Both legislators say payday advances might be given at annualized passions rates at a lot more than 400 %.
FREEPORT, Ill. (WIFR) – Rep. Will Guzzardi (D-Chicago) and Rep. Andrew Chesney (R-Freeport) penned a viewpoint editorial kind together over their provided desire for defenses against exploitative loans on Monday.
The opinion can be read by you editorial with its entirety below.
вЂњWe are a couple of legislators whom donвЂ™t agree with a lot.
Certainly one of us is a Chicago Democrat whom co-chairs the Illinois home Progressive Caucus. One other is really a Northwest Illinois Republican that is a firebrand for Conservative factors.
Despite these apparent ideological distinctions, come july 1st we joined up with forces on a problem that counts profoundly to both of us: curbing extortionate rates of interest on pay day loans.
A pay day loan is a short-term loan that is allowed to be supposed to keep a household afloat before the next paycheck is available in.