IL · LOAN-AGMT · Updated July 2026 · Free
Illinois Loan Agreement PDF
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Illinois at a glance: Usury Cap: 9% per year (815 ILCS 205/4) · Default Interest: 5% (if not written) · Governing Law: Illinois Compiled Statutes Chapter 815
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Overview
Loan Agreements in Illinois
Illinois caps interest rates on personal loans made by unlicensed lenders at 9% per year (815 ILCS 205/4).
Key Facts
Illinois Loan Agreement — Quick Reference
| Requirement | Illinois Rule |
|---|---|
| Usury Cap | 9% per year (815 ILCS 205/4) |
| Default Interest | 5% (if not written) |
| Governing Law | Illinois Compiled Statutes Chapter 815 |
Legal Requirements
Illinois Legal Requirements
- Personal loan interest rates must not exceed 9% per annum.
Governing Laws
Illinois Governing Laws
Read the full text of these laws at Cornell Law School's Illinois legal resources or your state legislature's official website.
Questions & Answers
Illinois Loan Agreement — Frequently Asked Questions
Are B2B business loans exempt from the Illinois 9% cap?
Yes, business loans are exempt from the usury cap under Section 4.