Join Us in Fighting 300% Interest Rates on Car Title LoansSign Onto the Campaign Today
Car title loans prey on Illinoisans with crippling interest rates as high as 304%. These loans trap consumers in debt they can’t repay, and cause thousands every year to lose their car. A $500 title loan can actually end up costing a consumer 5 times more due to annual interest rates averaging 188% and thousands of dollars in fees.
We need YOUR voice to join the chorus calling for change. Join the campaign to cap interest rates on car title loans in Illinois today.
The Fair Lending Act (SB2584) will lower interest rates on car title loans to 36% or less and create new protections for Illinois consumers. This legislation will help ensure that car title loans are fair and affordable.
For more information on car title loans, take a look at our report on title lending.