This page provides general legal information and calculation tools, not legal advice. DocketMath is not a law firm and does not provide legal representation, and using this site does not create an attorney-client relationship. Laws change and exceptions apply, so deadlines and amounts specific to your situation should be confirmed with a licensed attorney in your jurisdiction.

Illinois Prejudgment Interest Rate Under 815 ILCS 205/2

Under Illinois law, the prejudgment interest rate on damages is set at 5% per year by 815 ILCS 205/2. This statute governs the rate applied to money judgments or settlements before the final judgment is entered. The 5% figure is a fixed statutory rate, meaning it does not fluctuate with market conditions. The law applies automatically in civil cases where a judgment is entered, and the interest accrues from the date the cause of action arose or from a specified demand date, as the statute details. The official source at the Illinois General Assembly website contains the full text, including any applicable exceptions. To calculate the interest owed in a specific case, the DocketMath calculator applies this 5% rate to the principal amount over the relevant time period.

Governing authority

In Illinois, the impact rule is set by 815 ILCS 205/2. The verified packet cites 815 ILCS 205/2 (https://www.ilga.gov/legislation/ilcs/fulltext.asp?DocName=081000050K2).

Illinois impact: the verified value is 5% under 815 ILCS 205/2. The verified packet cites 815 ILCS 205/2 (https://www.ilga.gov/legislation/ilcs/fulltext.asp?DocName=081000050K2).

Estimate your own result: every situation has exceptions that can change the outcome. Use the impact calculator to estimate your specific figure.

This page provides general legal information and calculation tools, not legal advice. DocketMath is not a law firm and does not provide legal representation, and using this site does not create an attorney-client relationship. Laws change and exceptions apply, so deadlines and amounts specific to your situation should be confirmed with a licensed attorney in your jurisdiction.