Best Mortgage in Illinois
Home purchase loans, refinancing, and home equity products from top mortgage lenders. In Illinois, personal loans are capped at 36% APR for licensed consumer lenders, overseen by the Illinois Department of Financial and Professional Regulation.
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Illinois Lending Laws
Illinois's Predatory Loan Prevention Act (2021) extended a 36% APR cap to all consumer loans statewide, eliminating a payday lending industry that had charged APRs exceeding 400%.
The primary regulator for consumer lending in Illinois is the Illinois Department of Financial and Professional Regulation. Borrowers with complaints about a lender can file reports directly with that agency or with the federal Consumer Financial Protection Bureau (CFPB).