Car Title Loans in Illinois2026 Guide
Illinois recently capped interest rates on title loans at 36% APR.
Legal Status & Regulations
Governing Law
205 ILCS 670
Law Summary
The Predatory Loan Prevention Act (PLPA) recently capped interest rates on all consumer loans, including title loans, at 36% APR. This is a significant reduction from previous rates. Lenders must be licensed under the Consumer Installment Loan Act and comply with strict reporting requirements and consumer protection standards.
Real Rate Example in Illinois
A $1,500 loan in Illinois at a typical market rate of 36% APR APR over 30 days would result in approximately $150 in interest and fees. Always compare multiple offers to find the most competitive rate.
What Documents You Need
- A clear vehicle title in your name
- A valid government-issued ID (Driver's License)
- Proof of residency (Utility bill, etc.)
- Proof of income or ability to repay
- The vehicle itself for a quick inspection
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Max Loan Amount
Varies
Max APR / Rate
36% APR
Loan Term Range
Varies
Governing Body
IL Dept. of Financial & Professional Regulation