Monthly Archives: March 2021

Illinois Adopts Hard Payday Limits As Other States Shut Down

Illinois has joined the growing number of states that have limited high-cost payday loans, but it’s taken a different path to get there: state house. Illinois Governor JB Pritzker (D) signed a law on March 23 that caps interest rates on payday loans, auto title loans and installment loans at 36%. Similar efforts in other states, most recently in the ...

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What happens when you can’t pay off a payday loan?

A default on a payday loan can result in bank overdraft charges, collection calls, damage to your credit scores, a day in court, and garnishment of your paycheck. Don’t think that it can’t happen because you only borrowed $ 300. “If you have a valid, binding legal agreement to pay off that debt, and you’re in a state where they ...

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This Legislation Could End Illinois Payday Loan Industry | Chicago News

Kesha Warren needed a short-term cash injection of $ 1,250 to cover the salary costs of her small janitorial services business. In 2019, she took out an auto title loan, a short-term loan that uses the borrower’s vehicle as collateral. She says she has been cut off from more traditional bank loans. “No one wants to lend to someone who ...

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