IL HR0295

Illinois working families lose at least $220 million annually to payday lenders charging annual interest rates around 400%

Payday lenders have extended loan terms to 121 days to evade existing state interest rate caps, with some still charging upwards of 500% annual interest

HR 1214 (federal Payday Loan Reform Act) would allow 391% interest rates and fails to address repeat consecutive loans to borrowers who cannot repay, undermining state consumer protections

Illinois House calls on federal HR 1214 sponsors to withdraw support and instead enact a 36% annual interest rate cap as the only effective reform to stop predatory payday lending cycles