Illinois Passes HB 537 Payday Cash Advance Loan Legislation
Those looking to take out a payday cash advance loan in Illinois may run into some problem this
year. As part of a host of new legislation aimed to solve budget shortfall matter,
the Illinois General Assembly passed a new law in an effort to curb payday
lending and fill up some of the apparent holes in previous payday lending
legislation. A new bill was also passed to help lessen the worrying amount of
wage theft, which is on the rise in the state. These new system over Illinois
payday loans appear to be a part of a recent trend, as other states are also
passing laws attempting to hold back cash advance loans.
The new payday lending law in Illinois, HB 537, passed through both houses of the legislature generally and reins in lenders in several ways. For starters, they will be prevented from charging more than 99 percent interest. This is seen as an improvement, though payday cash advance interest is often calculated rather dishonestly.
Read more about Quid Loans
This Article is written by Free Hit Counterz
The new payday lending law in Illinois, HB 537, passed through both houses of the legislature generally and reins in lenders in several ways. For starters, they will be prevented from charging more than 99 percent interest. This is seen as an improvement, though payday cash advance interest is often calculated rather dishonestly.
Read more about Quid Loans
This Article is written by Free Hit Counterz
