How much does a consumer installment loan bond cost in Illinois?
The Illinois Consumer Installment Loan Act mandates that all companies licensed under the act post a surety bond in the amount of $25,000 per business location.
These bonds are subject to underwriting, so the price you’ll pay depends on a review of your personal credit report. With a strong financial background, you could pay just $250 for your bond!
Ready to get bonded? Start here.
|Bond Type||Bond Amount||Cost by Credit Score*|
|680 and up||679 - 600||599 or lower|
|Consumer Installment Loan Act Bond||$25,000||Starts at $250||$750-2,500||$2,500+||Apply Now|
Our team of experts is here to help you get the bond you need quickly, easily and accurately. Give us a call at 1 (800) 308-4358 or fill out an online contact form to get a free surety bond quote.
Why do I need this bond?
By posting a surety bond, principals (loan installment professionals) agree to abide by every provision of the Illinois Consumer Installment Loan Act and all rules, regulations and directions lawfully made by the Director of the Division of Financial Institutions.
If you’re ready to purchase a consumer installment loan act surety bond quickly, easily and accurately, give us a call at 1 (800) 308-4358. Or, click here to submit a bond request. You’ll be connected with an expert surety bond specialist who will walk you through each step of our fast and easy bonding process.
What’s the fine print?
Illinois consumer installment loan act bonds expire annually on December 31, so your bond premium could be prorated depending on when you buy it. Our team of surety experts works hard to get you bonded according to your specific needs.
How to become a consumer installment loan act professional in Illinois
To become a licensed consumer installment loan act professional in Illinois, an applicant must submit the following materials:
- a completed application form
- a copy of all organization documents required to be filed with the Illinois Secretary of State and a copy of the filing of assumed business name with the appropriate County Clerk’s office (if a sole proprietorship)
- supplemental application provided in the application packet and the credit reports of applicable partners, officers and individuals
- most recent year-end and quarter-end financial statements, or opening statements for new corporations
- a $25,000 surety bond in favor of the Director of the Illinois Division of Financial Institutions
A full list of licensing requirements can be accessed via the Additional Resources section of this page.
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