Hang tough, Illinois, and cap interest levels on payday loans at 36percent

Cash advance borrowers, burdened by triple-figure interest rates, usually get behind in paying other bills, defer expenses for health care bills and run bankrupt. They are very often people of colors.

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Gov. J.B. Pritzker is anticipated to signal the Predatory Loan Prevention Act, a statement capping rates on little debts to high-risk individuals. But two truck expenses would water down the newer legislation. Pat Nabong/Sun-Times

Six in years past, a female in Downstate Springfield, Billie Aschmeller, got completely a $596 short term loan that carried an insane highest 304per cent yearly rate of interest. Continue Reading