Pay Day Cash Advance – Doorstep Delivery of Cash

Those looking to take out a payday loan in Illinois may run into a difficult time this year. As part of a bunch of brand new legislation directed to solve budget shortage issues, the Illinois General Assembly passed on a law in an effort to curb payday lending and fill up a few of the perceived holes in previous payday lending laws. A new bill was also passed to help lessen the difficult amount of wage theft, which is on the rise in the state. These new regulations over Illinois pay day cash advance appear to be part of a recently available trend, as other states are too passing laws attempting to be able to restrain cash loans.

The new cash advance law in Illinois, HB 537, gone through the two houses of the legislature unanimously and reins in lenders in numerous ways. For starters, they will be prevented from charging more than 99 percent interest. This comes as an improvement, although payday advance interest rate is often calculated rather deceptively. Also, payday loan amounts will possibly be set at income level, and equal monthly payment cash loan payments will be needed as well. Though these changes are certainly not particularly radical, they would certainly affect both companies and applicants in several ways.

SB 3568 Seeks to Control Growing Wage Theft

In addition to the new payday lending legislation, the Illinois General Assembly furthermore passed a new bill, SB 3568, which will make it less difficult for workers to report paycheck theft of $3000 or less. Last year, there has been over 10000 reported instances of paycheck theft, and since this is certainly such a major problem that certainly contributes to greater payday lending, the bill is anticipated to help get rid of predatory cycles. It is estimated at this time that employers across the state owe far more than $7 million. In order to avoid this particular number from skyrocketing even more, the bill will also make it a felony for an employer to owe $500 or more in back earnings.

Cash Advance Choices in the Wake of Illinois’ New Laws

In the wake of Illinois’ brand new payday lending legislation, residents in Chicago or Peoria looking to take out a cash loan may find it more difficult, though possible, to do so. For those in other states, however, it would not be surprising to locate new cash advance legislation popping up across the country, so if you can be in need of assistance of a cash loan, you need to look into your state’s laws and regulations and look out for new developments in state legislation.