Springfield Payday Loans: Subprime Report
An OppLoans Guide to Getting The Help (and The Loan) You Need

Emergencies happen. And when they do happen, they are usually expensive. No matter how much you try to live cheaply and save money for times like this, you might be in need of more money. Are you going to have to choose between getting your car fixed and paying your rent or feeding your kids? While it might feel like you have no other option than to turn to a payday lender or take out a title loan on your car, there are actually plenty of resources out there to help.

Borrowing Money in Springfield

If you find yourself in need of cash due to an emergency, and it’s not one of the situations listed above, you still have options. There lots of different lenders out there and lots of different kinds of loans that you could take out in order to get the cash you need. But watch out, some lenders are predatory.

Predatory lenders offer loans that take advantage of their customer’s desperate circumstances. They have short terms and high interest rates that can put you in an even worse position than the one you started in. Below are some helpful resources to make sure that your lender is not taking advantage of you.

Payday Loans in Springfield

Payday lenders will tell you that their loans are an easy way to get quick cash, but what they won’t tell you is that these loans are rarely worth the price. These are smaller loans, usually only a few hundred dollars. The name “payday loan” comes from the idea that you get the loan and then you pay it back when you receive your next paycheck. The catch is that they come with very high interest rates. They are usually referred to as predatory loans because the lenders target people with low incomes in desperate situations.

If you live in Springfield and are considering payday loan, it would be a good idea to get all the facts first. The website for Payday Loan Consumer Information has loads facts, information and resources on payday loans and lenders. They also provide a helpful state-by-state guide to the lending laws, as different states have different regulations on lenders. In Illinois, you cannot borrow more than 25% of your monthly income, up to $1,000. The highest APR that a lender, including payday lenders, can charge in Illinois is 403%.2

Payday loans come with high rates and added fees that can trap borrowers into what is called a “cycle of debt.” The cycle begins when the customer is unable to pay back the loan and the lender offers to “rollover” the loan, which means extending the date by which full repayment is due while also charging an additional fee.3 These additional fees mean that borrowers owe more and more on the original loan. Luckily for any Springfield residents, Illinois does not permit rollover. However, you may still be charged a collection fee.

If you’re currently dealing with a payday loan and you need more information, or have a complaint, contact the Illinois Department of Financial & Professional Regulation at 888-473-4858 or the Consumer Financial Protection Bureau at 855-411-2372.

Installment Loans in Springfield

If you need fast and affordable help to get out of a tough financial situation, consider a personal installment loan with OppLoans. We offer cash loans in Springfield to help with your specific situation. OppLoans always strives to deliver fast, flexible, fair and five-star service:

  • Fast: Apply online and find out if you’re approved in minutes. Once approved you can get your cash as early as the next business day.
  • Flexible: We offer longer terms, larger loans, and affordable, fixed payments. Your monthly payment will be the same throughout the life of the loan.
  • Five-Star: Customers rate us 4.9 out of 5 stars for our friendly service. We also provide discounts for credit education.

OppLoans offers personal installment loans from $1,000 to $10,000 and the flexibility of paying them back over longer periods of time. We’ll work with you to provide affordable payment options that fit into your monthly budget. We will never charge prepayment, origination or application fees. In addition, our interest rates are usually 70-125% less than other personal loans.

For questions about OppLoans rates, terms, and eligibility contact the OppLoans Support Team by phone at (800) 990-9130, Monday – Friday 7am to 7pm or Saturday 9am to 4pm central time. Or email us at info@opploans.com.

Guides to Payday Loans in Illinois Cities

See more local Illinois guides below:
Chicago | Peoria | Rockford | Springfield


  1. “Facts About Alcohol” National Council on Alcoholism and Drug Dependency, Inc. July 25, 2015. Accessed January 12, 2016. https://www.ncadd.org/about-addiction/alcohol/facts-about-alcohol
  2. “Illinois State Information” Payday Loan Consumer Information. Accessed January 5, 2016. https://www.paydayloaninfo.org/state-information/21
  3. The Editorial Board. “Cracking Down on Predatory Payday Lenders” The New York Times. August 29, 2013. Accessed January 5, 2016. https://www.nytimes.com/2013/08/30/opinion/cracking-down-on-predatory-payday-lenders.html?_r=1
  4. Alop, Alan. “Payday Loans and Title Loans.” Illinois Legal Advocate. November, 2009. Accessed January 5, 2016. https://www.illinoislegaladvocate.org/index.cfm?fuseaction=home.dsp_content&contentID=1974
  5. “Tips for Buying and Selling at a Pawn Shop” Moneymanagement.org. July 19, 2011. Accessed January 6, 2016. https://www.moneymanagement.org/Community/Blogs/Blogging-for-Change/2011/July/Tips-for-buying-and-selling-at-a-pawn-shop.aspx
  6. “Financial Regulation (205 ILCS510/) Pawnbroker Regulation Act.” Illinois General Assembly. Accessed January 6, 2016. https://www.ilga.gov/legislation/ilcs/ilcs3.asp?

*OppLoans is not affiliated with any of the programs, services, or organizations referenced on this page.