Installment Loans in
Illinois

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 Online Installment Loans in Illinois

Do you need cash now to pay off your unexpected bills? MoneyKey may be able to help you get an Illinois Installment Loan. Our Installment Loans in Illinois are short-term loans with payments that are spread out over time.

We have a fast application process and some loans get approved in minutes. If you’re approved, we’ll deposit the money in your bank account as early as the next business day*.

Not only do we provide a safe and secure web platform, but we also have a fully-staffed, friendly and knowledgeable Customer Care team that delivers outstanding customer service. Our team is available 7 days a week to answer any loan-related questions you may have. Call center hours can be found on our Contact Us page.

Summary

Loan Amount: $200 to $1,000

Loan Type: Installment Loan

Loan Term: ~5 months

Funding: 1 business day*

Pre-Payment Available: Yes

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Loan Details

Loan Amount

For an Illinois Installment Loan, the amount you can borrow will range between $200 and $1,000. After we review your application, we’ll let you know if you’re approved and how much you may qualify for.

Cost of Loan

MoneyKey charges a fee of $15.50 per $100 on the outstanding principal balance for each installment in your payment schedule. The annual percentage rate (APR), repayment amount and payment schedule will vary depending on the specific details of your loan. You can find the breakdown of each payment in your loan agreement.

You will also be charged a $1 Veritec fee for each new loan.

This loan is an expensive form of credit and is not intended to meet long-term financial needs. MoneyKey urges you to use this product responsibly.

Term of Loan

The Illinois Installment Loan term is approximately 5 months. If you receive your income bi-weekly, semi-monthly or weekly, your loan will be payable in 10 installments. If you receive your income monthly, your loan will be payable in 5 installments.

Here are some examples:

Bi-Weekly Example




In this example, the customer is approved for a $500 Installment Loan payable in 10 bi-weekly installments with an effective date of 08/28/2018.




Annual Percentage Rate


The cost of your credit as a yearly rate


401.20%





Finance Charge


The dollar amount the credit will cost you


$532.85




Amount Financed


The amount of credit provided to you on your behalf


$500.00




Total of Payments


The amount you will have paid after you have made all payments as scheduled


$1,032.85




 Payment Schedule



 Payment DatePayment Amount 
 09/14/2018$119.13
 09/28/2018$101.53
 10/12/2018$101.53
 10/26/2018$101.53
 11/09/2018$101.53
 11/23/2018$101.53
 12/07/2018$101.53
 12/21/2018$101.53
 01/04/2019$101.53
 01/18/2019$101.48






Monthly Example




In this example, the customer is approved for a $500 Installment Loan due in 5 monthly installments with an effective date of 08/28/2018.




Annual Percentage Rate


The cost of your credit as a yearly rate


185.48%





Finance Charge


The dollar amount the credit will cost you


$265.97




Amount Financed


The amount of credit provided to you on your behalf


$500.00




Total of Payments


The amount you will have paid after you have made all payments as scheduled


$765.97




 Payment Schedule



 Payment DatePayment Amount 
 10/01/2018$162.24
 11/01/2018$150.91
 12/01/2018$150.91
 01/01/2019$150.91
 02/01/2019$151.00







Illinois Disclosures

English


Below are examples of the cost of payday loans (including an installment payday loan) – at this time, MoneyKey only offers Installment Loans (also referred to as installment payday loans). Please note these examples are for illustrative purposes only. Your loan agreement will specify the APR, repayment amount and payment schedule of your loan.




This is an example of a $100 payday loan payable in 13 days.




Annual Percentage Rate


The cost of your credit as a yearly rate


404.03%





Finance Charge


The dollar amount the credit will cost you


$14.39




Amount Financed


The amount of credit provided to you on your behalf


$100.00




Total of Payments


The amount you will have paid after you have made all payments as scheduled


$114.39




This is an example of a $400 payday loan payable in 30 days.




Annual Percentage Rate


The cost of your credit as a yearly rate


188.58%





Finance Charge


The dollar amount the credit will cost you


$62.00




Amount Financed


The amount of credit provided to you on your behalf


$400.00




Total of Payments


The amount you will have paid after you have made all payments as scheduled


$462.00





This is an example of a $400 installment payday loan payable in 6 monthly installments in 180 days (includes $1 Veritec Fee.)




Annual Percentage Rate


The cost of your credit as a yearly rate


195.50%





Finance Charge


The dollar amount the credit will cost you


$242.69




Amount Financed


The amount of credit provided to you on your behalf


$400.00




Total of Payments


The amount you will have paid after you have made all payments as scheduled


$642.69









You cannot be prosecuted in criminal court to collect this loan.




Illinois Pamphlets




WARNING: This loan is not intended to meet long-term financial needs. This loan should be used only to meet short-term cash needs. The cost of your loan may be higher than loans offered by other lending institutions. This loan is regulated by the Department of Financial and Professional Regulation.



Interest-Free Repayment Plan: If you still owe on one or more payday loans, other than an installment-payday loan, after 35 days, you are entitled to enter into a repayment plan. The repayment plan will give you at least 55 days to repay your loan in installments with no additional finance charges, interest, fees, or other charges of any kind.

