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    Payday Loan Pamphlet

    Uploaded by

    rw helgeson
    You can cancel a payday loan within two business days of taking out the loan without paying any fees or interest. To do so, you must submit a written cancellation notice to the lender along with repayment of the full amount borrowed. The document provides details on how to properly fill out the cancellation form and submit it to the lender. It also lists the state agency that regulates payday loans and provides contact information for consumers with questions.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Payday Loan Pamphlet

    Uploaded by

    rw helgeson
    185 views2 pages
    You can cancel a payday loan within two business days of taking out the loan without paying any fees or interest. To do so, you must submit a written cancellation notice to the lender along with repayment of the full amount borrowed. The document provides details on how to properly fill out the cancellation form and submit it to the lender. It also lists the state agency that regulates payday loans and provides contact information for consumers with questions.

    Original Description:

    Not a scam. Get a FREE cash loan for 3 days as provided by law in Illinois.

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    You can cancel a payday loan within two business days of taking out the loan without paying any fees or interest. To do so, you must submit a written cancellation notice to the lender along with repayment of the full amount borrowed. The document provides details on how to properly fill out the cancellation form and submit it to the lender. It also lists the state agency that regulates payday loans and provides contact information for consumers with questions.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    185 views2 pages

    Payday Loan Pamphlet

    Uploaded by

    rw helgeson
    You can cancel a payday loan within two business days of taking out the loan without paying any fees or interest. To do so, you must submit a written cancellation notice to the lender along with repayment of the full amount borrowed. The document provides details on how to properly fill out the cancellation form and submit it to the lender. It also lists the state agency that regulates payday loans and provides contact information for consumers with questions.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    Canceling a Payday Loan

    How to Cancel a Payday Loan


    Without Paying Fees or Interest
    You can cancel your future obligations on a payday
    loan WITHOUT cost or finance charge if you cancel
    the loan by the end of the second business day
    immediately following the day your payday loan
    was executed. To cancel future obligations fill out
    the following form and submit it to the lender. When
    you submit your written cancellation, you must also
    pay the lender an amount equal to the amount of
    money that was loaned to you.
    I ___________________________ do hereby cancel my future
    obligations on payday loan account #:_________________________.

    Signature_______________________ Date_____________________

    I l l i n o i s D e p a r t m e n t o f Fi n a n c i a l
    a n d P ro f e s s i o n a l R e g u l a t i o n

    Illinois
    Guide
    to Payday
    Loans

    Clip along dotted line


    Questions?
    IDFPR
    Division of Financial Institutions
    Consumer Credit Section
    100 West Randolph Street
    9th Floor
    Chicago, IL 60601
    1-888-298-8089
    www.idfpr.com
    (Rev. 3/18/11)

    Illinois
    D epar tment
    of Financial &
    Professional
    Regulation

    Illinois Depar tment of Financial and Professional Regulation


    Illinois Guide to Payday Loans

    Consumer Responsibilities
    Pay back your loan. Know when each payment is due and
    be sure to repay the loan on time and in full.
    Know your limitations. Determine how much money you
    can afford to borrow so you can make each payment on
    time and fully repay the loan.
    Read the contract thoroughly and be sure that you
    understand all the terms and conditions of the loan.
    Be sure that you have money in your checking account
    on the due date of the loan so that your check does not
    bounce when it is deposited.

    BEWARE:
    Other Loans You May See in a Payday Loan Office
    You may see other types of loans being offered in a payday
    store. Your rights and responsibilities for these other loans
    may be very different than your rights and responsibilities for
    Payday Loans. When taking a loan, be sure to understand the
    contract before you sign it.

    Consumer Counseling
    and Debt Management Services
    To the extent you would like licensed debt
    management services, contact the Division of
    Financial Institutions at 1-888-298-8089.

    Consumer Rights & Protec tions


    Know your loan. A Payday Loan is a loan with a finance
    charge exceeding 36% and with a term that does not
    exceed 120 days. An Installment Payday Loan is similar
    to a Payday Loan but has a term of not less than 112
    days and not more than 180 days.
    You cannot be charged fees of more than $15.50 per
    $100 borrowed and you have the right to full disclosure
    in your contract of all fees and the annual
    percentage rate (APR).
    The maximum amount you can borrow varies
    depending on your income, but in no event
    can your monthly payment on a Payday Loan
    or Installment Payday Loan exceed $1,000.
    For Payday Loans you can request a
    repayment plan after 35 days of outstanding
    debt. Once in the repayment plan you cannot
    be charged interest, finances charges or fees
    of any kind. Installment Payday Loans are not
    eligible for a repayment plan.
    A lender cannot charge you for attorneys
    fees or court costs to collect the outstanding debt.
    Members of the military have additional protections
    including: a ban on wage garnishment, deferral
    of collection activity for personnel deployed to a
    combat area, and a prohibition on contacting your
    commanding officer.
    You can cancel a wage assignment at any time by
    contacting the lender.
    For a complete copy of the law establishing Payday
    Loans or to file a complaint against a loan company,
    got to www.idfpr.com and click on Other Financial
    Institutions.

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