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The Illinois Payday Loan Loophole Post-Payday Loan Reform Act Lending and the Debt Collection Practices of One Large Lender in Illinois

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Publication Date: April 2008

Publisher(s): Public Action Foundation; Woodstock Institute (Chicago, Ill.)

Author(s): Tom Feltner; Sarah Duda

Special Collection: John D. and Catherine T. MacArthur Foundation

Topic: Economics (Property and wealth)

Keywords: Installment loans; Loan reform; Borrower demographics

Type: Brief

Coverage: Illinois

Abstract:

Analysis of Circuit Court of Cook County filings by one large payday lending showing the shift from short-term loans, cover by Payday Loan Reform Act consumer protections, to longer-term installment loans not covered by the act. The report also looks at the debt collection process.