Illinois Governor Pat Quinn signs Payday Loan bill
Illinois Governor Pat Quinn signed a bill into law Monday putting a cap on the often high interest rates charged on short-term consumer loans. The law regulates the so-called “payday loan” business, which usually requires its loans to be paid back within two weeks, and which have historically charged consumers higher interest rates. The loans are often the only option available to some borrowers who need money in a hurry, and their interest rates can keep borrowers in a cycle of debt.
Bill HB 537 also places restrictions on “consumer installment loans,” which the law defines as lasting longer than six months. The Chicago Tribune explains some of the new regulations:
Under the new rules, interest rates would be capped at 99 percent for consumer installment loans of $4,000 and less and at 36 percent for loans that are $4,000 or more. Previously, there were no limits on how much loan companies could charge in interest, and some borrowers were smacked with rates as high as 700 to 1,000 percent, according to Quinn’s office. … Interest rates on payday loans also would be limited, with rates being capped at $15.50 for every $100 borrowed over a two-week period. Additionally, loan firms would have to verify that a borrower has the ability to repay a loan and would not be allowed to issue pay day loans if monthly payments would exceed 25 percent of a person’s gross monthly income. That limit drops to 22.5 percent for those taking out longer consumer installment loans.
Attorney General Lisa Madigan, who was among the leaders in advancing the legislation, praised its passage Monday. But she continued to warn consumers that payday loans still have much steeper interest rates than those offered by banks and even credit cards. The loans “will still be costly, and should only be used in emergencies and in the last resort,” Madigan said.
I really appreciate this wonderful post that you have provided for us. I assure this would be beneficial for most of the people.
Good work, like to read this. I have already bookmarked this, I will be coming back to this site soon I am sure.
It is nice to see local Illinois news online for a change.
I’ve truly enjoyed reading your blog posts. You clearly know your stuff.
Completely understand your stance regarding Illinois payday loans, although I would disagree on some of the finer details. I think you did an awesome job explaining it. Sure beats having to research it on my own. Thanks
Being a college student, you should approach the best results and improve your good name. That won’t be difficult if you visit the academic writing help. Furthermore, that can get you good advantages.
A very nice niche blog, and a good design there sparks Simplicity yet complex algorithm of the internet. Thank You
Wow! Exactly what I’m looking for. Be happy to find it here. Bookmarked and I will share it. Thanks a lot!
Hi admin, your site’s design is awesome and i like it. Your articles are great. Please keep them coming. Greets!!!!
I was very pleased to find this site.I wanted to thank you for this great read!! I definitely enjoying every little bit of it and I have you bookmarked to check out new stuff you post.
This is just the information I am finding everywhere. Thanks for your blog, I just subscribe your blog. This is a nice blog.
I admire the valuable information you offer in your articles. I will bookmark your blog andAbercrombie and Fitch
have my children check up here often. I am quite sure they will learn lots of new stuff here than anybody else!
Its not a whole lot of sites that i visit regularly except for yahoo and cnn, but i think im going to be adding your blog into my daily mix. Such great writing…powerful content. Hope to see a whole lot more from you in the future.
Wow I never new that there were so many new mortgage and loan programs. Your site seems to have a lot of good info. I will bookmark it and link it to my facebook account.
“The economy is so bad, Hot Wheels and Matchbox stocks are trading higher than Chrysler and GM..!!”
It truly is very good to have the ability to read a excellent high quality write-up with beneficial facts on topics that plenty are interested on. The stage that the files indicated are all first hand on live experiences even help more. Continue doing what you do as we adore readi…
I think that to receive the loan from creditors you ought to have a good motivation. Nevertheless, one time I’ve got a auto loan, because I wanted to buy a car.
Pretty good post. I just stumbled upon your blog and wanted to say that I have really enjoyed reading your blog posts. Any way I’ll be subscribing to your feed and I hope you post again soon.
Have you ever considered adding more videos to your blog posts to keep the readers more entertained? I mean I just read through the entire article of yours and it was quite good but since I’m more of a visual learner,I found that to be more helpful well let me know how it turns out! I love what you guys are always up too. Such clever work and reporting! Keep up the great works guys I’ve added you guys to my blogroll. This is a great article thanks for sharing this informative information.. I will visit your blog regularly for some latest post.
interesting. Waiting for other comments on this topic
While we’re in the Illinois Governor Pat Quinn signed Payday Loan bill | Payday Loan or Cash Advance zone, The newest round of “foreclosure prevention” solutions from the Obama administration unfortunately will not fare much better. Lenders are currently overwhelmed with calls from borrowers since the plan was announced, and don’t have the resources or the training to deal with the inquiries.
Informative information and excellent posts you have!
Your feeds are fed into other blogger’s RSS feeders, making it syndicated or putting in another way, people out there will subscribe to them and receive online copies of your text.
Pat Quinn is the man I voted for. Nice article. Thanx.
Nice to see Illinois getting the payday loan thing figured out instead of banning them like the other dummies. Sometimes we need cash. Hello!
Aw, this was a really quality post. In theory I’d like to write like this also – taking time and real effort to make a good article… but what can I say… I procrastinate alot and never seem to get anything done… Regards
Thank you… article is cognitive.
Well, I don’t know if that’s going to work for me, but definitely gotta love Pat Quinn. Excellent post!
Now i’m not sure I altogether agree with you on this post about Arizona loans. On the other hand I am definitely amenable to original ideas. Good site by the way.
Ward
I love your website! did you create this yourself or did you outsource it? Im looking for a blog design thats similar so thats the only reason I’m asking. Either way keep up the nice work I was impressed with your content really..