms do not fit your budget.
Annual Percentage Rate (APR)
5.99% to 35.99% (Capped at 36% by IL Law)
Representative Example
| Loan Amount | Term | APR | Finance Charge | Total Repayment |
|---|---|---|---|---|
| $500 | 6 Months | 35.99% | $92.38 | $554.28 |
| $1,000 | 12 Months | 35.99% | $99.80 | $1,197.60 |
| $2,000 | 24 Months | 35.99% | $117.84 | $2,828.16 |
| $3,000 | 36 Months | 35.99% | $136.56 | $4,916.16 |
Representative Example: If you borrow $1,000 over 12 months at an APR of 35.99%, your monthly payment will be approximately $99.80. The total amount repaid will be $1,197.60. Actual rates and terms vary by lender, your credit history, and other factors. We are not a lender and do not make credit decisions or set loan terms. All loans offered to Illinois residents through our network are capped at a maximum of 36% APR as required by state law.
State-Specific Information — Illinois
Maximum Loan Amount: $4,000 (Dependent on lender policies and borrower income)
Rate Cap: 36% APR (Under the Illinois Predatory Loan Prevention Act)
Regulations: Illinois Predatory Loan Prevention Act (PLPA)
Licensing: Lenders in our network operating in Illinois must be licensed and regulated by the Illinois Department of Financial and Professional Regulation (IDFPR).