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(The Center Square) – As lenders highlight the negative effects of the Predatory Loan Prevention Act, a new poll shows Illinoisans are in favor of the law.
As of March 2021, payday loans in Illinois have an interest rate cap of 36%. The act provides that any loan made in excess of 36% is considered null and void, and no entity has the “right to collect, attempt to collect, receive, or retain any principal, fee, interest, or charges related to the loan.”
In a poll commissioned by the Woodstock Institute, 86% of respondents said they support the rate cap.