Illinois pawn loan calculator
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EstimateIllinois
$83.33
maximum charge for the first month
- Total charges
- $83.33
- To get your item back
- $583.33
- Monthly rate
- 16.7%
Maximum allowed by state law. A pawn shop can charge less; your pawn ticket shows the real amount.
Pawn shops by city in Illinois
Illinois pawn loan rules
| Maximum charge | One fifth (20%) a month on loans under $500, one sixth under $1,500, one eighth under $5,000 and one twentieth (5%) from $5,000, all charges included. |
| Loan term | 30 days minimum. |
| Other fees | Appraisal, storage, insurance and reports are included in the cap. |
What a pawn loan costs in Illinois
| Loan | First month (max) | To redeem after 1 month |
|---|---|---|
| $100 | $20 | $120 |
| $250 | $50 | $300 |
| $500 | $83.33 | $583.33 |
| $1,000 | $166.67 | $1,166.67 |
| $2,000 | $250 | $2,250 |
These are ceilings. The charge on your pawn ticket can be lower, and the ticket must show it with the annual percentage rate. To see two or more months, change the months in the calculator above.
Before you pawn in Illinois
- Bring a valid government-issued photo ID.
- Ask for the total to redeem on the due date and the last day of the grace period.
- Compare at least two shops: see pawn shops in Springfield or Chicago.
- Read how pawn loans work and what happens if you don't pay.
Questions
How much does a $500 pawn loan cost in Illinois?
At the legal maximum, $83.33 for the first month, so $583.33 to get the item back after one month. A $1,000 loan costs up to $166.67 for the first month. Shops can charge less.
How many pawn shops are listed in Illinois?
69 pawn shops in 4 cities: Springfield, Chicago, Rockford, Aurora.
Sources
- 205 ILCS511/15-10 (P.A.103-585): ilga.gov