State Regulations regarding your Loan

In addition to local and federal rules and regulations regarding your loan, your state has laws that govern the types of loans that are available. Certain state laws regulate the fees, charges and interest rates for some types of loans. You should consult your state laws before you agree to accept a loan.

PLEASE NOTE THAT THE INFORMATION CONTAINED ON THIS SITE AND THIS SECTION IS FOR INFORMATION PURPOSES. ALSO, LAWS, RULES OR REGULATIONS ARE SUBJECT TO CHANGE AND MAY NOT BE REFLECTING ON THIS INFORMATIONAL PAGE.

There are several types of consumer loans that are available in the State of Illinois. The Department of Financial and Professional Regulation (IDFPR) is the agency that is assigned to license and oversee many types of consumer lending including: payday loans, payday installment loans, retail loans, Consumer Installment Loans or (CILA) Loans.
Click here to access the IDFPR website. Click here to access State of Illinois Law

Please note that these are examples of the types of Loans within the following states. Please check with your Lender to determine the types of loans that are available to you.

Payday Loans:

• The interest calculated on a APR basis will not exceed approximately 435%. Rates and fees that can be charged are limited. The types and manner of renewals are also limited.
• You are required to provide proof of income and paystub showing your most recent paycheck.
• If you still owe at the end of your payday loan, you are entitled to entered into a repayment plan for 55 days with no additional fees or interest.

Payday Installment Loans:

• The max. loan amount is $1000 for Illinois residents.
• The term of a payday installment loan can not exceed 180 days.
• The interest calculated on a APR basis will not exceed approximately 435%. Rates and fees that can be charged are limited. The types and manner of renewals are also limited.
• You are required to provide proof of income and paystub showing your most recent paycheck.
• If you still owe at the end of your payday loan, you are entitled to entered into a repayment plan for 55 days with no additional fees or interest.

Lines of Credit or Revolving Credit Plans:

• This is an opened ended credit product and does not have a set maturity date.
• You will pay interests and fees until you repay the cash advance.
• You will receive regular billing statements typically every monthly or every other week reflecting the amounts you owe.
• If you have a Line of Credit with a Credit Limit, you can take cash advances up to the credit limit and re-draw additional cash up to your credit limit.

CILA Installment Loan:

• This loans are typically range from $100 - $1500.
• The terms of these loans can vary but the terms can be up to 1 year or more.
• The Max. rate of interested is 99% ARP.
• Certain fees are permitted.
• You are required to provide proof of income and paystub showing your most recent paycheck.

Automobile Title Loan:

• This is typically an installment loan where you pledge the title of your vehicle as security for your loan. If you do not repay the loan, the lender can seek possession of your vehicle.

Retail Installment Loans:

• This Loan is used to finance the purchase of a retail good or retail service. These loans may also be offered by the retail seller directly or by a third party sale finance company.

For additional information about consumer loans and licensing in the State of Illinois, you can contact the Illinois Department of Financial and Professional Regulation (IDFPR)- Consumer Credit at their website: http://www.idfpr.com/ :

Springfield Office,
320 West Washington Street, Springfield, Illinois 62786
Phone: 217 785 – 0820, Toll Free: 1-888-4REGUL8 (1-888-473-4858)

Chicago Office:
100 West Randolph, 9th Floor
Chicago, Illinois 60601
Phone: 312-814-4500
Toll Free:1-888-4REGUL8 (1-888-473-4858)

Generally, a consumer credit transaction is any loan under $25,000 primarily made for a personal, family or household purpose on which a finance charge is or may be assessed, or is payable in more than four installments. For a complete definition and exclusions from the definition, Refer to Wisconsin Law Chapter 421, Wis. Stats.

Payday Loans:

• These are short term loans typically under 90 days or less and can not exceed $1500 Verification of income is required
• A customer may provide a check as security for the repayment of the loan.
• There are limits on the default rates that can be charged
• These loans can be prepaid in full at any time without penalty.

Installment Loans :

• Generally, a Lender is licensed under 138.09 of the Wis. Stats that permits a lender to charge interest in excess of 18% APR per year.
• Payments are substantially equal so the loan is generally repaid at the end of the term and there is no larger balloon payment.
• The terms(length) of these loans can vary but the terms are more than 6 months and can be more than 1 year.
• These loans can be prepaid in full at any time without penalty.

For additional information about consumer loans and licensing in the State of Wisconsin, contact the Wisconsin Department of Financial Institutions: DFI at their website: http://www.wdfi.org/fi/lfs/
or Contact them at:
Department of Financial Institutions
345 W Washington Avenue
Madison, WI 53703
Office Hours: 7:45 am - 4:30 pm
Telephone: (608) 261-9555
TTY: (608) 266-8818 For hearing-impaired callers.
Fax: (608) 261-7200

Payday Loans:

• Also referred to Small, small Loans which are loans of $500 or less.
• Such lenders must be licensed by the Division of Finance.
• State regulations place a 75% cap on interest and fees on the initial loan and renewals, limits renewals to no more than six.
• Loan terms are 14-31 days.
• This Loan may not be offered by all lenders – check with your lender.

