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How much does a payday lender bond cost in Illinois?
The Department of Financial and Professional Regulation mandates that all persons engaged in making payday loans purchase a bond in the amount of $50,000 for each location in which loans will be made. The total bond amount can’t exceed $500,000.
The amount you’ll pay for this bond is subject to underwriting and is based on a review of your personal credit report.
Our surety experts are dedicated to getting our customers bonded for the best price possible. Simply contact one of our surety experts to get started.
If you’re ready to get bonded, call SuretyBonds.com or fill out our online bond request form.
Why do I need this bond?
Illinois licensee bonds for the Payday Loan Reform Act ensure liability for any and all financial damages caused by misconduct or other unfair behavior by the licensee. Some prohibited actions under this bond include, but are not limited to:
- imposing a charge on borrowers for requesting a repayment plan
- issuing a payday loan to a borrower who already has an outstanding payday loan under a repayment plan
- using deceptive or false advertising
More rules and regulations that must be followed under this bond can be found in the Illinois Payday Loan Reform Act.
Apply today to receive a free, personalized bond quote in just 1 business day or less.
What’s the fine print?
These 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 payday loan lender in Illinois
A license from the Department of Financial and Professional Regulation is required for every person or entity acting as a payday lender. All applicants must submit a written application form prescribed by the secretary and pay all required fees and taxes.
Let SuretyBonds.com help you take the first step toward getting licensed by getting you the bond you need. Submit a bond request to get started.