Illinois Payday Lender Bond
$50,000 Per Lending Location
| Bond Amount Required | Bond Term | Annual Premium |
| $50,000 | 1 Year | $500 |
| $100,000 | 1 Year | $1,000 |
Payday lenders subject to Illinois licensing requirements must maintain a surety bond based on the number of lending locations. The bond helps provide financial protection for obligations covered by applicable Illinois payday lending requirements.
Cost of the Illinois Payday Lender Bond
The required Illinois Payday Lender Bond amount is based on the number of lending locations. The bond requirement is $50,000 per location, with an ordinary statutory maximum of $500,000. The Secretary may require an additional bond amount when applicable statutory conditions are met. The annual premium is $500 for a $50,000 bond and $1,000 for a $100,000 bond. These premiums are NNA Surety rates and are not set by Illinois law. Apply online today to get your Illinois Payday Lender Bond.
How the Illinois Payday Lender Bond Works
The Illinois payday lender bond helps protect eligible parties by holding licensed payday lenders financially accountable for applicable requirements and obligations covered by the bond.
The bond involves three parties:
- Principal: Payday lender
- Obligee: State of Illinois
- Surety: Bonding company
A claim against the bond may be filed when a lender fails to meet an obligation covered by the bond. The principal is responsible for repaying valid claims paid by the surety.
How to Get the Illinois Payday Lender Bond
Follow these simple steps to get bonded with NNA Surety:
- Complete this short online application with your business and licensing information.
- Confirm the required bond amount based on the number of lending locations.
- Pay the applicable annual premium.
- Receive and file the bond as required for your Illinois payday lender license.
Learn more about your Illinois surety bond options across the state.
Get Your Illinois Payday Lender Bond
Ready to meet your Illinois payday lender bonding requirements? Complete this form or call 855-457-2196 to get bonded.