Laserfiche WebLink
Illinois Attorney General-Payday Loans <br /> If this happens to you,please remember that under Illinois law,you arc entitled to enter into an interest-free repayment plan with your <br /> lender after you've been in debt for more than 35 days.This option applies only to payday loans,not to payday installment loans,and <br /> you must request it.Additionally,the law prohibits lenders from issuing a new payday loan if it would result in your being in debt for <br /> more than 45 days in a row.Together,these two provisions are designed to give payday borrowers some breathing room to pay off their <br /> old payday loan debt Mthout getting buried underadditional charges and fees. <br /> Consider Other Options <br /> With their extremely high interest rates and many charges and fees,small consumer loans,payday installment loans,and payday loans <br /> can quickly transform a short-term_financial crisis into a long term debt problem.You sbould exhaust all possible resources—family, <br /> church,friends—before you evert consider taking out one of these high-cost loans. <br /> For more information about these loans and other types of credit,or to file a complaint against a payday lender,please visit <br /> www.11linoisAttornevGeneral.aov or contact the Illinois Attorney General's Consumer Fraud Bureau at 1-800-243-0618 C fY: 1-877 7- <br /> 844-5461). <br /> -877- <br /> 844-5461). <br /> AL <br /> TOP <br /> Return to Consumer Publications <br /> Return to Protecting Consumers Main Page <br /> 212 <br /> httD://www.aa.s*,ate.il.us/consumers/i)avdayloans.html <br />