In March 2021, the Predatory Loan Prevention Act became law in Illinois. The Act caps the annual percentage rate (APR) on predatory loans, such as payday and auto title loans, at 36%. Illinois became the 18th state to cap APRs at 36%, along with the District of Columbia.
We support this APR cap under the law, but we also encourage those in need of immediate assistance to seek out alternatives to these loans whenever possible. For example, assistance may be available through our Catholic Charities agencies in Illinois. Information on our crisis assistance programs across that state can be found HERE.