Could Illinois’ New Anti-Predatory Lending Bill Limit Consumer Options?

The major players of the payday loan industry say they won’t lend in Illinois because of a new anti-predatory lending law.

High Interest Payday Loan Lenders Target Vulnerable Communities During COVID-19
A payday loans store in Springfield, Ill. (Seth Perlman/AP)
High Interest Payday Loan Lenders Target Vulnerable Communities During COVID-19
A payday loans store in Springfield, Ill. (Seth Perlman/AP)

Could Illinois’ New Anti-Predatory Lending Bill Limit Consumer Options?

The major players of the payday loan industry say they won’t lend in Illinois because of a new anti-predatory lending law.

Some of America’s largest consumer lenders said they have stopped lending in Illinois since Gov. J.B. Pritzker signed the Predatory Loan Prevention Act into law.

A business reporter joins Reset to give details on the fallout between Illinois state government and the consumer lending industry.

GUEST: Steve Daniels, Crain’s Chicago Business senior reporter