Fact Sheet: Predatory Loan Prevention Act

IABG is partnering with community leaders, including Woodstock Institute, IL PIRG, AARP, SEIU, the Catholic Conference of Illinois, and more than 100 other organizations to strongly urge Governor Pritzker to sign the Predatory Loan Prevention Act. The Illinois General Assembly passed SB 1792 in January 2021 with bipartisan support in both chambers.

The Predatory Loan Prevention Act would prohibit lenders from charging more than 36% APR (annual percentage rate) on consumer loans. In Illinois, the average APR on a payday loan is 297%, and the average APR on a title loan is 179%. Federal law already protects active-duty military with a 36% APR cap. This bill would extend the same protection to Illinois veterans and all other consumers.

Download the fact sheet to learn more.