Best Student Loans in Illinois
Private student loans and refinancing options to fund undergraduate, graduate, and professional programs. In Illinois, personal loans are capped at 36% APR for licensed consumer lenders, overseen by the Illinois Department of Financial and Professional Regulation.
No lenders currently available in Illinois. Check back soon.
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).