Title Loans in Illinois
Illinois has implemented significant consumer protections for title loans under the Predatory Loan Prevention Act (PLPA), which caps APR at 36%. Learn about Illinois title loan laws, requirements, and how to find a legitimate lender.
Find Illinois LendersTitle Loans in Illinois: What You Need to Know
Illinois has implemented significant consumer protections for title loans under the Predatory Loan Prevention Act (PLPA), which caps APR at 36%. This makes Illinois title loans more affordable than in many other states, though borrowers should still compare options.
How Title Loans Work in Illinois
Illinois title loans are offered under the Consumer Installment Loan Act (CILA) with rate protections from the PLPA. Lenders use your vehicle title as collateral and must comply with the 36% APR cap. You keep driving your car during the loan term.
Illinois Title Loan Regulations
Illinois title loans are heavily regulated by the Department of Financial and Professional Regulation. The Predatory Loan Prevention Act limits APR to 36%, providing strong consumer protection.
- Lenders must be licensed with the Illinois Department of Financial and Professional Regulation
- Maximum loan amount: Vehicle value dependent
- Maximum interest rate: 36% APR cap (PLPA)
- Cooling-off period: None
Typical Terms in Illinois
While terms vary by lender, here's what you can typically expect:
- Loan amounts: $500 to $15,000 depending on vehicle value
- APR1: Maximum 36% APR under PLPA
- Loan terms: Usually 12 to 48 months
- Loan-to-value: Typically 25% to 50% of vehicle value
Illinois Requirements
- Be at least 18 years old
- Have a valid Illinois driver's license or ID
- Own a vehicle with a clear Illinois title
- Provide proof of income
- Have proof of Illinois residency
- Provide vehicle registration and insurance
Regulatory Authority
Illinois title loans are regulated by the Illinois Department of Financial and Professional Regulation.
Visit Illinois Website →To verify a lender is licensed, search their database or call (888) 473-4858.
Important Information for Illinois Borrowers
Before taking out a title loan in Illinois:
- • Illinois caps title loan APR at 36% under the PLPA
- • This is significantly lower than most states
- • Still ensure you can afford the payments before borrowing
- • Verify your lender holds a valid CILA license
- • Non-payment can still result in vehicle repossession
Title Loans Available in Major Illinois Cities
Our network includes lenders serving all major cities and metropolitan areas in Illinois.
Tips for Illinois Title Loan Borrowers
Take Advantage of Protections
Illinois' 36% APR cap means you should expect competitive rates. Don't accept higher rates.
Verify CILA License
Lenders must have a Consumer Installment Loan Act license. Verify with IDFPR before borrowing.
Compare with Banks
With rate caps, Illinois title loans may be comparable to bank rates. Shop all options.
File Complaints
If a lender charges above 36% APR, file a complaint with IDFPR immediately.
Other State Guides
Looking for information about title loans in another state?
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