Fewer Illinois residents using payday lenders after state capped interest rates


The Predatory Loan Prevention Act caps loan interest rates at 36%, including all fees. Before the Act passed, rates were extremely high, including 297% for payday loans and 178% for auto-title loans. The Illinois Legislative Black Caucus pushed for the Act to pass in an effort to close the racial wealth gap and address socioeconomic disparities, as these high-interest rates historically affected minority groups.

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