Protecting the Rights of Consumers
For Over 25 Years
EDELMAN COMBS LATTURNER & GOODWIN, LLC
Loans made to an Illinois resident for nonbusiness purposes at more than 9% interest by anyone who is not a licensed consumer lender, credit union or a bank are not enforceable. Most internet lenders, including especially tribal lenders, are not licensed.
In Indiana, the permitted rate is higher (up to 36%), but still below what Internet lenders typically charge.
Attempts to collect such loans may violate the Fair Debt Collection Practices Act and other laws. If anyone has made such a loan to you or attempts to collect such a loan from you, please contact us.