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


Publication Date: April 2008

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

Author(s): Tom Feltner; Sarah Duda

Research Area: Economics

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.