IDFPR Releases Annual Consumer Lending Trends Report

CHICAGO – The Illinois Department of Financial and Professional Regulation, Division of Financial Institutions has announced the release of its annual Consumer Lending Trends Report. The report highlights trends in the high interest consumer lending marketplace, including how many loans were made, the type of loans, the amount of the loans, and the income of those taking out the loans. It should be noted that for high interest title-secured loans and high interest small consumer loans, this report only tracks data through March 23, 2021. That’s when Illinois’ historic Predatory Loan Prevention Act (“PLPA”) was was signed into law by Governor JB Pritzker, prohibiting lenders from charging more than 36% APR on consumer loans.