Frequently Asked Questions: Illinois Installment Loans

Our answers to your most frequently asked questions

Apply for an Installment Loan

Q: What is an Illinois Installment Loan?

This MoneyKey Substantially Equal Payment (SEP) Installment Loan is a loan product that is repayable in substantially equal installments. For customers who receive their income on a bi-weekly, semi-monthly and weekly basis, the loan is repayable in ten (10) installments or for customers who receive their income on a monthly basis, the loan is repayable in five (5) installments spread out over a maximum period of 180 days. Each installment includes a payment toward your principal loan amount.

Q: What are the minimum requirements to apply for online Installment Loans in Illinois?

To qualify for Illinois Installment Loans, you must:

  • Be 18 years of age or older
  • Be a US citizen or Permanent Resident
  • Be an Illinois resident
  • 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 active members of the US Armed Forces and their dependents.

Q: Where can I get Online Installment Loans in Illinois?

MoneyKey currently offers Online Installment Loans to Illinois residents. If you live in Illinois, you may qualify for a MoneyKey loan. Whether you live in the busy cities of Chicago, Aurora, Rockford, or in a quiet town such as Braidwood, applying for a MoneyKey Installment Loan is fast, secure, and friendly.

Q: How much can I borrow online in Illinois?

Illinois Installment Loan amounts ranges between $200 - $1,000. Whether an individual will be approved, and the amount they will be approved for, is dependent on certain qualification criteria. Complete our online application form to find out if you qualify for an Installment Loan.

Q: How much will my Installment Loan cost in Illinois?

Please visit our Illinois Rates and Terms page for detailed product information.

Q: Will you call my references?

If we need to get in touch with you about your account, but are unable to reach you, your references may be contacted. We will never disclose the nature of your business with MoneyKey to your references or employers.

Q: Do I need to fax or email in any documents?

In accordance with Illinois state law, we require a copy of your most recent pay stub or additional documentation to verify your source of income.

Q: When do I receive my Installment Loan?

If your Illinois Installment Loan is approved before 7:30 PM CST from Monday through Friday, or before 5:30 PM CST on a Saturday, Sunday or a Federal Holiday, the funds will be available in your bank account the following business day*.

* The date and time the funds are made available to you by your bank is subject to that bank's policies.

Q: When do I pay back my Installment Loan?

In accordance with Illinois law, you must repay your Illinois Installment Loan in full in 180 days or less. The loan is repaid through a number of substantially equal scheduled installments. There is the option to make early or partial principal payments on your loan. These additional payments can be done at any time with no prepayment penalties as long as the additional payments are in increments of $5.00 or more. If you want to make additional payments, you must contact us at least twenty-four (24) hours prior to your due date.

Q: How do I check my account status?

Log in to your account to view your account status.

Q: How do I update my information? (Change in email address, mailing address, employment or banking information)

You can update your account by calling 1-866-255-1668 and speaking with one of our friendly Customer Care Agents, who will be happy to update your information for you.

Q: Why am I not receiving emails from MoneyKey?

MoneyKey sends important emails regarding payment reminders, confirmations and promotions. To make sure you receive these emails please add customercare@moneykey.com to your address book.

If our emails are not making it into your inbox, please check your spam folder.

Additional Questions

If you have any additional questions, please contact us at 1-866-255-1668 or chat online, and one of our Customer Care agents will be happy to answer any questions you may have.

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