Rates and Fees
At Chicago Cherry Loans, transparency is at the heart of everything we do. We want you to be fully informed about the costs associated with your payday loan before you apply. Below, you will find clear details on our rates and fees so you can make the best financial decision for your needs.
Interest Rates
The interest rate (APR) on your payday loan will vary based on the amount borrowed and the repayment period. Here is a general overview:
- Loan Amount: $100 – $1,000
- APR Range: 200% – 400%
The exact APR will depend on your specific loan terms and repayment schedule. You will receive a full disclosure of your interest rate before you sign your loan agreement.
Loan Terms
Our payday loans are typically due on your next payday, which is usually 14 to 30 days from the date of the loan. Extensions or rollovers are not available, as we encourage responsible borrowing.
Fees
We strive to keep fees straightforward with no hidden charges. Here’s a breakdown of the standard fees you may encounter:
- Origination Fee: $15 per $100 borrowed
- Late Payment Fee: If you miss a scheduled payment, a late fee of $25 will be applied.
- Non-Sufficient Funds (NSF) Fee: A $35 fee will be charged if your payment is returned due to insufficient funds.
These fees are set according to Illinois state regulations and are disclosed upfront during the loan process.
Example Loan Cost
For example, if you borrow $300 for 14 days:
- You will pay an origination fee of $45.
- The total repayment amount would be $345.
The exact cost will depend on the loan amount and term length, which will be clearly outlined in your loan agreement.