Oppose SB2306 / HB3192 – Rate Cap Loophole
SB 2306 and HB 3192 would insert the TILA Loophole into the Predatory Loan Prevention Act. The TILA...
Read moreCar 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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SB 2306 and HB 3192 would insert the TILA Loophole into the Predatory Loan Prevention Act. The TILA...
Read morePredatory loans can set-off a debt spiral and can lead to overdraft fees, loss of a bank account,...
Read moreCall Governor Pritzker's office at 312-814-2121 and urge him to sign SB 1792, the Predatory Loan...
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