Illinois Payday Loan Reform Act SB 1435 is redundant. Illinois payday loan lenders already disclose fee schedules, APR - Annual Percentage Rates, any balloon payments due, payment due dates and much, much more.
If any of these “protect us from loan sharks” advocates would simply visit a payday loan store, read the disclosures on the walls, take a look at the 14pt fonts on a typical contract and, MOST IMPORTANTLY, talk to a real, live payday loan customer, they would focus on building our economy via jobs and not more restrictions.
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