Consumer Installment Loans:

• Lenders have a license under Section 408.510 - Consumer Installment Lender.
• The term must be repayable in at least four (4) equal installments over a period of 120 days or longer.
• Payments are substantially equal so the loan is generally repaid at the end of the term and there is no larger balloon payment.
• Can be computed on simple interest or pre-computed interest, secured or unsecured, subject to some limitations.
• Interests Rates are not limited by the same statutes as the small small loans (payday loans) These loans can be prepaid in full at any time without penalty.
• These loans can be prepaid in full at any time without penalty.

For additional information about consumer loans and licensing in the State of Missouri, you can contact the Missouri Division of Finance at their website: http://finance.mo.gov/consumercredit/laws.php
or Contact them at:
Harry S Truman State Office Building, Room 630
P.O. Box 716
301 W. High St.
Jefferson City, MO 65102
Phone: 573-751-3242
Fax: 573-751-9192

There are different types of consumer loans that are available in the State of South Carolina. Consumer Financial Division of the State Board of Financial Institutions is assigned to license and oversee many types of consumer lending including: deferred deposit lending and consumer installment loans.

Deferred Deposit Loans. (similar to traditional payday loans)

• Under South Carolina regulations, a deferred deposit loan is a loan until your next payday typically with the maximum length term not to exceed 31 days.
• Borrower will give the Lender a personal check as security for the loan which be held by the lender and not cashed until the due date.
• There are maximum rates/charges allowed and repayment plans

Supervised Loans. (Installment Loans)

• These are installment loans repaid in payments of both principal and interest over a period of time.
• No prepayment penalties are typically associated with these loans
• South Carolina regulations limited the amount of money that can be borrowed for this type of loan.

To Contact the State Board of Financial Institutions:
Click Here - https://www.scbos.sc.gov/SCBOS_Community/SCBOS_Partners/SC_Department_of_Consumer_Affairs_on_SCBOS.aspx
Address:
1205 S. Pendleton Street Suite 306
P.O. Box 716
Columbia SC 29211
803-734-4200

What is a CSO or Credit Service Organization ("CSO")?

Under the Texas Code of Finance, a Credit Service Organization provides one of the following services:

• Improving a consumer's credit history or rating,
• Obtaining an extension of consumer credit for the consumer or
• Providing advice or assistance to a consumer regarding the previous two services.

What services does the CSO provide to you:

• arrange for a loan for you at a rate of interest not to exceed 10% per annum,
• issue a letter of credit to secure the repayment of such loan; and
• assist you in preparing related information and documents (e.g., loan applications, credit reports, and loan documents).

CSO is not your lender. The CSO arranges for you to obtain a loan with a third party Lender. The CSO is not your lender and does not act as a fiduciary of the Lender. You will entered into a loan with a Third party Lender, not the CSO. The CSO will provide a Letter of Credit to the third party lender on your behalf.

CSO Fees. The CSO will charge a fee for their services calculated daily based on the amount of your loan. You will not owe any fee unless you obtain a Loan. The CSO fee may continue to accrue until the Loan is repaid in full.

Disclosure for Credit Access Business (CAB):

The CSO is a Credit Access Business under the Texas Code of Finance. Please note as follows:

• If you payoff your Loan off early, there will be no prepayment penalty;
• The CSO is also a Credit Access Business, that complies with Chapter 392 of the Tex. Fin. Code (“TFC”) and the federal Fair Debt Collection Practices Act (15 U.S.C. Section 1692 et seq.) with respect to an extension of consumer credit described by Section 393.602(a) of TFC;
• The CSO will not threaten or pursue criminal charges against a consumer related to a check or other debit authorization provided by the consumer as security for a transaction in the absence of forgery, fraud, theft, or other criminal conduct;
• The CSO complies, to the extent applicable, with 10 U.S.C. Section 987 and any regulations adopted under that law with respect to an extension of consumer credit described by Section 393.602(a);

If you would like more information, please contact
The Office of Consumer Credit Commissioner of Texas
2601 N Lamar Blvd, Austin TX
78705(800) 538-1579,
[email protected]. www.occc.state.tx.us

Notice: This cash advance is not intended to meet long-term financial needs. This loan should only be used to meet immediate short term cash needs. Renewing the loan rather than paying the debt in full when due will require the payment of additional charges.

Letter of credit: To obtain a Loan at a rate of interest not to exceed 10%, you will need to request that the CSO issue an irrevocable letter of credit in favor of the third-party lender in accordance with Chapter 5 of the Texas Uniform Commercial Code - Letters of Credit, in an amount not to exceed principal, interest, late charges and returned check fees on the loan that is arranged. The third party lender is able to demand payment on the Letter of Credit from us and you will be authorizing the CSO to pay on the Letter of Credit upon presentation to us of documentation complying with the conditions set forth in your Loan Agreement and you understand that the CSO is not responsible for determining the accuracy of any statement made by the third-party lender and that the CSO’s duty is strictly to pay upon proper presentation of documents.

Please note: The information contained on this website is for general informational purpose only and you should not rely upon any such information. The terms of your loan and Agreement with the CSO may vary. You must review the terms of your Loan Agreement and Disclosure for the specific terms of your Loan and CSO Agreement. Before agreeing to accept any Loan or signing any Agreement, please feel free to consult with a customer service representative if you have any questions or would like to discuss any terms contained therein.