Predatory creditors want Pritzker to veto a restriction on double digit percentage of interest

Predatory creditors want Pritzker to veto a restriction on double digit percentage of interest

Say legislature targets lending “to go to the center of general racism”

February 17, 2021

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  • The quantity of bills passed in five-day January lame duck session in Springfield was the Predatory Loan Prevention Act, a measure which would cap percentage of interest for consumer loans under $40,000—such as cash loans, installment loans, and auto title loans—at 36 percent. These finance frequently mistake consumers in series of debt, exacerbate poor credit, induce bankruptcy, and deepen the racial property break. Some 40 % of individuals essentially default on paying such money. The newest legislation was a student in a deal of debts innovative through Legislative white Caucus together with their “four pillars” of racial justice reforms in financial strategy, violent fairness, training, and medical care. (more…)

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