2000 Illinois Passed Law To Rein In Payday Lenders With Law Regulating Loans With Terms Not As Much As thirty day period; Payday Lenders Bypassed the statutory law by Extending The Size Of The Loan To 31 Days.
“In 2000, Governor Ryan finalized a legislation made to rein into the increase that is rapid short term pay day loans. During those times the common duration of a pay day loan ended up being 14 to 28 times (a couple of pay durations). Continue reading “Illinois Payday Lenders Bypassed Regulation by Lengthening the expression of the Loans They Provided”