Interest Rate

• The interest rate on check cashing loans in Illinois has been regulated. It can be no more than 15.5 percent. This keeps the loan companies from taking advantage. In fact, that rate is no worse than some credit card companies' rates for high risk.
  
  

Limits

• The customer cannot obtain money for more than two loans at any one time. This keeps the citizen from overextending to the point of not being able to pay back the loan. There is also a limit on the size of the loan itself. It cannot be more than $1,000 or 25 percent of a person's pay.
  
  

Time Frame

• Check-cashing loans in Illinois must have a payment schedule set up that is less than 45 days. Loans must be paid back within that time frame. Shortened loan repayments keep borrowers from running up high interest fees that they cannot afford. Also, once a borrower used one of these services, he must wait a full week after paying one off before he can use another one.
  
  

Repayment and Penalties

• Those using check-cashing services in the state of Illinois cannot be held criminally accountable for not paying back a loan. This does not keep them from civil suits if it comes to that, but at least they won't go to jail. Also, no penalties can be attached to late payments, which can only extend the time frame of repayment.
  
  

Warning

• The main issue with check-cashing companies is that they are often portrayed as preying on the desperate. Because individuals who use these companies are usually in need of quick cash and cannot wait until their next payday, the companies can charge higher than normal interest rates.