Payday lender bond cost
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.
Why 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.
Payday lender bond details
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.
Become a payday loan lender
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.
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