When people are in need of quick cash but can't qualify for a traditional loan, they may seek the help of a payday lender. In the past, payday lenders in Illinois could easily take advantage of their customers, charging interest rates around 300% and leading customers into never ending debt.
The Illinois Payday Loan Reform Act protects consumers in the state who enter into payday loans. The Act regulates the lenders by determining fair interest rates and payment schedules. Lenders must be licensed, and a part of licensing includes obtaining a surety bond to guarantee that lenders will run their business honestly and ethically.
Licensing is through the Nationwide Multistate Licensing System & Registry (NMLS). The licensing requirements to be completed in NMLS include:
The premium you pay for an Illinois Payday Reform License Bond depends on credit and the number of licensed locations. Our rates start at 1% of the bond amount with good credit. Contact our Surety Bond Specialists for a quote that fist your specific situation.
The application fee for an Illinois Payday Reform License is $1,000.
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
For a downloadable application