Illinois Installment Loan

Rates and Terms for Illinois

Apply for an Installment Loan

About the Installment Loan

This MoneyKey Installment Loan is a loan product that is repayable in substantially equal installments spread out over a maximum period of 180 days. Each installment includes a payment toward your principal loan amount.

How much can I borrow?

Illinois Installment Loan amounts range between $200 and $1,000. Whether an individual will be approved, and the amount they will be approved for, is dependent on certain qualification criteria.

How much will my Installment Loan cost?

MoneyKey charges a fee of $15.50 per $100 for each installment in your payment schedule. If your first installment is greater than 14 days, we will charge you the proportionate amount for the extra number of days before your first payment.

The examples below show this fee reflected both as an annual percentage rate (APR) and a total dollar amount (“Finance Charge”), and may be helpful in demonstrating how this Installment Loan works.

Semi-Monthly Example: $600 Installment Loan due in ten (10) bi-weekly installments over five (5) months. This is only an example; the APR, repayment amount and payment schedule will vary depending on the individual loan term.

ANNUAL PERCENTAGE RATEFINANCE CHARGEAMOUNT FINANCEDTOTAL OF PAYMENTSTOTAL NUMBER OF PAYMENTS
The cost of your credit as yearly rateThe dollar amount the credit will cost youThe amount of credit provided to you on your behalfThe amount you will have paid after you have made all payments as scheduledThe number of individual payments you will have made until your loan is repaid in full.
433.159%$619.48$600.00$1219.4810

Payment Schedule

Payment NumberPayment AmountPayment Date
1$122.8202/20/2015
2$121.8203/06/2015
3$121.8203/20/2015
4$121.8204/03/2015
5$121.8204/17/2015
6$121.8205/01/2015
7$121.8205/15/2015
8$121.8205/29/2015
9$121.8206/12/2015
10$122.1006/26/2015

Monthly Example: $400 installment loan due in five (5) installments of 30 days each. This is only an example; the APR and repayment amount will vary depending on the individual loan term.

ANNUAL PERCENTAGE RATEFINANCE CHARGEAMOUNT FINANCEDTOTAL OF PAYMENTSTOTAL NUMBER OF PAYMENTS
The cost of your credit as yearly rateThe dollar amount the credit will cost youThe amount of credit provided to you on your behalfThe amount you will have paid after you have made all payments as scheduledThe number of individual payments you will have made until your loan is repaid in full.
186.00%$242.73$400.00$642.735

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

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.

If you are experiencing financial difficulty, help is available to you from a consumer credit counselor or a debt management company. To obtain a list of licensed debt management companies, contact the Division of Financial Institutions at 1-888-298-8089.


Illinois Department of Financial & Professional Regulation
Division of Financial Institutions
Consumer Credit Section
100 W. Randolph, Suite 9-100
Chicago, IL 60601
Phone: 1-888-298-8089
Website: www.idfpr.com

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.

When do I pay the Installment Loan back?

The minimum loan term is 112 days and the maximum available loan term is 180 days. In accordance with Illinois law, your loan must be paid back in full, in 180 days or less, through substantial equal scheduled installments. If you wish to make an early or partial principal payment on your loan, you may do so at any time in increments of $5.00 or more with no prepayment penalties.

Are There Additional Charges?

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

Can I cancel my Installment Loan?

You can rescind your loan at no cost within three (3) business days of the effective date of your agreement by phone at 1-866-255-1668 or via email at customercare@moneykey.com. If you do rescind your loan, you will be responsible for returning the entire principal balance back to us. If you do not return the entire principal balance to us, your loan will remain in full force and effect and you will accrue fees on such outstanding principal balance.

Who funds the Installment Loans?

All loans are funded by MoneyKey-IL, Inc., a company licensed pursuant to the Payday Loan Reform Act by the State of Illinois Department of Financial and Professional Regulation, Division of Financial Institutions.

Illinois Pamphlets

Do I need to send in any documents?

Pursuant to Illinois state law, all Illinois customers are required to provide MoneyKey with official documentation displaying their gross monthly income in order for any loan request to be fulfilled. This includes, but is not limited to, a pay stub or a receipt reflecting government benefits. All documentation must not be greater than thirty (30) days old and be sent in by e-mail to customercare@moneykey.com or by fax at 1-866-461-6539.

I have a few more questions

For additional questions, or if you would like to learn more about the Installment Loans in Illinois, please call our Customer Care team at 1-866-255-1668.

Authority to Operate

To view MoneyKey-IL, Inc.'s state license, click on the photo below.

Get Started Today

Find out if you qualify for a loan or line of credit today

Apply Now
Question? Chat with us