Senate bill 655 has until May 7th to pass. Illinois currently has two models for the cash advance industry. The first model is offering payday loans and has a state database. The other model is offering installment loans.
This bill will cap rates on loans greater than 121 days to 99%. Practically everyone, including the CFSA, are backing the new bill. Small and medium size cash lenders, specifically ISLA (Illinois Small Loan Association) are against it.
I’d love to hear both sides of the argument, CFSA and ISLA.