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Declaraciones legales para Illinois


A continuación, se muestran ejemplos del costo de los préstamos de día de pago (incluyendo un préstamo de día de pagos a plazos) – actualmente MoneyKey solo ofrece Préstamos a Plazos (también llamados prestamos de día de pago a plazos). Tenga en cuenta que estos ejemplos son solo para fines ilustrativos. Su contrato especificará la tasa de porcentaje anual (referido como APR), cantidades a pagar, fechas agendadas para dichos pagos de su préstamo.





El siguiente ejemplo es un préstamo de día de pago de $100, pagable a 13 días.




TASA DE PORCENTAJE ANNUAL (APR)


Costo de su crédito, mostrado en porcentaje anual


404.03%





CUOATA DE FINANCIAMIENTO


Costo del crédito en dólares americanos


$14.39




CANTIDAD FINANCIADA


La cantidad de crédito que se le proporcionó en su nombre


$100.00




TOTAL DE PAGOS


El monto que habrá pagado después de haber realizado todos los pagos según lo programado


$114.39




El siguiente ejemplo es un préstamo de día de pago de $400, pagable a 30 días.




TASA DE PORCENTAJE ANNUAL (APR)


Costo de su crédito, mostrado en porcentaje anual


188.58%





CUOATA DE FINANCIAMIENTO


Costo del crédito en dólares americanos


$62.00




CANTIDAD FINANCIADA


La cantidad de crédito que se le proporcionó en su nombre


$400.00




TOTAL DE PAGOS


El monto que habrá pagado después de haber realizado todos los pagos según lo programado


$462.00





El siguiente ejemplo es de un préstamo de día de pago a plazos de $400 pagadero en 6 cuotas mensuales en 180 días (incluyendo un cargo de Veritec en el monto de $1).




TASA DE PORCENTAJE ANNUAL (APR)


Costo de su crédito, mostrado en porcentaje anual


195.50%





CUOATA DE FINANCIAMIENTO


Costo del crédito en dólares americanos


$242.69




CANTIDAD FINANCIADA


La cantidad de crédito que se le proporcionó en su nombre


$400.00




TOTAL DE PAGOS


El monto que habrá pagado después de haber realizado todos los pagos según lo programado


$642.69









Usted no puede ser procesado en un tribunal penal con el fin de cobrar este préstamo.




Illinois Panfletos




ADVERTENCIA: Este préstamo no está diseñado para satisfacer necesidades financieras de largo plazo. Este préstamo solo debe ser utilizado para necesidades financieras a corto plazo. El costo de este préstamo puede ser más alto que préstamos ofrecidos por otras instituciones de crédito. Este préstamo está regulado por el Departamento de Finanzas y Regulaciones Profesional.



Plan de Pago- Sin Intereses: Si usted aún debe, uno o más prestamos de día de pago, no incluyendo préstamos de día de pago a plazos, después de 35 días, usted tiene el derecho de ingresar a un plan de pagos. Dicho plan de pagos le dará al menos 55 días para pagar sus préstamos en plazos sin pagos adicionales de financiamiento, interés, cuotas, o cualquier otro tipo de cargo.

State License

MoneyKey is a direct lender in Illinois licensed by the State of Illinois Department of Financial and Professional Regulation. Loans are funded by MoneyKey – IL, Inc. and governed by all applicable laws.

Click below to view our Illinois license.

Online Installment Loans in Illinois: Frequently Asked Questions

  • How do I qualify for a loan?

    To qualify for a MoneyKey Installment Loan in Illinois, you must:

    • Be at least 18 years old
    • Be a US citizen or a permanent resident
    • Be a resident of Illinois
    • Have an active bank account
    • Have a regular source of income
    • Have a valid contact number and an active email address

    Please note that we currently do not offer credit products with rates that allow us to lend to covered members of the US armed forces and their dependents.

  • Do I need to send you any documents?

    Yes, for us to process your loan, state law requires you to provide official documentation showing your gross monthly income. As part of your loan application process, we will ask you to send your documentation by e-mail to customercare@moneykey.com or by fax at 1-866-461-6539. You can send a pay stub and/or a receipt reflecting government benefits.

  • Can I get same day funding?

    If approved, we’ll typically deposit the money in your account the next business day*.

  • Can I pay my loan off early?

    Yes, and there’s no penalty to do so. In fact, MoneyKey encourages you to pay off your loan as soon as possible, which may reduce the total fees you’ll pay. If you’d like to pay off your loan, make an early payment, or make a payment larger than your scheduled payment, you may do so by calling us at 1-866-255-1668 or emailing customercare@moneykey.com.

  • I don’t live in Illinois, can I still apply for an online Installment Loan?

    Sorry, you’ll need to be a resident of Illinois to be eligible for an Illinois Installment Loan. Whether you live in a major city like Chicago, a smaller city like Rockford or a suburb like Aurora – you can easily apply online or over the phone. If you live in another state, please check our rates page to see if other online loans such as Installment Loans, Payday Loans or Lines of Credit are available in the state that you currently live in.

Have more questions? Please refer to our general FAQ page or contact our Customer Care team at 1-866-255-1668.

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