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Quick Cash Loan in Illinois - Heard the Latest News?

Attention Illinois residents! If you are in the habit of getting a quick cash loan in Illinois, read on so that you are aware of the latest state law that has been passed to govern the cash loan industry in Illinois. Does this mean that the whole USA cash loans industry is shaping up? It sure is a sign in that direction.

Quick Cash Loan in Illinois Comes Under New Rules

As of June 2005, cash loans or payday lending in Illinois is governed by the following.

cash loans can now only be charged a maximum of $15.50 per $1000 loan
- total cash loans by any single borrower is pegged at $1000 or 25% of his monthly salary (or whichever is less)
- quick cash borrowers can no longer have more than one loan at any given time
- quick cash borrowers cannot have payday loans for over 45 days
- a 56-day repayment period with NO additional charges is available for cash loan borrowers having trouble with paying their payday loan
- cash loan borrowers are now protected from facing criminal prosecution for unpaid payday loans
- if you're a military personnel, the new law prohibits the lender from contacting your commanding officer

There are of course other minor clauses but the above states the new laws in Illinois. In a way, this is a good move because it helps curb the seemingly relentless borrowing that are sending borrowers into a debt ditch. It also prevents lenders from abusing such borrowers.

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