Cash Advances

Illinois Attorney General

FCNB is responsible for the regulation and enforcement of securities, insurance, pensions, credit unions, trust and loan companies, co-operatives, mortgage brokers, pay day lenders, real estate and a wider range of other consumer legislation. A loan contract to which §342.251 applies and that is payable in a single installment may provide for an acquisition charge and an interest charge on the cash advance that does not exceed a rate or amount that would produce the same effective return, determined as a true daily earnings rate, as allowed under §342.252 considering the amount and term of the loan. If a loan that has a term in excess of one month under this section is prepaid in full, the lender may earn a minimum of the acquisition charge and interest charge for one month. If a loan under this section has an initial term of less than one month, the lender may earn a minimum of the acquisition charge and an interest charge that produces the same effective return as the installment account handling charge computed at a daily rate for the term the loan is outstanding.

Payday lenders have been criticised for having inflexible and short repayment terms. Moreover, if you fail to repay your loan within the short timeframe, you may be slapped with high penalty fees and charges that can quickly snowball.

Payday loans are more or less exactly what they sound like - short term loans until your next payday. Loan terms can vary from two weeks or possibly the borrower's next payday, as determined from lender to lender. Some lenders can offer repayment plans of 30 to 45 days. However, should this not be sufficient, installment loans with longer repayment terms are also available through some of the lenders that Personal Money Network works with.