The Illinois Predatory Loan Prevention Act of 2021 imposed an all-in 36% APR cap on consumer loans, ending high-cost single-payment payday lending statewide. Lenders can no longer offer the prior triple-digit-APR products. Residents rely on credit-union and nonprofit alternatives for short-term cash.
Key limits in Illinois
- Cost note: 36% APR cap (all-in)
Figures can change — always confirm current limits with the official source below before borrowing.
Payday loans aren’t available in Illinois. Here are options you can use instead:
- Credit-union payday alternative loans (PALs)
- Nonprofit emergency assistance programs
- Employer paycheck advances
- Payment plans with creditors
Source: Consumer Federation of America (paydayloaninfo.org) · last verified 2026-07-24 · pending second-source verification
This page is general information, not legal or financial advice. State laws change; verify current rules with your state regulator or the source above.