Payday Loan Industry Watch Home News: Archive News: Recent News: RSS Newsfeeds News: Archive News: By State News: By Big 7 Podcasts Reviews Tips Links
About Us
Contact Us
Donate/Sponsor
Site Help
Find a Lender
Header

Illinois fines payday lenders $500,000 in 10 months

November 1, 2006 - Springfield, Illinois

The state of Illinois has fined payday lenders operating in the state over 500,00 since the Payday Loan Reform Act (PLRA) went into effect in December, 2005. Governor Blagojevich signed the Monsignor Egan Payday Loan Reform Act in June, 2005.

According to the Illinois Department of Financial and Professional Regulations (IDFPR), between 45,000 and 60,000 payday loans are issued in Illinois every month.

The average Illinois payday loan is for $334.69.

Under the Payday Loan Reform Act, consumers can opt for a no-interest payment plan rather than rolling over the loan. The law also caps interest payments and fees to $15.50 per $100 borrowed.

Since the PLRA went into effect, Affinity Credit Services was fined $273,000, Americash was fined $190,000 and Advance America was fined over $75,000.

News Source

RTO Online, Staff Writer

Related Stories - Illinois

Return

See: Recent News | Archived News | RSS Newsfeeds | News by State
Go to PLIWatch.org home.

E-mail This Page Open a new window and send this page to a friend.
Share this page by E-mail.
Reviews Reviews page.
July 21 - WeGiveCash claimed we could get $1,500. But, after entering qualifying customer information, we were declined and then forwarded to another Web site to re-apply.
Find a Lender Find a Lender page.
Claims to lend
To residents of
With fees per $100 loaned
On the Web since
reviewed by PLIWatch
small payday loan industry watch logo
Recent RSS Newsfeeds Archive Shown by State Shown by 'Big 7'
Home News & RSS Podcasts Reviews Tips Links Find a Lender About Us Contact Us Donate / Sponsor Site Help
Terms of Use Privacy Policy Site Map copyright © 2005-2022 pliwatch.org all rights reserved Updated: Nov 22, 2022 07:58 EST