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2019 Title Loan Legislative Resources
Title loans prey on Illinoisans with crippling interest rates as high as 360%. In 2017, more than 61,000 Illinoisans were stuck in title loans. These loans trap consumers in debt they can’t repay, and cause thousands every year to lose their car, a critical source of transportation to school and work. Between 2014 and 2016, more than 26,000 Illinois families lost their car because of title loans.
HB2468, the Fair Lending Act, will finally bring consumers relief by capping interest rates on car title loans at 36%.
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