With interest | Bleader

Wednesday, March 19, 2008

With interest

Posted By on 03.19.08 at 04:29 PM

Sign up for our newsletters Subscribe

The other side agrees that the law has been at least a semi-flop but points to a different villain: greed. Lenders want to be able reap the profits that come from effective annual interest rates of 300% to 700%, says Lynda DeLaforgue, co-director of Citizen Action Illinois. So they mostly have stopped making loans under the payday law, which covers loans of up to 120 days in term, in favor of slightly longer-term loans, which are regulated under a different (and much looser) law.

Greg Hinz of Crain's Chicago Business investigates a state house plan to close loopholes in the payday law.

Comments

Subscribe to this thread:

Add a comment

More by Whet Moser

Agenda Teaser

Performing Arts
November 12
Performing Arts
April 10

The Bleader Archive

Popular Stories