A new poll shows Illinoisans overwhelmingly favor a rate cap on high interest loans. Enacted in 2021, the Predatory Loan Prevention Act mandates a rate cap of 36 percent on loans in Illinois. The Woodstock Institute commissioned a statewide poll which showed 86 percent of respondents favor the rate cap. Illinois Congressman Chuy Garcia is trying to establish a nationwide rate cap.
As a result, some lenders have closed up shop. The head of LendNation said all 26 stores in Illinois closed, calling the state, “inoperable territory.”
story from Illinois Radio Network
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