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Woodstock Institute: New Illinois 36% Rate Cap Takes Hold, Ending High-Cost Payday Loans

Apr 08, 2021 - Targeted News Service

(TNSPol) -- Woodstock Institute issued the following news release:

Once considered the "Wild West" in predatory lending, Illinois now protects consumers from an industry that routinely charged lower-income families triple-digit interest rates. After a hard-won fight by a coalition of consumer advocates and the Illinois Legislative Black Caucus, along with bipartisan support in the Illinois General Assembly, on March 23, 2021, Governor J.B. Pritzker signed into law a 36% rate cap on all loa...