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2018 Car Title Loan Legislative Resources
Car title loans prey on Illinoisans with crippling interest rates as high as 360%. 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. With annual interest rates averaging 188% and thousands of dollars in fees, a $500 title loan can cost up to 5 times more.
SB2843, the Fair Lending Act, will finally bring consumers relief by capping interest rates on car title loans at 36%.
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