Usury Law

High-interest loans have caused major challenges for many in Illinois, particularly those with lower incomes. These loans often charge excessive or illegal interest rates, trapping borrowers in cycles of debt that are hard to escape. To address this, Illinois passed the Predatory Loan Prevention Act, effective March 23, 2021, capping consumer loan interest rates at 36% APR. This law applies to payday loans, car title loans, and other high-cost loans, offering critical protections against predatory lending practices. Learn how this law works, what to do if your loan violates the rules, and how we can help you take action.