Published by admin on Sat, 03/27/2021 - 9:34am
Since 2006, federal law has capped annual interest rates on payday loans to active duty military members at 36 percent. The interest rate cap was broadened in 2015 to include several more types of personal, unsecured loans.
In Illinois, meanwhile, payday loan borrowers have been subjected to average annual interest rates of close to 300 percent.
Illinois lawmakers tried to tackle this issue in 2005, and passed a rate cap that was widely heralded. But the industry took advantage of a gaping loophole and then kept right on with their business.