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Illinois’ car Title Loan business as well as its effect on customers

Illinois individuals are increasingly turning to automobile that is high-cost loans (title loans) so that they can pay bills, but becoming caught with debt.

Title loans are one form of high-cost, small-dollar loans for sale in Illinois. Despite their similarity to payday advances and installment loans, name loans aren’t at the mercy of the exact same customer defenses under Illinois state law. Title loan regulations used last year created some protections that are minimal however they are inadequate in order to make name loans safe and affordable for customers. Analysis associated with the present state of car title lending in Illinois indicated that:

  • The great majority of name loans in Illinois are removed by low-income individuals. Continue reading