• Payday lenders – 36 Illinois groups have petitioned US lawmakers to halt the rollback of payday loan protections implemented last year by the Consumer Financial Protection Bureau, according to a release from the Heartland Alliance. The bureau’s rule capped lenders at 36 percent interest rate, but with no legislative protection in place and a joint resolution aimed for repeal, Illinois borrowers could suffer a blow. “The payday lending debt trap is a harsh reality for many Illinois payday loan borrowers, the majority of whom make less than $30,000 per year. Research shows four of every five loans are re-borrowed within the month; and as a result, Illinoisans pay over half a billion dollars per year in fees,” the group writes. [Release]

Want to read the whole article?

Daily Line subscribers get full access to every article published on The Daily Line, including our full archives and receive free or discounted admission to our special events.
Sign up