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Does the state of IL have a statute of limitations for creditor being able to collect on a payday loan
Chicago, IL
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Posted about 1 year ago in Debt / Lending Agreements
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payday loans:
what is the sol in IL on payday loan collections. I have been served fora debt that is over 5 1/2 yrs old.
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Answers (1)
Daniel John Spilotro
This attorney is licensed in Illinois.
Posted about 1 year ago.
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Your question lacks many details to fully answer it but the statute of limitations in Illinois on an oral agreement is five years and a written agreement is ten years.
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