Thought provoking article on Illinois

This article titled “Americash Takes Its Cash-Strapped Customers To Court” totally bashes cash advance lenders in Illinois.  It’s main gripe is that most lenders are offering loans greater than 120, so they do not fall under some prohibitive payday loan laws.

This article attacks Americash, who is a big player in Illinois, for taking borrowers to court and getting court ordered wage garnishments. Most of these cases result in default judgments b/c the defendants do not show up to court. What they do not mention is that this is a civil court. If the debtors show up, they’ll likely get off very easy.

There is currently a bill out there that will cap installment loans at 99% interest.  This would effectively push all cash advance lenders into payday loans.  You can read more about that bill here.

by admin

Bookmark the permalink.

Both comments and trackbacks are currently closed.