IL state reference
Illinois lending rules
Illinois has 1,294 Census places covered on Personalloaned, with a combined estimated population of 10,940,788. Personal-loan terms in Illinois are set by licensed lenders under state law; the sourced rules below apply to every borrower in the state.
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- Usury cap 9% annual percentage rate (general written-contract interest cap)
- Payday lending Permitted under license; capped at 36% annual percentage rate (payday loans)
- State regulator Illinois Department of Financial and Professional Regulation (IDFPR), Division of Financial Institutions
Sourced rules
Key rules for borrowers in Illinois
| Rule | Detail | Source |
|---|---|---|
| Maximum legal interest rate (usury cap) | 9% annual percentage rate (general written-contract interest cap) Source says: "it shall be lawful for the parties to stipulate or agree that an annual percentage rate of 9%, or any less sum". |
Illinois General Assembly (Illinois Compiled Statutes) as of 2026-09-16 |
| Payday lending status | Permitted under license; capped at 36% annual percentage rate (payday loans) Source says: "shall not contract for or receive a charge exceeding a 36% annual percentage rate ... for a payday loan". |
Illinois General Assembly (Illinois Compiled Statutes) as of 2026-09-16 |
| Small-loan / installment lender licensing | Consumer Installment Loan Act license required from the Director of Financial Institutions (loans above 9% APR) Source says: "No person ... shall engage in the business of making loans of money ... except ... after first obtaining a license from the Director of Financial Institutions". |
Illinois General Assembly (Illinois Compiled Statutes) as of 2026-09-16 |
| State lending regulator | Illinois Department of Financial and Professional Regulation (IDFPR), Division of Financial Institutions Source says: "DFI licenses, charters, and examines a wide variety of financial products and services including: Consumer and Sales Finance and Collection Agencies". |
Illinois Department of Financial and Professional Regulation as of 2026-09-16 |
| Installment lender net-worth requirement | $30,000 minimum positive net worth (plus $25,000 surety bond) Source says: "every applicant shall prove ... that the applicant has and will maintain a positive net worth of a minimum of $30,000". |
Illinois General Assembly (Illinois Compiled Statutes) as of 2026-09-16 |
Cities in Illinois
We cover 1,294 Census places in Illinois. The count and the combined population figures are summed from the US Census Bureau's Vintage 2023 subcounty population estimates (retrieved 2026-09-17).
Common questions